# EDGAR Filing Document

**Accession Number:** 0001347242
**File Stem:** 0001354457-25-000985
**Filing Date:** 2025-10
**Character Count:** 7718
**Document Hash:** a336137ee1d4d6994277503b573bb5ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001354457-25-000985.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0001354457-25-000985

**CONFORMED SUBMISSION TYPE**: 25-NSE

**CONFIRMING COPY**: 

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LIPELLA PHARMACEUTICALS INC.
- **CENTRAL INDEX KEY:** 0001347242
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41575

**BUSINESS ADDRESS:**
- **STREET 1:** 400 N LEXINGTON ST
- **STREET 2:** STE LL103
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15208
- **BUSINESS PHONE:** 412-901-0315

**MAIL ADDRESS:**
- **STREET 1:** 400 N LEXINGTON ST
- **STREET 2:** STE LL103
- **CITY:** PITTSBURGH
- **STATE:** PA
- **ZIP:** 15208

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LIPELLA PHARMACEUTICALS INC
- **DATE OF NAME CHANGE:** 20051219
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nasdaq Stock Market LLC
- **CENTRAL INDEX KEY:** 0001354457

**ORGANIZATION NAME:**
- **EIN:** 521165937
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 25-NSE

**BUSINESS ADDRESS:**
- **STREET 1:** One Liberty Plaza
- **CITY:** New York
- **STATE:** NY
- **ZIP:** 10006
- **BUSINESS PHONE:** 301-978-4144

**MAIL ADDRESS:**
- **STREET 1:** Office of General Counsel
- **STREET 2:** 805 King Farm Blvd.
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** The Nasdaq Stock Market LLC
- **DATE OF NAME CHANGE:** 20060224

## Exhibit 99.25

```

Delisting Determination, The Nasdaq Stock Market, LLC, September 18, 2025,
Lipella Pharmaceuticals Inc.
The Nasdaq Stock Market LLC (the Exchange) has determined to remove
from listing the common stock of Lipella Pharmaceuticals Inc. effective at the
opening of the trading session on October 16, 2025. Based on review
of information provided by the Company, Nasdaq Staff
determined that the Company no longer qualified for listing on the
Exchange pursuant to Listing Rules 5550(a)(2) and 5550(b)(1).
The Company was notified of the Staff determination on October 16, 2024.
On October 17, 2024 the Company exercised its right to appeal
the Staff determination to the Listing Qualifications Hearings
Panel (Panel) pursuant to Listing Rule 5815.
On December 12, 2024, the hearing was held.
On January 10, 2025 the Panel reached a
decision and a Decision letter was issued on said date.
On May 12, 2025, Nasdaq Staff determined that the Company no longer
qualified for listing on the Exchange pursuant to
Listing Rules 5635(d) and 5640.
The Company was notified on the aforementioned date.
On June 17, 2025 the Panel reached a decision and determined to delist
the Company common stock from the Exchange.
The Company was required to demonstrate
compliance with the shareholder equity rule and did so by
closing the Offerings with the assistance
of Spartan. Unfortunately, in doing so the Company violated both the
Shareholder Approval and Voting Rights Rules. While the Panel understood the
challenges faced by the Company in negotiating a complex transaction
that it was in dire need of closing, due care should have been
taken to structure the deal such that it did not run afoul
the Panel has determined to delist the Company common stock from the Exchange.
The Company was required to demonstrate compliance with
the shareholder equity rule and did so by closing the offerings
with the assistance of Spartan.
Unfortunately, in doing so the Company violated both the
Shareholder Approval and Voting Rights Rules.
While the Panel understood the
challenges faced by the Company in negotiating a complex transaction that
it was in dire need of closing, due care should have been
taken to structure the deal such that it did not run afoul
of any Exchange rules. The Panel was not
persuaded by the Company claim that the mistake regarding the
securities issued to Spartan was
unintentional. The Company was required to demonstrate compliance with
the Exchange rules by a specific date.
Having violated the Shareholder Approval and Voting Rights rules
in raising funds to demonstrate compliance, the Panel did not believe
additional time should have been afforded to
the Company to cure yet another deficiency of any Exchange rules.
On June 17, 2025, the Panel reached a decision and decided to
suspend the Company from the Exchange.
The Company common stock was suspended on June 20, 2025. The
Staff determination to delist the Company security
became final on August 1, 2025.

```

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM 25

### NOTIFICATION OF REMOVAL FROM LISTING AND/OR REGISTRATION UNDER SECTION 12(b) OF THE SECURITIES EXCHANGE ACT OF 1934.

**Commission File Number:** 001-41575

|  |  |
|:---|:---|
| Issuer:                                                                                                             | LIPELLA PHARMACEUTICALS INC.                                     |
| Exchange:                                                                                                           | Nasdaq Stock Market LLC                                          |
| (Exact name of Issuer as specified in its charter, and name of Exchange where security is listed and/or registered) |  |
| Address:                                                                                                            | 7800 Susquehanna St., Suite 505, Pittsburgh, PENNSYLVANIA, 15208 |
| Telephone number:                                                                                                   | (412) 894-1853                                                   |
| (Address, including zip code, and telephone number, including area code, of Issuer's principal executive offices)   |  |
| (Description of class of securities)                                                                                | Common Stock                                                     |

---

Please place an X in the box to designate the rule provision relied upon to strike the class of securities from listing and registration:

- [ ] 17 CFR 240.12d2-2(a)(1)
- [ ] 17 CFR 240.12d2-2(a)(2)
- [ ] 17 CFR 240.12d2-2(a)(3)
- [ ] 17 CFR 240.12d2-2(a)(4)
- [x] Pursuant to 17 CFR 240.12d2-2(b), the Exchange has complied with its rules to strike the class of securities from listing and/or withdraw registration on the Exchange.
- [ ] Pursuant to 17 CFR 240.12d2-2(c), the Issuer has complied with its rules of the Exchange and the requirements of 17 CFR 240.12d2-2(c) governing the voluntary withdrawal of the class of securities from listing and registration on the Exchange.

---

Pursuant to the requirements of the Securities Exchange Act of 1934, Nasdaq Stock Market
LLC certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing the Form 25 and has caused this notification to be signed on its
behalf by the undersigned duly authorized person.

| Date       | By   | Name          | Title            |
|:---|:---|:---|:---|
| 2025-10-06 |  | Aravind Menon | Hearings Advisor |

Form 25 and attached Notice will be considered compliance with the provisions of 17 CFR
240.19d-1 as applicable. See General Instructions.

Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB Number.