Risk Factors Update Summary
- Identified material weaknesses in internal controls over financial reporting for multiple quarters.
- Net losses decreased from $81 million in 2022 to $63 million in 2023.
- Restated financial statements for fiscal year 2022 and quarters, impacting line items significantly.
- Accumulated deficit increased from $213 million to $286 million.
- Reduced headcount expected in fiscal year 2024 for cost savings initiatives.
- Nasdaq granted an additional 180-day period until April 29, 2024, to regain compliance.
- Transitioning to an inhaled mucosal vaccine platform from COVAXIN and OCU500 programs.
- Cash balance decreased from $90 million to $39 million.
- Anticipated expenses to decrease in fiscal year 2024 compared to fiscal year 2023.
- FDA canceled emergency use authorizations for monovalent vaccines in April 2023.
- The Court granted the Company's motion to dismiss with prejudice in March 2023.
- Estimated cash to fund operations extended from the first to the fourth quarter of 2024.
- NIAID selected OCU500 for a Phase 1 trial in October 2023.
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=1372299&owner=exclude
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