Ampio Pharmaceuticals was a pre-revenue biopharmaceutical company developing OA-201, a small molecule drug intended to reduce pain and preserve cartilage in patients with osteoarthritis of the knee. Ampio funded operations entirely through equity raises, including an ATM offering facility, as it had no commercial revenue. In February 2024, Ampio ceased all development of OA-201 after larger non-clinical animal studies failed to replicate the pain reduction results seen in earlier proof-of-concept trials. With no viable product and no ability to raise further capital, the Board began evaluating options including formal liquidation or bankruptcy. Ampio has since laid off most of its workforce, terminated all third-party development agreements, and delisted from NYSE American. The company has no product pipeline, no active development programs, and is focused solely on preserving cash to fund an orderly wind-down.