Risk Factors Update Summary
- Net loss increased from $89 million in 2022 to $100 million in 2023.
- Accumulated deficit increased from $334 million in 2022 to $434 million in 2023.
- Federal NOL carryforwards increased from $173 million to $200 million.
- Annual revenue increased significantly from over $1.07 billion to $1.235 billion.
- Cash, cash equivalents, and investments increased from $228 million to $235 million.
- California NOL carryforwards increased from $268 million to $356 million.
- The company is now required to make a formal assessment of the [specific regulation].
- Raised $125.0 million in gross proceeds through a private placement in January 2024.
- Executive officers, directors, and affiliates beneficially owned approximately 55% of outstanding common stock.
- Transitioning to public company status could seriously harm the business.
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=1796280&owner=exclude
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