What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-05-09 compared with 2024-02-12 · 157 added, 132 removed, 221 unchanged (57% of the section changed)

Management’s Discussion and Analysis of Financial

Condition and Results of Operations.

Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

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and may appear elsewhere in this Quarterly Report on Form 10-Q and include, but are not limited to, statements regarding the following:

the expected development, time-to-market and potential benefits from our products in regenerative medicine, biologics and food technology, or food tech, as well as potentially in other industries and verticals that have a need for our mass scale and cost-effective cell expansion platform;

the expected development, time-to-market and potential benefits from our products in regenerative medicine, biologics, food technology, or food tech, and agtech, as well as potentially in other industries and verticals that have a need for our mass scale and cost-effective cell expansion platform;

our expectations of market and industry growth;

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information with respect to any other plans and strategies for our business;

changes to the Israel’s judicial system, which if pursued by the Israeli government, may negatively impact the business environment in Israel with reluctance for investments or transactions as well as lead to increased currency fluctuations, downgrades in credit rating and increased interest rates;

general market, political and economic conditions in the countries in which we operate including those related to recent unrest in the Middle East and armed conflict between Israel and Hamas, Hezbollah and other terrorist organizations from the Gaza Strip and Lebanon.

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Ever After, unless otherwise indicated or as otherwise required by the context.

All references to common shares, or price per common

share, in this Quarterly Report on Form 10-Q, reflect the 1-for-8 reverse stock split effectuated by us on April 1, 2024.

We are a biotechnology company

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of our PLX-R18 cell therapy as a potential novel treatment for H-ARS, a deadly disease that can result from nuclear disasters and radiation

In April 2024, we unveiled

a novel method for expansion of immune cells using proprietary technology and announced we were granted a new U.S.

patent titled, “System

and Methods for Immune Cells Expansion and Activation in Large Scale”.

This innovative approach ensures that the produced immune

cells retain their integrity, functionality, and therapeutic efficacy, thus offering a promising solution to meet the escalating demand

for advanced cell-based therapies for immune disorders and neurodegenerative diseases.

In May 2024, we launched a novel immunotherapy platform based on Placental

Mucosal Associated Invariant T, or MAIT, cell for solid tumors – a significant medical need which currently lacks effective treatments.

We believe that our MAIT platform, isolated from the human placenta , offers substantial potential

benefits compared to conventional T cells.

Our MAIT cells are potent effector cells, potentially targeting tumors through multiple mechanisms

while expressing high levels of various chemokine receptors, which facilitate their migration directly to tumor sites.

Furthermore, unlike

conventional T cells typically collected from peripheral blood, our MAIT cells demonstrate a lower alloreactivity profile.

This characteristic

not only minimizes their likelihood of inducing Graft versus Host Disease (GvHD) - a significant advantage over other potential allogeneic

products - but also suggests that they may persist in the body for a longer duration, enhancing their therapeutic efficacy.

On January 8, 2024, we

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address the growing global demand for sustainable, high-quality coffee at mass scale production.

signed an innovative proof of concept collaboration with ICL Group, a leading global specialty minerals company, to revolutionize bio

stimulant delivery and enhance yield sustainably.

March 2024, we announced an important expansion to our intellectual property portfolio with a new patent approval from the Israel Patent

Office, that is designed to reshape the agricultural technology landscape.

The patent represents a major breakthrough in our proprietary

3D bioreactor technology, enabling efficient cultivation of plant cells across various applications, from sustainable agriculture to

critical healthcare solutions.

On January 5, 2022, we signed

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PluriMatrix for producing cultivated meat.

RESULTS OF OPERATIONS – THREE AND SIX

MONTHS ENDED DECEMBER 31, 2023 COMPARED TO THREE AND SIX MONTHS ENDED DECEMBER 31, 2022.

Revenues for each of the six-month

and three-month periods ended December 31, 2023 were $159,000 and $105,000, respectively, as compared to $89,000 and $2,000, respectively,

during the six-month and three-month periods ended December 31, 2022.

Revenues for the six-month and three-month periods ended December

31, 2023 were mainly related to services provided in the field of process and product development in the CDMO and agtech field.

for the six-month and three-month periods ended December 31, 2022 were mainly related to our collaboration in the biologic field.

increase in revenues is mainly attributed to implementation of our new business strategy and collaboration in various industries, specifically

in the CDMO and agtech field.

RESULTS OF OPERATIONS – THREE AND NINE

MONTHS ENDED MARCH 31, 2024 COMPARED TO THREE AND NINE MONTHS ENDED MARCH 31, 2023.

Revenues for each of the nine-month

and three-month periods ended March 31, 2024 were $230,000 and $71,000, respectively, as compared to $176,000 and $87,000, respectively,

during the nine-month and three-month periods ended March 31, 2023.

Revenues for the nine-month and three-month periods ended March 31,

2024 were mainly related to services provided to CDMO clients and revenues related to a proof of concept collaboration with ICL Group

in the agtech field.

Revenues for the nine-month and three-month periods ended March 31, 2023 were mainly related to our collaboration

in the biologic field.

The increase in revenues is mainly attributed to the launch of new business verticals, specifically in the CDMO

and agtech field.

Research and Development Expenses, Net

Research and development,

or R&D, expenses, net (costs less participation by the IIA, Horizon Europe and the NIAID) for the six-month period ended December

31, 2023 decreased by 26% from $8,056,000 for the six-month period ended December 31, 2022 to $5,957,000.

or R&D, expenses, net (costs less participation by the IIA, Horizon Europe and the NIAID) for the nine-month period ended March 31,

2024 decreased by 26% from $12,223,000 for the nine-month period ended March 31, 2023 to $9,051,000.

The decrease is mainly attributed

(1) a decrease in clinical studies expenses following the completion of our CLI, COVID-19 and muscle regeneration following hip fracture

studies, and (2) a decrease in salaries and related expenses due to the exchange rate differences related to the strength of the U.S.

dollar against the NIS , reduction in head count of 8 R&D employees (100 R&D employees on December 31, 2023, compared to 108 R&D

employees on December 31, 2022) and as a result of our cost reduction and efficiency plans partially offset by (3) a decrease in grants

participation, specifically the completion of the Horizon 2020 program.

clinical studies, (2) a decrease in salaries and related expenses due to the exchange rate differences related to the strength of the

dollar against the NIS, reduction in head count of 16 R&D employees (91 R&D employees on March 31, 2024, compared to 107

R&D employees on March 31, 2023) and as a result of our cost reduction and efficiency plans and (3) participation grants from the

NIAID contract, partially offset by a decrease in other participation grants, specifically the completion of the Horizon 2020 program.

R&D expenses, net (costs

less participation by the IIA, Horizon Europe and the NIAID) for the three-month period ended December 31, 2023 decreased by 22% from

$3,785,000 for the three-month period ended December 31, 2022 to $2,964,000.

The decrease is mainly attributed to the same reasons described

in the precedent paragraph.

less participation by the IIA, Horizon Europe and the NIAID) for the three-month period ended March 31, 2024 decreased by 26% from $4,167,000

for the three-month period ended March 31, 2023 to $3,094,000.

The decrease is mainly attributed to the same reasons described in the

preceding paragraph.

General and Administrative Expenses

General and administrative

expenses for the six-month period ended December 31, 2023 decreased by 15% from $5,635,000 for the six-month period ended December 31,

expenses for the nine-month period ended March 31, 2024 decreased by 16% from $8,655,000 for the nine-month period ended March 31, 2023

to $7,303,000 mainly due to:

(1) a decrease in salaries and related expenses due to the exchange rate differences relates to the

strength of the U.S.

dollar against the NIS and as a result of our cost reduction and efficiency plan, (2) the reduction of our CEO’s

salary, whereby he waived 75% of his salary and converted it to restricted stock units, or RSUs, and options, (3) a decrease in costs

relates to our directors and officers insurance policy, and (4) a decrease in share-based compensation expenses related RSU expenses amortization

(1) a decrease in salaries and related expenses due to the exchange rate differences relates to the strength

dollar against the NIS and as a result of our cost reduction and efficiency plan, (2) the reduction of our CEO’s salary,

whereby he waived 75% of his salary and converted it to restricted stock units, or RSUs, and options, from January 2023 through December

2023, (3) a decrease in premium expenses related to our directors and officers insurance policy, and (4) a decrease in share-based compensation

expenses related RSU expenses amortization over time.

General and administrative

expenses for the three-month period ended December 31, 2023 decreased by 19% from $2,896,000 for the three-month period ended December

31, 2022 to $2,354,000 mainly due to:

(1) a decrease in salaries and related expenses due to the exchange rate differences relates to

the strength of the U.S.

dollar against the NIS and due to temporary reduction in employees’ regular working hours for a limited

period, (2) the reduction of our CEO’s salary, whereby he waived 75% of his salary and converted it to RSUs and options, and (3)

a decrease in share-based compensation expenses related to employee terminations and RSU expenses amortization over time.

expenses for the three-month period ended March 31, 2024 decreased by 17% from $3,020,000 for the three-month period ended March 31, 2023

to $2,511,000 mainly due to a decrease in share-based compensation expenses related to employee terminations and RSU expenses amortization

over time, partially offset by increased expenses related to corporate activities such as investor relations and public relations.

Other Financial Income (expenses), net

Other financial income (expenses),

net, changed from $515,000 in financial expenses for the six-month period ended December 31, 2022 to $928,000 in financial income for

the six-month period ended December 31, 2023.

This change is mainly attributed to exchange rate related to NIS deposits following the

strength of the U.S.

dollar against the NIS, from increased income related to interest on deposits, due to an increase in interest rates

and income from hedging transactions.

net, changed from ($956,000) in financial expenses for the nine-month period ended March 31, 2023 to $1,290,000 in financial income for

the nine-month period ended March 31, 2024.

This change is mainly attributed to a decrease in exchange rate differences expenses related

to the European Investment Bank, or EIB, loan following fluctuation between the U.S.

dollar against the EURO, exchange rates income related

to NIS deposits following the strength of the U.S.

dollar against the NIS, and from increased income related to interest on deposits,

due to an increase in interest rates and income from hedging transactions.

Other financial income (expenses),

net, changed from $1,363,000 in financial expenses for the three-month period ended December 31, 2022 to $435,000 in financial income

for the three-month period ended December 31, 2023.

This change is mainly attributable to a reduction in exchange rate differences expenses

related to the European Investment Bank (“EIB”) loan, a reduction in exchange rate differences expenses related to NIS deposits

following the strength of the U.S.

dollar against the NIS and from increased income related to interest on deposits, due to an increase

in interest rates.

net, changed from ($441,000) in financial expenses for the three-month period ended March 31, 2023 to $362,000 in financial income for

the three-month period ended March 31, 2024.

This change is mainly attributable to a reduction in exchange rate differences expenses related

to the EIB loan following fluctuation between the U.S.

dollar against the EURO, and increased income related to interest on deposits,

due to an increase in interest rates.

Interest Expenses

Interest expenses increased

by 6% from $406,000 for the six-month period ended December 31, 2022 to interest expenses of $430,000 for the six-month period ended December

This increase is attributable solely to exchange rate differences of Euro versus the U.S.

dollar, which relates to the EIB loan

Interest expenses increased

by 2% from $212,000 for the three-month period ended December 31, 2022 to interest expenses of $216,000 for the three-month period ended

December 31, 2023.

This increase is attributable solely to exchange rate differences of Euro versus the U.S.

dollar, which relates to

the EIB loan interest.

Net loss for the six-month

and three-month periods ended December 31, 2023 were $10,092,000 and $4,994,000, respectively, as compared to net loss of $14,523,000

and $8,254,000 for the six-month and three-month periods ended December 31, 2022.

Interest expenses related

to our outstanding loan received from the EIB and all changes during the nine-month and three-months periods ended March 31, 2024 versus

March 31, 2023 are attributable solely to exchange rate differences of Euro versus the U.S.

Net loss for the nine-month

and three-month periods ended March 31, 2024 was $15,482,000 and $5,390,000, respectively, as compared to net loss of $22,281,000 and

$7,758,000 for the nine-month and three-month periods ended March 31, 2023.

The decrease was due to a decrease in general and administrative

expenses and research and development expenses, as part of our efforts to reduce costs pursuant to an efficiency plan, and due to an increase

in income due to additional collaborations signed.

Net loss per share attributed to shareholders for the six-month and three-month periods

ended December 31, 2023 were $0.24 and $0.12, respectively, as compared to $0.44 and $0.24 for the six-month and three-month periods ended

December 31, 2022.

We had net loss attributed to our non-controlling interest in Ever After for the six-month and three-month periods

ended December 31, 2023 of $226,000 and $89,000, respectively.

For the six-month and three-month

periods ended December 31, 2023 and 2022, we had weighted average common shares outstanding of 41,526,817, 41,428,439 and 32,878,434,

33,194,622, respectively, which were used in the computations of net loss per share for the six-month and three-month periods.

expenses and R&D expenses, as part of the implementation of our business strategy, our efforts to reduce costs pursuant to an efficiency

plan, and due to an increase in income due to the launch of new businesses such as CDMO and agtech.

Net loss per share attributed to shareholders

for the nine-month and three-month periods ended March 31, 2024 was $2.92 and $1.01, respectively, as compared to $5.04 and $1.52 for

the nine-month and three-month periods ended March 31, 2023.

We had net loss attributed to our non-controlling interest in Ever After

for the nine-month and three-month periods ended March 31, 2024 of $323,000 and $97,000, respectively.

For the nine-month and three-month

periods ended March 31, 2024 and 2023, we had weighted average common shares outstanding of 5,193,808, 5,221,162 and 4,402,130, 4,993,451,

respectively, which were used in the computations of net loss per share for the nine-month and three-month periods.

The increase in weighted average

common shares outstanding reflects the issuance of additional shares pursuant to a private placement offering we conducted in December

2022, or the December 2022 Private Placement, and the issuance of additional shares upon the vesting of RSUs and RS issued to directors,

employees and consultants.

2022, or the December 2022 Private Placement, and the issuance of additional shares upon the vesting of RSUs and restricted shares issued

to directors, employees and consultants.

Liquidity and Capital Resources

As of December 31, 2023, our

As of March 31, 2024, our

total current assets were $27,367,000 and total current liabilities were $4,526,000.

On December 31, 2023, we had a working capital surplus

On March 31, 2024, we had a working capital surplus

of $22,841,000, total equity of $1,845,000, out of which $2,201,000 is attributed to the non-controlling interest in Ever After, and an

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Our cash and cash equivalents

as of December 31, 2023 amounted to $5,468,000, compared to $8,818,000 as of December 31, 2022, and compared to $5,360,000 as of June

Cash balances changed in the six months ended December 31, 2023 compared to the six months ended December 2022 for the reasons

presented below.

as of March 31, 2024 amounted to $7,081,000, compared to $3,677,000 as of March 31, 2023, and compared to $5,360,000 as of June 30, 2023.

Cash balances changed in the nine months ended March 31, 2024 compared to the nine months ended March 31, 2023 for the reasons presented

Net cash used for operating

activities was $9,506,000 in the six months ended December 31, 2023, compared to $13,889,000 in the six months ended December 31, 2022.

The decrease is mainly attributed to a decrease in net loss following the completion of clinical trials and the implementation of our

cost reduction and efficiency plan, including a temporary reduction in the scope of roles and salaries of executive officers.

in operating activities in the six months ended December 31, 2023 and 2022 consisted primarily of payments to suppliers, subcontractors,

professional services providers and consultants, and payments of salaries to our employees, partially offset by grants from the IIA, the

Horizon Europe program, and funds received from the NIAID contract.

activities was $13,708,000 in the nine months ended March 31, 2024, compared to $19,960,000 in the nine months ended March 31, 2023.

decrease is mainly attributed to a decrease in net loss following the completion of clinical studies and the implementation of our cost

reduction and efficiency plan, including a temporary reduction in the scope of roles and salaries of executive officers.

operating activities in the nine months ended March 31, 2024 and 2023 consisted primarily of payments to suppliers, subcontractors, professional

services providers and consultants, and payments of salaries to our employees, partially offset by grants from the IIA, the Horizon Europe

program, and funds received from the NIAID contract.

Investing activities provided

cash of $9,721,000 in the six months ended December 31, 2023, compared to cash provided of $7,062,000 for the six months ended December

The investing activities in the six-month period ended December 31, 2023 and December 31, 2022 consisted primarily of the withdrawal

cash of $15,389,000 in the nine months ended March 31, 2024, compared to cash provided of $5,374,000 for the nine months ended March 31,

The investing activities in the nine-month period ended March 31, 2024 and March 31, 2023 consisted primarily of the withdrawal

of short-term deposits, net of $15,702,000 and $5,539,000, respectively.

We had no financing activities

in the six months ended December 31, 2023.

The cash provided in the six months ended December 31, 2022 by financing activities was related

in the nine months ended March 31, 2024.

The cash provided in the nine months ended March 31, 2023 by financing activities was related

to net proceeds of $8,034,000 related to issuances of common shares and warrants, net of issuance cost that were paid in cash, in the

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On December 14, 2022, we executed securities purchase agreements

to sell, at a purchase price of $1.05 per share, up to 2,068,517 common shares and Warrants to purchase up to 2,068,517 common shares,

with an exercise price of $1.05 per share and a term of three years.

On December 15, 2022, we executed securities purchase agreements

to sell, at a purchase price of $8.40 per share, up to 258,565 common shares and Warrants to purchase up to 258,565 common shares, with

an exercise price of $8.40 per share and a term of three years.

On December 19, 2022, we executed a securities purchase agreement to sell,

On December 15, 2022, we executed securities purchase agreements to sell,

at a purchase price of $8.48 per share, up to 29,688 common shares and Warrants to purchase up to 29,688 common shares, with an exercise

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per share and a term of three years.

The Warrants sold in the December 2022 Private Placement will be exercisable upon the later

of six months from their issuance date, or from the date the authorized shares increased.

The Company issued 8,155,900 common shares and

warrants that relate to the December 2022 Private Placement and received $8,024,000 as of that date net of $445,000 from issuance expenses.

On April 27, 2023, our shareholders

approved an amendment to our articles of incorporation of to increase the number of authorized common shares from 60,000,000 shares to

300,000,000 shares and such increase was effectuated on May 1, 2023 when the Company filed its amendment to its articles of incorporation

reflecting such increase.

On December 27, 2022, we executed a securities purchase agreement to sell, at a purchase price of

$8.96 per share, up to 16,875 common shares and Warrants to purchase up to 16,875 common shares, with an exercise price of $8.96 per share

and a term of three years.

The Company issued 1,019,488 common shares and warrants that relate to the December 2022 Private Placement

and received $8,034,000 as of that date net of $435,000 from issuance expenses.

The Warrants sold in the December

2022 Private Placement were exercisable upon the later of six months from their issuance date, or from the date we increased our authorized

On April 27, 2023, our shareholders approved an amendment to our articles of incorporation to increase the number of authorized

common shares from 7,500,000 shares to 37,500,000 shares and such increase was effectuated on May 1, 2023 when the Company filed its amendment

to its articles of incorporation reflecting such increase.

As such, the Warrants became exercisable on May 1, 2023.

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62,500 common shares at an exercise price of $20.8 per share, 50% vesting on June 30, 2023 and 50% vesting on December 31, 2023.

options were granted in January 2023 and will expire three years from the later of the vesting date or the date which the Company increased

its authorized share capital.

December 25, 2023, Yaky Yanay, our Chief Executive Officer, agreed to a reduction in the scope of his role and to a 20% reduction of his

salary in the amount of 39,600 NIS for the months of January 2024 and February 2024.

January 12, 2024, Chen Franco-Yehuda, our Chief Financial Officer, agreed to a reduction in the scope of her role and to a 20% reduction

of her salary in the amount of 39,000 NIS for the months of December 2023, January 2024 and February 2024.

were granted in January 2023 and will expire three years from the later of the vesting date or the date which the Company increased its

authorized share capital.

December 2023, in light of the ongoing conflict in Israel and challenges in predicting its resolution and the subsequent impact on the

Company’s operations, and in order to ensure the Company’s financial stability, the Board approved, at the recommendation

of the Company’s management, (i) a 20% monthly cash salary reduction in the amount of 39,600 NIS to Mr.

Yanay, our Chief Executive

Officer, or CEO, for the months of January 2024 and February 2024, (ii) a 20% cash salary reduction in the amount of 39,000 NIS to Mrs.

Franco – Yehuda, our Chief Financial Officer, or CFO, for the months of December 2023, January 2024 and February 2024, and (iii)

a 20% monthly fee reduction to the fees that are paid to each of the Company’s directors for the months of December 2023 through

February 2024.

In April 2020, we and

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June 1, 2026 and bears annual interest of 4% to be paid together with the principal of the loan.

As of December 31, 2023, the interest

accrued was in the amount of €2,062,000.

In addition to the interest payable, the EIB is also entitled to royalty payments, pro-rated

to the amount disbursed from the EIB loan, on the Company’s consolidated revenues beginning in the fiscal year 2024 up to and including

As of March 31, 2024, the interest accrued

was in the amount of €2,263,000.

In addition to the interest payable, the EIB is also entitled to royalty payments, pro-rated to

the amount disbursed from the EIB loan, on the Company’s consolidated revenues beginning in the fiscal year 2024 up to and including

its fiscal year 2030, in an amount equal to up to 2.3% of the Company’s consolidated revenues below $350 million, 1.2% of the Company’s

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In the absence of such sales, no payment

Through December 31, 2023, total grants obtained from the IIA aggregated to approximately $27,848,000 and total royalties

paid and accrued amounted to $179,000.

Through March 31, 2024, total grants obtained from the IIA aggregated to approximately $27,925,000 and total royalties paid

and accrued amounted to $179,000.

June 2020, we announced that we were selected as a member of the CRISPR-IL consortium, a group funded by the IIA.

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The CRISPR-IL consortium program does not include any obligation to pay royalties.

December 31, 2023, we received total grants of approximately $774,000 in cash from the IIA pursuant to the CRISPR-IL consortium program;

no amount was received during the three months ended December 31, 2023.

March 31, 2024, we received total grants of approximately $775,000 in cash from the IIA pursuant to the CRISPR-IL consortium program and

we expect to receive an additional $250,000;

no amount was received during the three months ended March 31, 2024.

September 6, 2022, we announced that a €7.5 million non-dilutive grant from the European Union’s Horizon program was awarded

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treatment of mild to moderate knee osteoarthritis.

Final approval of the grant is subject to completion of the consortium agreement.

amount of approximately Euro 500,000 (approximately $533,745) will be a direct grant that will be allocated to us.

Through December 31,

2023, we received a payment of approximately $185,000 in cash, which relates to the PROTO program.

An amount of approximately Euro 500,000 (approximately $540,000) will be a direct grant

that will be allocated to us.

Through March 31, 2024, we received a payment of approximately $185,000 in cash, which relates to the PROTO

Phase I/II study will be carried out by Charité, together with us and other members of the international consortium under the leadership

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Institute and Center for Musculoskeletal Surgery.

The initiation of the PROTO clinical study is subject to regulatory approval which has

not yet been received.

July 11, 2023, we signed a three-year $4,200,000 contract with the NIAID, which is part of the NIH.

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of this contract will be from July 1, 2023 through June 30, 2024, which may be extended for an additional two-year period.

As of December

31, 2023, we have received from the NIAID approximately $382,000 and we expect to receive an additional amount of approximately $343,000.

31, 2024, we have received from the NIAID approximately $790,000 and as of March 31 2024 we expect to receive an additional amount of

approximately $162,000 for activities conducted by that date.

On February 13, 2024, we entered

into a sales agreement, or the Sales Agreement, with A.G.P./Alliance Global Partners, or A.G.P., as agent, pursuant to which we may issue

and sell our common shares having an aggregate offering price of up to $10,000,000, from time to time through A.G.P.

As of May 9, 2024,

we have sold an aggregate of 42,729 common shares pursuant to the Sales Agreement at an average price of $5.93 per share.

We have an effective

Form S-3 registration statement (File No.

333-273347), filed under the Securities Act of 1933, as amended, with the SEC using a “shelf”

registration process.

Under this shelf registration process, we may, from time to time, sell our common shares, preferred stock and warrants

to purchase common shares, and of two or more of such securities, in one or more offerings for an aggregate initial offering price of

$200,000,000 (including amounts sold under the Sales Agreement).

The currency of our financial

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in the 2023 Annual Report.

We have an effective Form

S-3 registration statement (File No.

333-273347), filed under the Securities Act of 1933, as amended, with the SEC using a “shelf”

registration process.

Under this shelf registration process, we may, from time to time, sell our common shares, preferred stock and warrants

to purchase common shares, and of two or more of such securities, in one or more offerings for an aggregate initial offering price of

$200,000,000.

As of February 12, 2024, no securities have been sold pursuant to our effective Form S-3 registration statement.

We have accumulated a deficit

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as the IIA grants and the European Union grant, and sales of our common shares.

We believe that we have sufficient

cash to fund our operations for at least the next twelve months.

We believe that we have sufficient cash to fund our operations for

at least the next twelve months.

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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis