Risk Factors Update Summary
- Accumulated deficit increased from approximately $109.8 million to $163.3 million as of December 31, 2023.
- The company may need substantial additional funding in the future to complete product development.
- Added detailed risks related to anti-corruption laws, export control laws, and other legal requirements.
- Net losses increased from $50.5 million to $53 million for the year ended December 31, 2023.
- Federal net operating loss carryforwards decreased from $76 million to $42.1 million as of December 31, 2023.
- Increased the number of pending patent applications from 85 to 86.
- Cash and cash equivalents decreased from approximately $105.7 million to $85.7 million as of December 31, 2023.
- State net operating loss carryforwards decreased from $76 million to $42.1 million as of December 31, 2023.
- Decrease in full-time employees from 73 to 68, including those in research and development.
- Cash and cash equivalents are expected to be sufficient into the second half of 2025.
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=1790340&owner=exclude
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