Risk Factors Update Summary
- Accumulated deficit increased from $265 million to $281 million, with net losses of $20.3 million, $19.2 million, and $13.0 million in 2023, 2022, and 2021, respectively.
- Private Placement Investors' participation rights could impact fundraising and deter new investors.
- The company received a delisting notice from Nasdaq due to Class A common stock bid price below $1.00 for 30 consecutive days.
- Private Placement Investors hold shares representing approximately 14.9% and 11.6% of combined voting power.
- The company may face delisting if market value of listed securities does not reach $35 million for 10 consecutive days.
- The 2024 Plan authorizes issuing equity awards for an additional 750,000 shares of Class A Common Stock.
- The company's ability to raise capital is crucial for ongoing clinical trials and development programs.
- MacAndrews holds a significant percentage of combined voting power, influencing reorganizations, acquisitions, and dividends.
- Directors associated with MacAndrews and Private Placement Investors may have conflicts of interest.
- The interests of MacAndrews and Private Placement Investors may lead to conflicts in business dealings.
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=1641489&owner=exclude
This content requires a 'Free' membership to view. Please create one here.
This content requires a 'Free' membership to view. Please create one here.