Hindsight Markets / Small-cap stocks on September 22, 2026

FLNA on September 22, 2026: why it ran

Published October 11, 2026 · By Hindsight Markets

On September 22, 2026, FLNA opened up 33.3% from the previous close of 0.7395 and reached 1.30 at 10:38 a.m. ET. The exchange halted it 2 times.

Previous close

0.7395

Open, 9:30 a.m.

0.9859

Gap at the open

up 33.3%

Pre-market high

1.13 at 8:38 a.m.

High, 4 a.m. to 4 p.m.

1.30 at 10:38 a.m.

Low, 4 a.m. to 4 p.m.

0.8200

After-hours high, 4 p.m. to 8 p.m.

1.03 at 4:00 p.m.

Last trade before 4:00 p.m.

1.03

Volume

24.79 million

Relative volume

272.2x

Float

46.01 million shares, from filings as of September 22, 2026

Shares outstanding

48.31 million

Halts

2

Why it ran

News and SEC filings for FLNA published between the previous session's close and the first minute FLNA traded 20% above it, at 8:30 a.m. ET, newest first, from the same feeds the replay shows.

1. 8:00 a.m. ET · 8-K filed with the SEC

   FORM 8-K

2. 8:00 a.m. ET · GlobeNewsWire

   Filana Therapeutics Announces FDA Lift of Clinical Hold on Simufilam, Enabling Phase 2a Study in TSC-Related Epilepsy

News via Stock News API

How it traded

Gap, run and fade. It gapped up 33.3% to 0.9859 at the open, ran from the open to the high of 1.30 in 68 minutes, then gave back 86% of that move by 4:00 p.m., trading at 1.03.

The shape is a fixed rule, not a judgement: gapped 10% or more at the open, ran 10% or more from the open to the high, and faded if it gave back 30% or more of that move by the close.

The day in numbers

• From news to the move: the first trade 20% above the previous close came 29 minutes after the latest SEC filing before it (8-K, 8:00 a.m.).
• Volume, from the one-minute bars: 7.99 million shares before the 9:30 a.m. open (32%), 2.02 million in the first 30 minutes (8%), and 14.78 million in the rest of the day to 8 p.m. (60%).
• The halt at 7:55 a.m.: then down 21.1% over the next 5 minutes.
• The halt at 10:42 a.m.: down 11.6% in the 5 minutes into it, reopened at 1.01, down 5.6% from the last trade before it, then up 2.0% over the next 5 minutes.
• In our recaps, this is the only day FLNA met the small-cap rule.

Halts

On this date the LULD plan ran under Amendment 18, in force from February 24, 2020: no band doubling at the open, and the closing doubling only for Tier 1 stocks and Tier 2 stocks whose previous close was at or below three dollars. See LULD halts or work out a band with the LULD calculator.