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Even if we are able to fund continued development of rNAPc2, Gencaro or any of our other product candidates is approved, we expect that we will need to complete a strategic transaction or raise substantial additional funding through public or private equity or debt securities to successfully commercialize rNAPc2, Gencaro or any other product candidate.
−Removed: We believe our cash and cash equivalents as of June 30, 2021 will be sufficient to fund our operations through the end of fiscal year 2022.
+Added: We believe our cash and cash equivalents as of September 30, 2021 will be sufficient to fund our operations through the end of fiscal year 2022.
Conducting a Phase 3 rNAPc2 clinical trial or the Phase 3 PRECISION-AF trial would likely require additional financing .
−Removed: On July 22, 2020, we entered into a new sales agreement with a placement agent to sell, from time to time, our common stock having an aggregate offering price of up to $54.0 million, in an “at the market offering.” As of June 30, 2021, we sold an aggregate of 9,928,272 shares of our common stock pursuant to the terms of such sales agreement for aggregate gross proceeds of approximately $54.0 million.
+Added: On July 22, 2020, we entered into a new sales agreement with a placement agent to sell, from time to time, our common stock having an aggregate offering price of up to $54.0 million, in an “at the market offering.” As of September 30, 2021, we sold an aggregate of 9,928,272 shares of our common stock pursuant to the terms of such sales agreement for aggregate gross proceeds of approximately $54.0 million.
Net proceeds received in this offering were approximately $52.2 million, after deducting expenses for executing the “at the market offering” and commissions paid to the placement agent.
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In future periods, if we do not meet the minimum stockholders’ equity, minimum closing bid price requirements, or any other listing requirements, we would be subject to delisting from the Nasdaq Capital Market.
−Removed: As of August 3, 2021, the closing price of our common stock was $3.02 per share, and the total market value of our listed securities was approximately $43.5 million.
−Removed: As of June 30, 2021, we had stockholders’ equity of $61.2 million.
−Removed: Our financial statements for the quarter ended June 30, 2021 were prepared assuming that we will continue as a going concern.
+Added: As of November 1, 2021, the closing price of our common stock was $2.70 per share, and the total market value of our listed securities was approximately $38.9 million.
+Added: As of September 30, 2021, we had stockholders’ equity of $56.6 million.
+Added: Our financial statements for the quarter ended September 30, 2021 were prepared assuming that we will continue as a going concern.
Our management has concluded that due to our need for additional capital, and the uncertainties surrounding our ability to raise such funding, there may be uncertainty about our ability to continue as a going concern in future years.
−Removed: Our financial statements for the quarter ended June 30, 2021 were prepared assuming that we will continue as a going concern.
+Added: Our financial statements for the quarter ended September 30, 2021 were prepared assuming that we will continue as a going concern.
The going concern basis of presentation assumes that we will continue in operation for the foreseeable future and will be able to realize our assets and discharge our liabilities and commitments in the normal course of business and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from our inability to continue as a going concern.
As of December 31, 2019, our management and our independent registered public accounting firm concluded that, due to our need for additional capital and the uncertainties surrounding our ability to raise such funding, substantial doubt existed as to our ability to continue as a going concern for a period from one year after our annual financial statements had been issued.
−Removed: We believe our cash and cash equivalents as of June 30, 2021 will be sufficient to fund our operations through the end of fiscal year 2022.
+Added: We believe our cash and cash equivalents as of September 30, 2021 will be sufficient to fund our operations through the end of fiscal year 2022.
Conducting a Phase 3 rNAPc2 clinical trial or the Phase 3 PRECISION-AF trial would likely require additional financing .
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Sales in the public market of substantial amounts of our common stock could depress prevailing market prices of our common stock.
−Removed: As of June 30, 2021, approximately 14.4 million shares of common stock were outstanding, and all of these shares are freely transferable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, except for shares held by our directors, officers and other affiliates and unregistered shares held by non-affiliates.
+Added: As of September 30, 2021, approximately 14.4 million shares of common stock were outstanding, and all of these shares are freely transferable without restriction or further registration under the Securities Act of 1933, as amended, or the Securities Act, except for shares held by our directors, officers and other affiliates and unregistered shares held by non-affiliates.
The sale of these additional shares, or the perception that such sales may occur, could depress the market price of our common stock.
−Removed: As of June 30 , 202 1 , approximately 133,000 shares of our common stock were issuable upon the exercise of outstanding warrants.
+Added: As of September 30 , 202 1 , approximately 133,000 shares of our common stock were issuable upon the exercise of outstanding warrants.
Once a warrant is exercised, if the shares of our common stock issued upon the exercise of any such warrant are not available for sale in the open market without further registration under the Securities Act, then the holder can arrange for the resale of shares either by invoking any applicable registration rights, causing the shares to be registered under the Securities Act and thus freely transferable, or by relying on an exemption to the Securities Act.
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If these registration rights, or similar registration rights that may apply to securities we may issue in the future, are exercised, it could result in additional sales of our common stock in the market, which may have an adverse effect on our stock price.
−Removed: As of June 30, 2021, there were approximately 625,000 shares of our common stock which may be issued upon the exercise of outstanding stock options, and we anticipate that we will continue to issue stock option awards to our employees and consultants in the fiscal year ended December 31, 2021 and thereafter.
+Added: As of September 30, 2021, there were approximately 641,000 shares of our common stock which may be issued upon the exercise of outstanding stock options, and we anticipate that we will continue to issue stock option awards to our employees and consultants in the fiscal year ended December 31, 2021 and thereafter.
If and when these options are exercised, such shares will be available for sale in the open market without further registration under the Securities Act.
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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.