15 unchanged sentences
We have expended substantial funds to develop our technologies, products, and product candidates.
−Removed: Based on our financial condition, recurring losses, and projected spending, which raise substantial doubt about our ability to continue as a going concern.
+Added: Our financial condition, recurring losses, and projected spending raise substantial doubt about our ability to continue as a going concern.
If we were unable to continue as a going concern, the values we receive for our assets on liquidation or dissolution could be significantly lower than the values reflected in our consolidated financial statements.
13 unchanged sentences
• the number and type of product candidates that we pursue;
−Removed: • the development of major public health concerns, such as the novel coronavirus outbreak or other pandemics arising globally, and its impact on our business operations and funding requirements.
+Added: • the development of major public health concerns or other pandemics arising globally, natural catastrophes, cyber-attacks, or other crises and their impact on our business operations and funding requirements.
Additional financing through strategic collaborations, public or private equity, or debt financings or other financing sources may not be available on acceptable terms, or at all.
150 unchanged sentences
Our business is highly dependent upon maintaining licenses with respect to key technology.
−Removed: Although our primary focus relates to intellectual property we have developed internally, some of the patents we utilize are licensed to us by Astellas Pharma, which has licensed some of these from other parties, including the University of Massachusetts (“UMass”).
+Added: Although our primary focus relates to intellectual property we have developed internally, some of the patents we utilize are licensed to us by Astellas, which has licensed some of these from other parties, including the University of Massachusetts (“UMass”).
These licenses are subject to termination under certain circumstances (including, for example, our failure to make minimum royalty payments).
11 unchanged sentences
They have been and may continue to be the target of attempts to identify and exploit network and system vulnerabilities, penetrate or bypass security measures in order to interrupt or degrade the quality of the services we receive or provide, or otherwise gain unauthorized access to our networks and systems or those of our third-party vendors.
−Removed: These vulnerabilities or other attempts at access may result from, or be caused by, human error or technology failures, however, they may also be the product of malicious actions by third parties intending to harm our business.
+Added: These vulnerabilities or other attempts at access may result from, or be caused by, human error or technology failures;
+Added: however, they may also be the product of malicious actions by third parties intending to harm our business.
The methods that may be used by these third parties to cause interruptions or failures or to obtain unauthorized access to information change frequently, are difficult to detect, evolve rapidly, and are increasingly sophisticated and hard to defend against.
17 unchanged sentences
The occurrence of any such failure may also subject us to costly lawsuits, claims for contractual indemnities, as well as divert valuable management, research and development, information technology, and marketing resources toward addressing these issues and delay our ability to achieve our strategic initiatives.
−Removed: In addition, we gather, as permitted by law, non-public, personally identifiable financial information from customers, such as names, addresses, telephone numbers, bank and credit card account numbers and financial transaction information, and the compromise of such data, which may subject us to fines and other related costs of remediation.
+Added: In addition, we gather, as permitted by law, non-public, personally identifiable financial information from customers, such as names, addresses, telephone numbers, bank and credit card account numbers, and financial transaction information.
+Added: The compromise of such data may subject us to fines and other related costs of remediation.
Certain of our technology may not be subject to protection through patents, which leaves us vulnerable to theft of our technology.
65 unchanged sentences
During the year ended December 31, 2025, one customer accounted for 54% of our consolidated revenues.
−Removed: To the extent that this significant customer reduces or delays its purchases from us or terminate its relationship with us, our revenues would decline significantly, and our financial condition and results of operations would suffer substantially.
+Added: To the extent that this significant customer reduces or delays its purchases from us or terminates its relationship with us, our revenues would decline significantly, and our financial condition and results of operations would suffer substantially.
We depend on key personnel for our continued operations and future success, and a loss of certain key personnel could significantly hinder our ability to move forward with our business plan.
35 unchanged sentences
Any such disruptions may also magnify the impact of other risks described in this Annual Report on Form 10-K.
−Removed: Our business is subject to risks arising from epidemic diseases or other public health emergencies.
−Removed: A pandemic, including COVID-19 or other public health epidemic, poses the risk that we or our employees, contractors, customers, suppliers, third party shipping carriers, government and other partners may be prevented from or limited in their ability to conduct business activities for an indefinite period of time, including due to the spread of the disease within these groups or due to shutdowns that may be requested or mandated by governmental authorities.
−Removed: The occurrence of any pandemic or other public health emergency could have a material adverse effect on our business, financial condition and results of operations.
Risks Related to the Securities Markets and Our Capital Structure
23 unchanged sentences
They may also prevent corporate transactions (such as a merger, consolidation, a sale of all or substantially all of our assets or a financing transaction) that may be favorable from the standpoint of our other stockholders, or they may cause a transaction that our other stockholders may view as unfavorable.
−Removed: The rights of holders of our common stock are subordinate to significant rights, preferences and privileges of our existing five series of preferred stock, and to any additional series of preferred stock created in the future.
+Added: The rights of holders of our common stock are subordinate to significant rights, preferences, and privileges of our existing series of preferred stock, and to any additional series of preferred stock created in the future.
Under the authority granted by our Certificate of Incorporation, our Board of Directors has established four separate series of outstanding preferred stock, Series B, Series D, Series G and Series I-2 Preferred Stock, which have various rights and preferences senior to the shares of common stock.
1 unchanged sentence
As a result of the various voting rights, the holders of our existing preferred stock may be able to block the proposed approval of various corporate actions, which could prevent us from achieving strategic or other goals dependent on such actions.
−Removed: As a result of the liquidation preferences, in the event that we voluntarily or involuntary liquidate, dissolve or windup our affairs (including as a result of a merger), the holders of our preferred stock would be entitled to receive stated amounts per share, including any accrued and unpaid dividends, before any distribution of assets or merger consideration is made to holders of our common stock.
+Added: As a result of the liquidation preferences, in the event that we voluntarily or involuntarily liquidate, dissolve, or windup our affairs (including as a result of a merger), the holders of our preferred stock would be entitled to receive stated amounts per share, including any accrued and unpaid dividends, before any distribution of assets or merger consideration is made to holders of our common stock.
Additionally, these shares of preferred stock may be converted, at the option of the holders, into common stock at rates that may be adjusted, for the benefit of holders of preferred stock, if we sell equity securities below the then existing conversion prices.
−Removed: Any such adjustments would compound the potential dilution suffered by holders of common stock if we issue additional securities at prices below
−Removed: the current conversion prices (ranging from $0.12 to $9.69 per share at December 31, 2024).
+Added: Any such adjustments would compound the potential dilution suffered by holders of common stock if we issue additional securities at prices below the current conversion prices (ranging from $0.12 to $9.69 per share at December 31, 2025).
Additionally, subject to the consent of the holders of our existing preferred stock, our Board of Directors has the power to issue additional series of preferred stock and to designate, as it deems appropriate (subject to the rights of the holders of the current series of preferred stock), the special dividend, liquidation, or voting rights of the shares of those additional series.
18 unchanged sentences
Certain provisions of our Certificate of Incorporation and Delaware law may make it more difficult for a third-party to affect a change-in-control.
−Removed: Our Certificate of Incorporation authorizes the Board of Directors to issue up to 20,000,000 shares of preferred stock and our Board of Directors has created and issued shares of four series of preferred stock that remain outstanding, Series B, Series D and Series I-2 Preferred Stock.
+Added: Our Certificate of Incorporation authorizes the Board of Directors to issue up to 20,000,000 shares of preferred stock and our Board of Directors has created and issued shares of four series of preferred stock that remain outstanding, Series B, Series D, Series G, and Series I-2 Preferred Stock.
The terms of various series of Preferred Stock include, among other things, voting rights on particular matters (for example, with respect to the Series D Preferred Stock, restricting our ability to undergo a change in control or merge with, or sell assets to, a third-party), preferences as to dividends and liquidation, and conversion rights.
These preferred stock rights diminish the rights of holders of our common stock, and therefore could reduce the value of such common stock.
−Removed: In addition, as long as shares of our Series B, Series D and Series G Preferred Stock remain outstanding, or if our Board creates and issues additional shares of preferred stock in the future with rights that restrict our ability to merge with, or sell assets to, a third party, it could make it more difficult, delay, discourage, prevent or make it more costly to acquire the Company or affect a change-in-control.
+Added: In addition, as long as shares of our Series B, Series D, Series G, and Series I-2 Preferred Stock remain outstanding, or if our Board creates and issues additional shares of preferred stock in the future with rights that restrict our ability to merge with, or sell assets to, a third-party, it could make it more difficult, delay, discourage, prevent, or make it more costly to acquire the Company or affect a change-in-control.
The application of the “penny stock” rules to our common stock could limit the trading and liquidity of our common stock, adversely affect the market price of our common stock, and increase stockholder transaction costs to sell those shares.
2 unchanged sentences
These regulations, if they apply, require the delivery, prior to any transaction involving a penny stock, of a disclosure schedule explaining the penny stock market and the associated risks.
−Removed: Under these regulations, certain brokers who recommend such securities to persons other
−Removed: than established customers or certain accredited investors must make a special written suitability determination regarding such a purchaser and receive such purchaser’s written agreement to a transaction prior to sale.
+Added: Under these regulations, certain brokers who recommend such securities to persons other than established customers or certain accredited investors must make a special written suitability determination regarding such a purchaser and receive such purchaser’s written agreement to a transaction prior to sale.
These regulations may have the effect of limiting the trading activity of our common stock, reducing the liquidity of an investment in our common stock, and increasing the transaction costs for sales and purchases of our common stock as compared to other securities.
8 unchanged sentences
Subject to various limitations, we may carryforward unused taxable losses, including those generated in the future, and other available credits to offset any future taxable income until the unused losses or credits expire.
−Removed: Federal and state tax laws impose restrictions on the utilization of net operating loss (“NOL”) and tax credit carryforwards in the event of an “ownership change” as defined by Section 382 of the Internal Revenue Code of 1986, as amended (“Section 382”).
+Added: Federal and state tax laws impose restrictions on the utilization of net operating loss (“NOL”) and tax credit carryforwards in the event of an “ownership change” as defined by Section 382 of the Internal Revenue Code of 1986 (“IRC”), as amended (“Section 382”).
Generally, an ownership change occurs if the percentage of the value of the stock that is owned by one or more direct or indirect “five percent shareholders” increases by more than 50 percentage points over their lowest ownership percentage at any time during the applicable testing period (typically, three years).
2 unchanged sentences
As a result of the ownership changes, under IRC Sections 382 and 383, the net operating loss and tax credit carryforwards that were generated in years prior to 2015 have been significantly limited and a substantial unused amount will expire.
−Removed: During 2023 an analysis was completed to determine whether any ownership change has occurred, as defined by IRC Sections 382 and 383, and it was determined that significant ownership changes occurred in January 2009 and November 2015.
−Removed: As a result of the ownership changes, under IRC Sections 382 and 383, the net operating loss and tax credit carryforwards that were generated in years prior to 2015 have been significantly limited and a substantial unused amount will expire.
Future changes in our stock ownership, which may be outside of our control, may trigger an “ownership change.” In addition, future equity offerings or acquisitions that have equity as a component of the purchase price could result in an “ownership change.” If an “ownership change” has occurred or does occur in the future, our ability to utilize our NOL carryforwards or other tax attributes may be limited, which could result in an increased future tax liability to us.
10 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.