8 unchanged sentences
We expect to incur losses over at least the next several years and may never achieve or maintain profitability.
−Removed: Our net loss was $ 193.6 million for the fiscal year ended November 30, 2024, and $99.8 million for the six months ended May 31, 2025.
−Removed: As of May 31, 2025, we had an accumulated deficit of $838.6 million.
+Added: Our net loss was $ 193.6 million for the fiscal year ended November 30, 2024, and $186.2 million for the nine months ended August 31, 2025.
+Added: As of August 31, 2025, we had an accumulated deficit of $925.0 million.
To date, we have not generated any revenue from product sales and have financed our operations primarily through our collaborations and sales of our equity interests.
35 unchanged sentences
If we are unable to raise capital when needed or on attractive terms, we may be required to delay, limit, reduce or terminate our research, product development programs or any future commercialization efforts or grant rights to develop and market drug candidates that we otherwise would prefer to develop and market ourselves.
−Removed: We had cash, cash equivalents and marketable securities of $485.8 million as of May 31, 2025.
+Added: We had cash, cash equivalents and marketable securities of $428.8 million as of August 31, 2025.
We believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements through at least the next 12 months.
1283 unchanged sentences
Although there are legislative proposals to repeal or defer the capitalization requirement to later years, there can be no assurance that the provision will be repealed or otherwise modified.
+Added: Further, beginning with our 2025 tax year, the One Big Beautiful Bill Act restored immediate deductibility of domestic expenditures, while foreign expenditures will continue to be capitalized and amortized over 15 years.
Effective for transactions occurring on or after January 1, 2023, the IRA imposed a new one percent excise tax on certain repurchases of stock by publicly traded U.S.
181 unchanged sentences
however, any exercise would increase the number of shares eligible for future resale in the public market and result in substantial dilution to our stockholders.
−Removed: As of May 31, 2025, we have issued pre-funded warrants to purchase a total of 8,315,020 shares of our common stock, of which 7,577,909 were outstanding as of May 31, 2025.
+Added: As of August 31, 2025, we have issued pre-funded warrants to purchase a total of 8,315,020 shares of our common stock, of which 7,577,909 were outstanding as of August 31, 2025.
Each pre-funded warrant is exercisable for $0.001 per share of common stock underlying such pre-funded warrant, which may be paid by way of a cashless exercise, meaning that the holder may not pay a cash purchase price upon exercise, but instead would receive upon such exercise the net number of shares of common stock determined according to the formula set forth in the pre-funded warrant.
57 unchanged sentences
The reporting on our assessment of the effectiveness of our internal control over financial reporting needs to include disclosure of any material weaknesses identified in our internal control over financial reporting.
−Removed: Moreover, based on the market value of our common stock held by non-affiliates as of May 31, 2024, we are considered a large accelerated filer under SEC rules effective November 30, 2024, and, as a result, our independent registered public accounting firm is required to audit the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act (Section 404(b)).
+Added: Moreover, based on the market value of our common stock held by non-affiliates as of May 31, 2025, we will continue to be considered a large accelerated filer under SEC rules for the fiscal year ending November 30, 2026, and, as a result, our independent registered public accounting firm will be required to audit the effectiveness of our internal control over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act (Section 404(b)).
Compliance with Section 404(b) will result in increased costs, expenses, and management resources.
9 unchanged sentences
In addition, if we are not able to continue to meet these requirements, we may not be able to remain listed on Nasdaq.
−Removed: We no longer qualify as a “ smaller reporting company ” and we may no longer take advantage of the reduced disclosure and reporting requirements applicable to smaller reporting companies.
−Removed: Based on the market value of our common stock held by our non-affiliates as of May 31, 2024, effective November 30, 2024, we no longer qualify as a “smaller reporting company” as defined by the SEC .
−Removed: Accordingly, beginning with our quarterly report on Form 10-Q for the fiscal quarter ended February 28, 2025, we were no longer eligible to rely on the reduced disclosure and reporting requirements applicable to smaller reporting companies.
−Removed: Any failure to comply with the increased disclosure and reporting requirements could have an adverse effect on our business, financial condition and results of operations.
Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
14 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.