Risk Factors Update Summary
- Transitioned to a clinical stage biotechnology company focused on developing FXR314 in IBD.
- Raised net proceeds of $4.7 million through a public offering, but need additional financing.
- Accumulated deficit increased from $325 million to $339 million as of March 31, 2024.
- Reduced workforce by 6 employees (24% reduction) to focus on clinical program and extend cash runway.
- Issued and sold 5,371,418 shares of common stock for gross proceeds of approximately $46.9 million.
- Introduced a new unitary patent system in Europe, impacting European patents and increasing uncertainty in patent litigation.
- Operating losses of $15.1 million and $17.7 million for the years ended March 31, 2024 and 2023, respectively.
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=1497253&owner=exclude
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