NEW YORK, May 26, 2026, 10:19 (EDT)
- INVO Fertility shares slipped 2.4% to $1.60 early on Nasdaq.
- The company in its latest SEC filing said the first-quarter 10-Q is delayed because work on the 2025 annual report isn’t done yet.
- Nasdaq previously warned INVO about the late 10-K. The company said the notice does not have any immediate impact on its listing.
INVO Fertility Inc. shares slipped early Tuesday, missing out on a stronger U.S. market while traders looked for updates on late regulatory filings. The company, listed on Nasdaq as IVF, dropped 2.4% to $1.60. The stock opened at $1.55 and hit $1.64 at session highs, market data showed.
INVO stock trades without key financials in place. The company told the SEC on May 18 it couldn’t file its Form 10-Q since its annual Form 10-K for 2025 still wasn’t done. The quarterly update is what public companies use to report results to investors.
Shareholders are working with less up-to-date information than they typically get on this small, lightly traded healthcare stock. The gap comes right after U.S. markets restarted following the Memorial Day break on May 25, which was a full holiday for stocks on the Nasdaq.
Bigger market indexes were up Tuesday morning. The SPDR S&P 500 ETF added 0.7%. The Invesco QQQ Trust, which follows the Nasdaq-100, jumped 1.5%. The iShares Russell 2000 ETF, focused on small-caps, was up 1.8%, market data showed.
INVO in its late-filing notice pointed to the firm’s recent switch to a new independent auditor and said that auditor needed more time to review “complex technical accounting matters.” INVO said it still can’t give a reasonable estimate for changes to first-quarter results.
Nasdaq told INVO on April 23 it wasn’t meeting Listing Rule 5250(c)(1), which calls for timely filings of periodic reports. INVO said the notification doesn’t affect its common stock listing right now, and IVF shares will keep trading.
INVO has 60 days from the Nasdaq notice to file a plan for compliance. If Nasdaq signs off, the company could get as much as 180 days from the annual report deadline to meet requirements, according to INVO.
INVO has been pushing its move into the clinic space, not just devices. Back in March, it said Wisconsin Fertility Institute, one of its clinics, was now on the Progyny network. That means people covered by Progyny can use their in-network benefits for testing, IVF and other fertility services at the Wisconsin site. Progyny is bigger in fertility benefits and connects directly to commercial patients for INVO there.
“This relationship expands our addressable patient base and strengthens our access to employer-sponsored demand,” Chief Executive Steve Shum said at the time. Chief Operating Officer April McGhee said joining Progyny would mean more patients could get “high-quality fertility treatment.”
Filing delays have put the focus back on governance and liquidity. In March, INVO did a 1-for-5 reverse stock split. That move cut the share count and raised the per-share price, but didn’t change the company’s total value. INVO said it would have about 1.6 million shares outstanding right after the split.
The company posted third quarter 2025 revenue of $1.76 million, a 23% rise over the same period last year. Net loss increased to $2.6 million from $1.6 million. Shum said at the time that organic clinic performance and clinic buys moved ahead, citing “higher patient volume and increased awareness” around its fertility offerings. GlobeNewswire
Armistice Capital LLC and Steven Boyd are listed as major outside holders in INVO. According to a Schedule 13G/A filed May 15 with the SEC, they report beneficial ownership of 371,562 INVO shares, or 9.99% of the class. Beneficial ownership gives economic or voting control over shares, even if the shares sit with another entity.
INVO is facing a clear risk here. Delays with the 10-K and 10-Q mean investors might be stuck trading on old numbers. In the meantime, Nasdaq’s compliance demands are adding pressure. Getting those filings done could clear up some of the doubts, but if the filings are bad, or more accounting problems come up, or if Nasdaq turns down the compliance plan, it could leave the microcap stock in a worse spot. Trading in INVO already isn’t heavy.
