What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2021-08-16 compared with 2021-05-11 · 107 added, 65 removed, 221 unchanged (44% of the section changed)

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Through this approach, we have established a broad portfolio, including multiple disclosed programs across CNS disorders, including depression, epilepsy, movement disorders and pain syndromes, with three clinical-stage product candidates.

We expect multiple topline clinical trial readouts from all three programs in the next year and anticipate the launch of a new clinical development program in 2021.

We expect multiple topline clinical trial readouts from all three programs in the next year and anticipate the launch of a new clinical development program in the next year.

We intend to develop differentiated therapies that can deliver long-term benefits to human health by meaningfully impacting patients and society.

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Together, these conditions affect more than 22 million patients in the United States.

We are finalizing the market assessment, including key opinion leader interactions and market research analysis, to inform plans for a Phase 2b trial in women with menopausal and mood symptoms and facilitate discussions with regulatory agencies.

We expect to disclose plans for the Phase 2b study in the second half of 2021.

We plan to initiate a Phase 2 trial of PRAX-114 in post-traumatic stress disorder and a Phase 2 trial of PRAX-114 in essential tremor, or ET, in the second half of 2021.

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We plan to initiate a PRAX-944 Phase 2 trial for the treatment of Parkinson's disease in the first half of 2022.

In addition, we initiated a Phase 1 trial of PRAX-562, a persistent sodium current blocker, for the potential treatment of a broad range of rare, devastating CNS disorders, such as severe pediatric epilepsies and rare adult cephalgias.

In addition, we completed a Phase 1 trial of PRAX-562, a persistent sodium current blocker, for the potential treatment of a broad range of rare, devastating CNS disorders, such as severe pediatric epilepsies and rare adult cephalgias and plan to initiate a first-in-patient trial in rare adult cephalgias in the fourth quarter of 2021.

In addition to our clinical programs, we have multiple disclosed preclinical product candidates in development for severe genetic epilepsies.

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We employ a “virtual” research and development model, relying heavily upon external consultants, collaborators and contract research organizations to conduct our preclinical and clinical activities.

Since inception, we have financed our operations primarily with proceeds from the issuance of convertible debt, sales of our Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock, Series B-1 redeemable convertible preferred stock, Series C redeemable convertible preferred stock and Series C-1 redeemable convertible preferred stock and the closing of our initial public offering, or IPO in October 2020.

Since inception, we have financed our operations primarily with proceeds from the issuances of convertible debt, redeemable convertible preferred stock, and common stock from our initial public offering, or IPO, in October 2020 and follow-on public offering in May 2021.

On May 18, 2021, we completed a follow-on public offering in which we issued and sold 5,750,000 shares of our common stock at a public offering price of $18.25 per share, including 750,000 shares of common stock issued and sold pursuant to the underwriters' exercise, in full, of their option to purchase additional shares of common stock, for aggregate gross proceeds of $104.9 million.

We received approximately $98.4 million in net proceeds after deducting discounts, commissions, and offering expenses payable by us.

We are a development stage company and we have not generated any revenue from product sales, and do not expect to do so for several years, if at all.

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Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of one or more of our product candidates, if approved.

We have incurred recurring operating losses since inception, including a net loss of $27.4 million for the three months ended March 31, 2021.

As of March 31, 2021, we had an accumulated deficit of $176.9 million.

We have incurred recurring operating losses since inception, including a net loss of $63.8 million for the six months ended June 30, 2021.

As of June 30, 2021, we had an accumulated deficit of $213.3 million.

We expect to incur significant expenses and operating losses for the foreseeable future as we expand our research and development activities.

In addition, our losses from operations may fluctuate significantly from quarter-to-quarter and year-to-year,

depending on the timing of our clinical trials and our expenditures on other research and development activities.

In addition, our losses from operations may fluctuate significantly from quarter-to-quarter and year-to-year, depending on the timing of our clinical trials and our expenditures on other research and development activities.

We anticipate that our expenses will increase significantly in connection with our ongoing activities, as we:

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• increase our headcount to support our development efforts and to expand our clinical development team;

• incur additional costs and headcount associated with our transition to becoming a public company.

In addition, as we progress toward marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution.

• incur additional costs and general and administrative headcount growth associated with our continued operations as a public company;

• incur additional costs as a public company as we transition out of emerging growth company status at the end of 2021.

In addition, as we progress toward potential marketing approval for any of our product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution.

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy.

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If we fail to raise capital or enter into such agreements as, and when, needed, we may have to significantly delay, scale back or discontinue the development and commercialization of one or more of our product candidates or delay our pursuit of potential in-licenses or acquisitions.

Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability.

Because of the numerous risks and uncertainties associated with drug development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability.

Even if we are able to generate product sales, we may not become profitable.

If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations.

As of March 31, 2021, we had cash, cash equivalents and marketable securities of $270.8 million.

We believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2022.

As of June 30, 2021, we had cash, cash equivalents and marketable securities of $339.2 million.

We believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the second quarter of 2023.

We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect.

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COVID-19 Business Update

With the global spread of the ongoing COVID-19 pandemic, we have implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on our employees and our business, including our preclinical studies and clinical trials.

Our operations are considered an essential business and we are continuing to operate during this period.

We have taken measures to secure our research and development activities.

In light of the ongoing COVID-19 pandemic, we have implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on our employees and our business, including our preclinical studies and clinical trials.

We are continuing to operate during this period and have taken measures to secure our research and development activities.

While we are experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic, our business, financial condition and results of operations could be materially adversely affected.

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Operating Expenses

Research and Development Expense

Research and Development Expenses

The nature of our business and primary focus of our activities generate a significant amount of research and development costs.

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Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and are reflected in our consolidated balance sheets as prepaid expenses or accrued research and development expenses.

Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized,

even when there is no alternative future use for the research and development.

Non-refundable advance payments for goods or services to be received in the future for use in research and development activities are deferred and capitalized, even when there is no alternative future use for the research and development.

The capitalized amounts are expensed as the related goods are delivered or the services are performed.

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Three Months Ended

June 30, Six Months Ended

2021 2020 2021 2020

PRAX-114 $ 6,590 $ 3,113 $ 9,791 $ 5,060

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Drug commercialization will take several years and millions of dollars in development costs.

General and Administrative Expense

General and Administrative Expenses

General and administrative expenses consist primarily of personnel-related costs, including salaries, benefits and stock-based compensation, for personnel in our executive, finance, legal, commercial and administrative functions.

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We also expect to incur additional IP-related expenses as we file patent applications to protect innovations arising from our research and development activities.

Interest Income, Net

Interest income, net consists of interest income from our cash, cash equivalents and marketable securities and amortization of investment premiums.

Other Income, Net

Other income, net consists of interest income from our cash, cash equivalents and marketable securities and amortization of investment premiums.

Since our inception, we have not recorded any U.S.

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Our income tax provision may be significantly affected by changes to our estimates.

There was no income tax provision or benefit

recognized for the three months ended March 31, 2021.

The income tax benefit recognized for the three months ended March 31, 2020 related to income tax associated with our operations in Australia.

There was no income tax provision or benefit recognized for the three and six months ended June 30, 2021.

The income tax benefit (provision) for the three and six months ended June 30, 2020 was not material.

Results of Operations

Comparison of the three months ended March 31, 2021 and 2020

Comparison of the Three Months Ended June 30, 2021 and 2020

The following table summarizes our consolidated statements of operations for each period presented (in thousands):

Three Months Ended

March 31, Change

June 30, Change

Operating expenses:

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Total other income:

Interest income, net 46 128 (82)

Other income, net 82 5 77

Total other income 82 5 77

Loss before benefit from income taxes (27,373) (8,341) (19,032)

Benefit from income taxes — (11) 11

Loss before income taxes (36,401) (11,565) (24,836)

Provision for income taxes — (3) 3

Net loss $ (36,401) $ (11,568) $ (24,833)

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Three Months Ended

March 31, Change

June 30, Change

PRAX-114 $ 6,590 $ 3,113 $ 3,477

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Total research and development expenses $ 25,678 $ 9,050 $ 16,628

Research and development expenses increased approximately $11.1 million from $6.9 million for the three months ended March 31, 2020 to $17.9 million for the three months ended March 31, 2021.

Research and development expenses increased approximately $16.6 million from approximately $9.0 million for the three months ended June 30, 2020 to $25.7 million for the three months ended June 30, 2021.

The increase in research and development expenses was primarily attributable to the following:

• $4.5 million increase in personnel-related costs primarily due to increased headcount, including an increase of $2.2 million in stock-based compensation expense due to the increase in fair value of our stock options since becoming a public company;

• $4.4 million increase in personnel-related costs due to increased headcount, including an increase of $1.9 million in stock-based compensation expense due to the increase in fair value of our stock options since becoming a public company;

• $3.5 million increase in expense related to our PRAX-114 program, driven by an increase in clinical-related and toxicology spend for our Phase 2/3 clinical trial for this program;

• $3.0 million increase in expense related to our discovery-stage programs, primarily driven by an increase in preclinical activities for such programs;

• $1.8 million increase in expense related to our PRAX-562 program, primarily driven by an increase in clinical and toxicology spend related to our Phase 1 clinical trial for this program;

• $1.3 million increase in expense related to our PRAX-114 program, driven by an increase in toxicology and clinical spend for our Phase 2/3 clinical trial for this program;

• $0.6 million increase in expense related to our PRAX-944 program , driven primarily by a $0.4 million increase in clinical related spend.

• $2.7 million increase in expense related to our PRAX-562 program, primarily driven by an increase toxicology and clinical-related spend;

• $2.1 million increase in expense related to our PRAX-944 program, driven primarily by an increase in toxicology and clinical-related spend;

• $0.8 million increase in other indirect research and development expenses, driven by an increase in technology spend.

General and Administrative Expense

General and administrative expenses increased $7.9 million from $1.6 million for the three months ended March 31, 2020 to $9.5 million for the three months ended March 31, 2021.

General and administrative expenses increased $8.3 million from $2.5 million for the three months ended June 30, 2020 to $10.8 million for the three months ended June 30, 2021.

The increase in general and administrative expenses was primarily attributable to the following:

• $4.6 million increase in personnel-related costs, primarily driven by increased headcount, including an increase of $3.2 million in stock-based compensation expense due to the increase in fair value of our stock options since becoming a public company;

• $2.3 million increase in professional fees including legal and consulting services, driven by a $1.8 million increase in consulting costs, primarily $1.4 million of increased commercial-related spend to support assessments of our clinical-stage programs and a $0.6 million increase in audit and legal fees.

• $2.2 million increase in professional fees including legal and consulting services, driven by a $1.9 million increase in consulting costs, including increased commercial-related spend to support assessments of our clinical-stage programs and a $0.2 million increase in audit and legal fees;

• $1.5 million increase in other general and administrative expenses, including a $1.1 million increase in insurance and related costs, primarily due to becoming a public company.

Other income for the three months ended March 31, 2021 and 2020, comprised of interest income on our cash, cash equivalents and marketable securities and investment premium amortization, was not material.

Other income for the three months ended June 30, 2021 and 2020, comprised of interest income on our cash, cash equivalents and marketable securities and investment premium amortization, was not material.

Comparison of the Six Months Ended June 30, 2021 and 2020

The following table summarizes our consolidated statements of operations for each period presented (in thousands):

Six Months Ended

June 30, Change

Operating expenses:

Research and development $ 43,607 $ 15,918 $ 27,689

General and administrative 20,295 4,121 16,174

Total operating expenses 63,902 20,039 43,863

Loss from operations (63,902) (20,039) (43,863)

Total other income:

Other income, net 128 133 (5)

Total other income 128 133 (5)

Loss before income taxes (63,774) (19,906) (43,868)

Benefit from income taxes — 8 (8)

Net loss $ (63,774) $ (19,898) $ (43,876)

Research and Development Expense

The following table summarizes our research and development expenses for each period presented, along with the changes in those items (in thousands):

Six Months Ended

June 30, Change

PRAX-114 $ 9,791 $ 5,060 $ 4,731

PRAX-944 4,333 1,577 2,756

PRAX-562 6,152 1,642 4,510

Discovery-stage programs 7,590 1,896 5,694

Personnel-related (including stock-based compensation) 13,250 4,345 8,905

Other indirect research and development expenses 2,491 1,398 1,093

Total research and development expenses $ 43,607 $ 15,918 $ 27,689

Research and development expenses increased approximately $27.7 million from $15.9 million for the six months ended June 30, 2020 to $43.6 million for the six months ended June 30, 2021.

The increase in research and development expenses was primarily attributable to the following:

• $8.9 million increase in personnel-related costs primarily due to increased headcount, including an increase of $4.1 million in stock-based compensation expense due to the increase in fair value of our stock options since becoming a public company;

• $5.7 million increase in expense related to our discovery-stage programs, primarily driven by an increase in preclinical activities for such programs;

• $4.7 million increase in expense related to our PRAX-114 program, driven by an increase in toxicology and clinical-related spend for our Phase 2/3 clinical trial for this program;

• $4.5 million increase in expense related to our PRAX-562 program, primarily driven by an increase in toxicology and clinical-related spend;

• $2.8 million increase in expense related to our PRAX-944 program, driven primarily by an increase in toxicology and clinical-related spend;

• $1.1 million increase in other indirect research and development expenses, driven by an increase in facility and other allocated overhead costs primarily attributable to increased research and development headcount, as well as an increase in technology spend.

General and Administrative Expense

General and administrative expenses increased approximately $16.2 million from $4.1 million for the six months ended June 30, 2020 to $20.3 million for the six months ended June 30, 2021.

The increase in general and administrative expenses was primarily attributable to the following:

• $8.4 million increase in personnel-related costs, primarily driven by increased headcount, including an increase of $5.5 million in stock-based compensation expense due to the increase in fair value of our stock options since becoming a public company;

• $4.5 million increase in professional fees including legal and consulting services, driven by a $3.7 million increase in consulting costs, including $2.5 million of increased commercial-related spend to support assessments of our clinical-stage programs and $0.8 million for general and administrative infrastructure costs, and a $0.8 million increase in audit and legal fees;

• $3.3 million increase in other general and administrative expenses, including a $2.1 million increase in insurance and related costs due to becoming a public company, a $0.5 million increase in donations and sponsorships and a $0.3 million increase in technology spend.

Other income for the six months ended June 30, 2021 and 2020, comprised of interest income on our cash, cash equivalents and marketable securities and investment premium amortization, was not material.

Liquidity and Capital Resources

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We have not yet commercialized any of our product candidates, which are in various phases of preclinical and clinical development, and we do not expect to generate revenue from sales of any products for several years, if at all.

To date, we have financed our operations primarily with proceeds from sales of our redeemable convertible preferred stock, the issuance of convertible debt and the closing of our IPO.

We raised an aggregate of $206.7 million in proceeds from the sale of our redeemable convertible preferred stock, $4.0 million in proceeds from the issuance of convertible promissory notes, and $200.3 million in net proceeds from our IPO, after deducting underwriting discounts and commissions and offering expenses payable by us.

As of March 31, 2021, we had cash, cash equivalents and marketable securities of $270.8 million.

To date, we have financed our operations primarily with proceeds from the sale and issuance of our redeemable convertible preferred stock, the sale and issuance of convertible debt, and the sale and issuance of common stock in our IPO and follow-on public offering.

From inception through June 30, 2020, we have raised $509.4 million in aggregate cash proceeds from these transactions, net of issuance costs.

As of June 30, 2021, we had cash, cash equivalents and marketable securities of $339.2 million.

Historical Cash Flows

The following table provides information regarding our cash flows for each period presented (in thousands):

Three Months Ended

Six Months Ended

Net cash (used in) provided by:

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Operating Activities

Our cash flows from operating activities are greatly influenced by our use of cash for operating expenses and working capital requirements to support the business.

Our cash flows from operating activities are greatly influenced by our use of cash for operating expenses and working capital requirements to support our business.

We have historically experienced negative cash flows from operating activities as we have invested in developing our portfolio, drug discovery efforts and related infrastructure.

The cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and

changes in components of working capital, which are primarily the result of increased expenses and timing of vendor payments.

During the three months ended March 31, 2021, net cash used in operating activities of $25.7 million was primarily due to our $27.4 million net loss and $3.5 million in changes in operating assets and liabilities, partially offset by $5.1 million of non-cash charges primarily related to stock-based compensation.

During the three months ended March 31, 2020, net cash used in operating activities of $8.6 million was primarily due to our $8.3 million net loss and $0.6 million in changes in operating assets and liabilities, partially offset by $0.3 million of non-cash charges.

The cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges and changes in components of working capital, which are primarily the result of increased expenses and timing of vendor payments.

During the six months ended June 30, 2021, net cash used in operating activities of $55.7 million was primarily due to our $63.8 million net loss and $3.4 million in changes in operating assets and liabilities, partially offset by $11.4 million of non-cash charges primarily related to stock-based compensation.

During the six months ended June 30, 2020, net cash used in operating activities of $18.5 million was primarily due to our $19.9 million net loss, partially offset by $0.6 million in changes in operating assets and liabilities and $0.8 million of non-cash charges.

Investing Activities

During the three months ended March 31, 2021, net cash used in investing activities of $140.0 million primarily related to the purchase of marketable securities.

There were no cash flows from investing activities during the three months ended March 31, 2020.

During the six months ended June 30, 2021, net cash used in investing activities of $164.2 million primarily related to the purchase of marketable securities.

There were no cash flows from investing activities during the six months ended June 30, 2020.

Financing Activities

During the three months ended March 31, 2021, net cash provided by financing activities of $0.3 million consisted of net proceeds from the exercise of stock options, partially offset by payment of deferred initial public offering costs.

During the three months ended March 31, 2020, net cash used in financing activities of $30.0 million consisted of cash paid for the repurchase of our Series C redeemable convertible preferred stock.

During the six months ended June 30, 2021, net cash provided by financing activities of $99.7 million consisted of net proceeds from our follow-on public offering of $98.6 million and net proceeds from the exercise of stock options of $1.7 million, partially offset by the payment of issuance costs for our IPO and for the issuance of redeemable convertible preferred stock.

During the six months ended June 30, 2020, net cash used in financing activities of $6.6 million consisted of cash paid for the repurchase of our Series C redeemable convertible preferred stock and payment of issuance costs, partially offset by net proceeds from the issuance of Series C redeemable convertible preferred stock.

Plan of Operation and Future Funding Requirements

We expect our expenses to increase substantially in connection with our ongoing research and development activities, particularly as we advance the preclinical activities and clinical trials of our product candidates.

In addition, we expect to incur additional costs associated with operating as a public company.

In addition, we expect to incur additional costs associated with operating as a public company and as we transition from being an emerging growth company.

As a result, we expect to incur substantial operating losses and negative operating cash flows for the foreseeable future.

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• experience any delays or encounter any issues with any of the above, including but not limited to failed studies, complex results, safety issues or other regulatory challenges.

We are unable to estimate the exact amount of our working capital requirements, but based on our current operating plan, we believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2022.

However, we have

based this estimate on assumptions that may prove to be wrong and we could exhaust our capital resources sooner than we expect.

However, we have based this estimate on assumptions that may prove to be wrong and we could exhaust our capital resources sooner than we expect.

Because of the numerous risks and uncertainties associated with product development, and because the extent to which we may enter into collaborations with third parties for the development of our product candidates is unknown, we may incorrectly estimate the timing and amounts of increased capital outlays and operating expenses associated with completing the research and development of our product candidates.

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Additional debt financing and preferred equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends and may require the issuance of warrants, which could potentially result in dilution to the holders of our common stock.

If we raise additional funds through collaborations, strategic alliances or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs

or product candidates or grant licenses on terms that may not be favorable to us.

If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit or terminate our product development programs or any future commercialization efforts or grant rights to develop and market product candidates to third parties that we would otherwise prefer to develop and market ourselves.

If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit or terminate our product

development programs or any future commercialization efforts or grant rights to develop and market product candidates to third parties that we would otherwise prefer to develop and market ourselves.

Contractual Obligations

There have been no changes to our contractual obligations from those described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contractual Obligations and Commitments” included in our Annual Report on Form 10-K filed with the SEC on March 17, 2021.

As of June 30, 2021, there have been no significant changes to our contractual obligations from those described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Contractual Obligations and Commitments” included in our Annual Report on Form 10-K filed with the SEC on March 17, 2021, other than our new sublease agreement entered into in May 2021 for office space in Boston, Massachusetts.

The space is to be used as our new corporate headquarters and the sublease expires on January 31, 2026, with no option to renew or terminate early.

The base rent increases by 2% annually.

Starting in January 2022, we are obligated to pay $5.2 million in total future lease payments over the remaining term of the lease.

Off-Balance Sheet Arrangements

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There have been no changes to our critical accounting policies from those described under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies and Significant Judgments and Estimates” included in our Annual Report on Form 10-K filed with the SEC on March 17, 2021.

JOBS Act and Emerging Growth Company and Smaller Reporting Company Status

JOBS Act and Emerging Growth Company Status

In April 2012, the JOBS Act was enacted.

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We have elected to avail ourselves of the extended transition period and, therefore, while we are an EGC we will not be subject to new or revised accounting standards at the same time that they become applicable to other public companies that are not EGCs, unless we choose to early adopt a new or revised accounting standard.

We will remain classified as an EGC until the earlier of:

(i) the last day of our first fiscal year in which we have total annual gross revenues of $1.07 billion or more, (ii) the last day of the fiscal year following the fifth anniversary of completion of our IPO, (iii) the date on which we have issued more than $1.0 billion of non-convertible debt instruments during the previous three fiscal years or (iv) the date on which we are deemed a “large accelerated filer” under the rules of the SEC.

We are also a “smaller reporting company” as defined in the Securities Exchange Act of 1934, as amended.

We may continue to be a smaller reporting company even after we are no longer an emerging growth company.

may take advantage of certain of the scaled disclosures available to smaller reporting companies until the fiscal year following the determination that our voting and non-voting common stock held by non-affiliates is more than $250 million measured on the last business day of our second fiscal quarter, or our annual revenues are less than $100 million during the most recently completed fiscal year and our voting and non-voting common stock held by non-affiliates is more than $700 million measured on the last business day of our second fiscal quarter.

We will remain an emerging growth company until December 31, 2021.

Recently Issued Accounting Pronouncements

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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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis