48 unchanged sentences
We have a history of losses and may continue to incur operating and net losses in the future.
−Removed: While we have recorded net income of approximately $5.1 million for the three months ended March 31, 2025 and approximately $8.6 million for the year ended December 31, 2024, we recorded a net loss of $4.9 million for the year ended December 31, 2023 and as of March 31, 2025, our accumulated deficit was approximately $176.8 million.
−Removed: While we had a net income in 2024 and the first quarter of 2025, we have not achieved consistent profitability on an annual basis.
+Added: While we have recorded net income of approximately $8.7 million for the six months ended June 30, 2025 and approximately $8.6 million for the year ended December 31, 2024, we recorded a net loss of $4.9 million for the year ended December 31, 2023 and as of June 30, 2025, our accumulated deficit was approximately $173.2 million.
+Added: While we had a net income for full year 2024 and have maintained net income on a quarterly basis in 2025, we have not achieved consistent profitability on an annual basis.
Our history of net losses and negative cash flow have had, and will continue to have, an adverse effect on our stockholders’ equity and working capital, and if we are not able to achieve and sustain profitability in the near future or at all our stock price may be depressed.
We expect to continue to incur increasing expenses as we develop our sales, marketing distribution and other commercial infrastructure and continue to develop and commercializing our products, including the cost of obtaining and maintaining regulatory approvals, and establishing new distribution channels for pharmaceutical-grade Niagen®.
−Removed: As of March 31, 2025, our cash and cash equivalents totaled approximately $55.6 million, of which $55.5 million was unrestricted, and we had no borrowings outstanding under our line of credit up to $10.0 million, subject to certain terms and conditions, with Western Alliance Bank.
+Added: As of June 30, 2025, our cash and cash equivalents totaled approximately $60.5 million, of which $60.3 million was unrestricted, and we had no borrowings outstanding under our line of credit up to $10.0 million, subject to certain terms and conditions, with Western Alliance Bank.
However, we may require additional funds, either through additional equity or debt financings, including pursuant to the At Market Issuance Sales Agreement with Raymond James & Associates, Inc.
487 unchanged sentences
Future sales of these shares could adversely affect the market price of our common stock.
−Removed: As of March 31, 2025, we had outstanding options for an aggregate of approximately 10.7 million shares of common stock at a weighted average exercise price of $3.48 per share and unvested restricted stock units and market performance stock units of approximately 0.3 million shares and 1.5 million shares, respectively.
+Added: As of June 30, 2025, we had outstanding options for an aggregate of approximately 9.5 million shares of common stock at a weighted average exercise price of $3.64 per share and unvested restricted stock units and market performance stock units of approximately 0.3 million shares and 1.5 million shares, respectively.
The holders may sell many of these shares in the public markets from time to time, without limitations on the timing, amount or method of sale.
32 unchanged sentences
This increased scrutiny and changing expectations with respect to the Company’s ESG practices as well as new rules and regulations may result in additional costs or risks.
−Removed: The State of California recently passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that, if not overturned or amended, will impose broad climate-related disclosure obligations on certain companies doing business in California, starting in 2026.
+Added: The State of California passed the Climate Corporate Data Accountability Act and the Climate-Related Financial Risk Act that, if not overturned or amended, will impose broad climate-related disclosure obligations on certain companies doing business in California, starting in 2026.
New or revised laws and regulations or new interpretations of existing laws and regulations, such as those related to climate change, could affect the operation of our properties or result in significant additional expense and restrictions on our business operations.
6 unchanged sentences
Topics taken into account in such assessments include, among others, the company’s efforts and impacts on climate change and human rights, ethics and compliance with law and the role of the Company’s board of directors in supervising various sustainability issues.
−Removed: In addition, in recent years, “anti-ESG” sentiment has gained momentum across the U.S., with several states and Congress having proposed or enacted “anti-ESG” policies, legislation, or initiatives, and the President having recently issued executive orders opposing diversity equity and inclusion (“DEI”) initiatives in the private sector.
+Added: In addition, in recent years, “anti-ESG” sentiment has gained momentum across the U.S., with several states and Congress having proposed or enacted “anti-ESG” policies, legislation, or initiatives, and the President having issued executive orders opposing diversity equity and inclusion (“DEI”) initiatives in the private sector.
Institutional investors and proxy advisory firms have also updated their guidelines and expectations with respect to ESG and DEI initiatives.
30 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.