Timber Pharmaceuticals, Inc., along with its affiliate, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the District of Delaware on November 17, 2023. The debtor listed its assets in the range of $1 million to $10 million and liabilities liabilities of $10.22 million. The debtor is represented by Eric D. Schwartz of Morris, Nichols, Arsht & Tunnell LLP as its legal counsel.

The debtor also hired Lowenstein Sandler LLP, as special counsel to the Company, VRS Restructuring Services LLC, to provide CRO services and Kroll Restructuring Administration LLC, as claims and noticing agent.