Item 1A. Risk Factors
ITEM
1A. RISK FACTORS
Our
business and financial results are subject to numerous risks and uncertainties. As a result, the risks and uncertainties discussed in
Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 should be carefully considered.
In
addition, on April 16, 2024 we received a Complete Response Letter (a “CRL”) related to our Biologics License Application
(BLA) for pz-cel for the treatment of patients with recessive dystrophic epidermolysis bullosa (RDEB). In the CRL, the FDA noted that
certain additional information needed to satisfy Chemistry Manufacturing and Controls (“CMC”) requirements must be satisfactorily
resolved before the application can be approved. In response, the Company submitted plans to the FDA with the commitment to provide CMC
data prior to BLA approval, and full validation reports after approval in mid-2024. There can be no assurance that we will be able to
satisfy the requirements of the CRL or the timeline on which we will be able to do so. A delay in receiving approval of the BLA could
shorten any periods during which we may have the exclusive right to commercialize our pz-cel or allow our competitors to bring products
to market before we do. This may impair our ability to successfully commercialize pz-cel. If any of the foregoing were to occur, our
business, financial condition, results of operations, and prospects will be materially harmed.
Other
than as set forth above, there have been no material changes in the assessment of our risk factors from those set forth in our Annual
Report on Form 10-K for the year ended December 31, 2023.
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