Filana Therapeutics, Inc.: Fifth Circuit vacates class certification order

What happened The filing reports that on Oct 16, 2026 the United States Court of Appeals for the Fifth Circuit vacated the order of the U.S. District Court for the Western District of Texas granting class certification in the securities class action pending against Filana Therapeutics, Inc. and certain named officers and employees. Following the Company’s successful appeal, the filing states that further proceedings regarding class certification will proceed on remand in the Texas District Court pursuant to the Fifth Circuit’s order.

Key details

• The original class certification covered all purchasers or acquirers of the Company’s securities between Sep 14, 2020 and Oct 12, 2023.
• In Oct 2025 the Fifth Circuit agreed to hear the Defendants’ interlocutory appeal challenging the Texas District Court’s class certification order.
• The Fifth Circuit concluded the Texas District Court misapplied the applicable legal standard, accepted the Company’s position that the Texas District Court failed to evaluate evidence of market inefficiency, and found the court improperly rejected without proper consideration the Defendants' argument that certain meme-stock dynamics impacted the Company’s securities during the class period.
• The Fifth Circuit made no judgment about whether the Company’s securities traded in an efficient or inefficient market.

Why it may matter This filing is Item 8.01 (other events), which reports an appellate court decision affecting the status of class certification in the pending securities class action. The filing does not show why the company acted.