Risk Factors Update Summary
- Net loss decreased from $95.1 million in 2022 to $45.7 million in 2023.
- Closed public offering of 17,810,000 shares and pre-funded warrants for 4,440,000 shares. This may impact stock price.
- Accumulated deficit increased from $196 million to $301 million.
- Additional funding of approximately $17.0 million raised under the ATM facility in January 2024.
- Issued pre-funded warrants for 4,440,000 shares at $0.0001 per share, causing substantial dilution.
- Cash, cash equivalents, and marketable securities decreased from $83.1 million to $31 million.
- Anticipated funding to meet operating expenses and capital requirements extended into Q4 2025.
- Board changes include anti-takeover provisions, classified board, and advance notice requirements.
- Proceeds from the sale of common stock and warrants were added as a financing source.
- Potential impact of new laws on pricing and third-party payment for product candidates.
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=1783032&owner=exclude
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