9 Meters Biopharma Inc., a company focused on gastrointestinal (GI) diseases, received an extension from the Nasdaq to regain compliance with the stock exchange’s bid price rules and avoid delisting its shares.

In an 8-K filing posted on Tuesday, 9 Meters Biopharma said it received a formal notice from the Nasdaq Hearings Panel that granted the company’s extension request through Feb. 15, 2021, to regain compliance. Specifically, 9 Meters Biopharma must achieve a closing bid price of at least $1 per share for “a minimum of ten, but generally not more than twenty” consecutive business days before the deadline, the filing said.

The company first received a delisting notice in December 2019 after its stock price closed below the $1 per share minimum requirement for 30 consecutive trading days. At the time, the Nasdaq gave the company 180 calendar days, or until June 1, to regain compliance with the rule. That compliance period was extended until Aug. 17 due to the COVID-19 pandemic.

9 Meters Biopharma appealed the delisting determination on Aug. 20 by requesting a hearing before a panel on Sept. 24 to make a case for why it should be granted an additional compliance period.

In Tuesday’s filing, the company touted its recent “significant” progress in fundraising, investor outreach, analyst coverage and advancement in its clinical programs for celiac disease and short bowel syndrome, and the integration of RDD Pharma and Innovate Biopharmaceuticals as reasons for why the company’s intrinsic value should increase. The company also noted four firms provided analyst coverage in the last 120 days, with a consensus 12-month price target of $4.50 per share.

9 Meters Biopharma’s stock (NMTR) was last trading at 81 cents.