Risk Factors Update Summary
- Recurring losses raise doubt on company's ability to continue without additional capital available.
- Additional capital needed for accelerated development of IMC-2, with cash on hand of $7,030,992 as of December 31, 2023.
- Company incurred net losses of $5,296,015 in 2023, compared to $12,247,834 in 2022.
- Planned activities for 2023 include an IND application for IMC-2, LC study, salaries, benefits, and ongoing activities.
- Potential submission of an IND application for IMC-2 expected to read out in mid-2024.
- Accumulated deficit increased from $56,173,469 in 2022 to $61,207,222 in 2023.
- Market potential estimates for IMC-1 for FM and IMC-2 for LC have been revised.
- Net operating loss carryforwards increased to approximately $26 million for federal and state NOLs.
- Failure to regain compliance with Nasdaq's listing rules could lead to suspension and delisting proceedings.
- Delisting notice received from Nasdaq due to share price below $1.00, impacting listing status.
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=1818844&owner=exclude
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