Oxygen Biotherapeutics (NASDAQ:OXBT) gets to keep its stock listing for now.

A NASDAQ panel that reviewed the OxyBio’s request to stay listed on the exchange gave the Morrisville company’s until June 3 to show it meets the minimum $1 per share listing requirement. The company has until July 31 to show it meets the $2.5 million stockholders’ equity requirement, a measure of the equity stake that a company’s shareholders have in the company.

The Nasdaq sent OxyBio a notice of delisting on March 20 for failing to keep up with listing requirements. OxyBio appealed. The Nasdaq panel’s decision follows a May 2 hearing. OxyBio said it is now working to collect evidence to show it meets listing requirements. But it also cautioned that there are no assurances that the company will be able to do so.

OxyBio has already taken steps to give it financial flexibility. On May 10, the company moved forward on a 20 to 1 reverse stock split of the company’s common stock in an effort to boost the company’s share price. OxyBio’s stock was trading at around $4.26 in midday trading.

OxyBio is trying to stay afloat is it moves its drug candidate through clinical trials. The company is enrolling patients in a phase IIb clinical trial for Oxycyte, an experimental treatment for traumatic brain injury.