Risk Factors Update Summary
- Transitioning from private placements to at-the-market equity offering program, raising $73.3 million in 2022 and $57.8 million in 2023.
- Lead product candidate, PC14586, received Fast Track designation in October 2020 and updated Phase 1 results announced in October 2023.
- Accumulated deficit increased from $241 million in 2022 to $310 million in 2023.
- Cash, cash equivalents, and investments decreased from $243 million in 2022 to $228 million in 2023.
- Workforce restructuring plan involving 30% of employees announced in January 2024.
- Federal NOL carryforwards increased from $174.7 million to $195.3 million, and R&D credit carryforwards decreased from $9.7 million to $3.4 million.
- Ownership changes may impact tax benefits, with potential implications on future profitability and tax liabilities.
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=1699382&owner=exclude
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