Risk Factors Update Summary
- Net losses increased significantly from $112.7 million to $180 million in 2023.
- Increased focus on compliance with U.S. laws regulating foreign investments and technology access.
- Potential decline in market price of ADSs due to increased compliance requirements and legal risks.
- Accumulated deficit rose from $331 million to $511 million as of December 31, 2023.
- Enhanced data security measures against phishing, ransomware, and data breaches.
- Changes in tax relief programs in the U.K. could significantly affect financial results.
- Hiring additional personnel to meet changing public company reporting requirements.
- Borrowings increased from $30 million to $526 million under the Loan Agreement with Hercules.
- Potential impact of social media and AI platforms on reputation and regulatory compliance.
- Transition to a large accelerated filer status may increase legal and financial compliance costs.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1761612&owner=exclude
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