KaloBios Pharmaceuticals Inc., the company majority owned by controversial biotech investor Martin Shkreli, filed for Chapter 11 bankruptcy protection with a Delaware bankruptcy court late Tuesday.

That filing came just hours after the company US:KBIO said it has been granted a Feb. 24 hearing on its appeal of the Nasdaq’s decision to delist its shares. KaloBios received the delisting notice last week, just days after Shkreli was arrested on fraud charges.

Trading in the stock has been halted since Dec. 17, the day of the arrest, while Nasdaq awaited more information.

The company, which is developing cancer treatments, has $8.4 million in assets and $1.9 million in liabilities, according to the bankruptcy filing. It is being represented by the law firm Morris, Nichols, Arsht & Tunnell LLP. The majority shareholders are named as Shkreli, David Moradi and Anthion Partners II LLC. Chapter 11 allows a company to reorganize under the protection of the court.

KaloBios said last week it had fired Shkreli, who had assumed the chief executive role in November after leading an investor group that bought a majority stake in the South San Francisco-based biotech. Shrkeli rescued the company from bankruptcy—it was preparing to wind down operations just before he stepped in after running out of funding. Shkreli installed some other executives from privately held Turing Pharmaceuticals Inc., a company that he founded, into top management positions at KaloBios. The company raised $8.2 million in a private placement.

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Last week, KaloBios said its independent accountant, Marcum LLP, had resigned. Marcum, a microcap-focused public-accounting firm, signed up to audit KaloBios just weeks ago at Shkreli’s request. Marcum had audited Retrophin Inc.—a company that Shkreli founded but which is suing him—during the 2013 period when transactions occurred that are now the subject of charges by the SEC and the Justice Department.

For more, see:Martin Shkreli hired same audit firm for KaloBios used at Retrophin

Shkreli has made headlines this year for his practice of buying drugs used to treat rare conditions and then immediately hiking the price. In one example, Turing acquired a drug used to treat a specific infection that can strike those with compromised immune systems, such as AIDS and cancer patients, and raised the price to $750 a pill from $13.50. The move led to a vocal backlash from Democratic presidential candidate Hillary Clinton and others and has led to a Senate investigation of drug pricing.

See: Outrage over high drug costs unlikely to bring change any time soon

Shkreli has been charged with raiding Retrophin funds to pay back investors in a hedge fund he ran. He has denied the charges and said he was targeted because of the drug-pricing controversy.

Shkreli has also stepped down from his role as CEO of Turing.