Risk Factors Update Summary
- Incurred net losses increased from $237 million in 2022 to $292.3 million in 2023.
- Accumulated deficit rose from $596 million to $888 million due to increased losses.
- The company may need to seek additional funds sooner than planned.
- Added mention of "licensees" throughout the risk factors section, impacting IP protection strategies.
- Cash and cash equivalents increased from $437 million in 2022 to $482 million in 2023.
- Funding now projected to last into the second quarter of 2026, not 2025.
- Emphasized the importance of applying for patent protection before public disclosure to safeguard IP.
- Marketable securities rose from $4 million in 2022 to $9 million in 2023.
- Changes in EU Clinical Trials Regulation may impact the company's clinical trials.
- Expanded on the risks associated with enforcing intellectual property rights globally.
- Highlighted the potential delays in clinical trials due to stock recovery actions impacting manufacturing lots.
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=1725160&owner=exclude
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