Risk Factors Update Summary
- Received notice from Nasdaq due to stock bid price closing below $1.00 per share.
- Faced substantial doubt regarding ability to continue as a going concern. Accumulated deficit increased from $135 million to $165 million.
- Implemented Rights Plan to discourage change of control without board consent.
- Net losses increased from $29.5 million to $35.7 million for the year ended December 31, 2022.
- Closing price of common stock on The Nasdaq Capital Market ranged from $0.23 to $9.77 per share in 2023.
- Material weaknesses in internal controls identified in 2020 have been remediated.
- Cash and cash equivalents increased from $31.2 million to $39.2 million as of December 31, 2022.
- Patent expiration dates for product candidates extended from 2033-2041 to 2033-2043.
- Accumulated deficit increased from $135 million to $165 million as of December 31, 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.
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