−Removed: For a discussion of certain factors that could materially affect our business, financial condition, and operating results or that could cause actual results to differ materially from the results described in or implied by the forward-looking statements in this Quarterly Report on Form 10-Q, in addition to the information in the section entitled “Cautionary Statement Regarding Forward-Looking Statements,” you should carefully review and consider the information under “Part I, Item 1A- Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019, as well as the risk factors set forth below.
−Removed: The risk factors below are in addition to and supplement (and with respect to certain matters, update) the risk factors discussed in our Annual Report on Form 10-K.
−Removed: Other than as set forth below, there have been no material changes to the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2019.
−Removed: Risks Related to our Business and Industry
−Removed: We may require additional financing to sustain our operations, without which we may not be able to continue operations, and the terms of subsequent financings may adversely impact our stockholders.
−Removed: We may direct Lincoln Park to purchase up to $25.0 million worth of shares of our common stock under the 2020 Purchase Agreement over a 36-month period generally in amounts up to 50,000 shares of our common stock, which may be increased to up to 100,000 shares of our common stock depending on the market price of our common stock at the time of sale, provided that Lincoln Park’s committed obligation under such single Regular Purchase shall not exceed $500,000.
−Removed: The extent we rely on Lincoln Park as a source of funding will depend on a number of factors including the prevailing market price of our common stock and the extent to which we are able to secure working capital from other sources.
−Removed: If obtaining sufficient funding from Lincoln Park were to prove unavailable or prohibitively dilutive, we will need to secure another source of funding in order to satisfy our working capital needs.
−Removed: Even if we sell all $25.0 million of shares of our common stock under the 2020 Purchase Agreement to Lincoln Park, we may still need additional capital to finance our future production plans and working capital needs, and we may have to raise funds through the issuance of equity or debt securities.
−Removed: Depending on the type and the terms of any financing we pursue, stockholders’ rights and the value of their investment in our common stock could be reduced.
−Removed: A financing could involve one or more types of securities including common stock, convertible debt or warrants to acquire common stock.
−Removed: These securities could be issued at or below the then prevailing market price for our common stock.
−Removed: In addition, if we issue secured debt securities, the holders of the debt would have a claim to our assets that would be prior to the rights of stockholders until the debt is paid.
−Removed: Interest on these debt securities would increase costs and negatively impact operating results.
−Removed: If the issuance of new securities results in diminished rights to holders of our common stock, the market price of our common stock could be negatively impacted.
−Removed: Should the financing we require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, the
−Removed: consequences could be a material adverse effect on our business, operating results, financial condition and prospects.
−Removed: The COVID-19 pandemic could adversely affect our business, results of operations, and financial condition.
−Removed: The effects of the COVID-19 pandemic on our business continue to evolve and are difficult to predict.
−Removed: To date, the COVID-19 pandemic has significantly and negatively impacted the global economy, and the magnitude, severity, and duration of this impact is unclear and difficult to assess.
−Removed: To combat the spread of COVID-19, the United States and other locations in which we operate have imposed measures such as quarantines and “shelter-in-place” orders that are restricting business operations and travel and requiring individuals to work from home (“WFH”), which has impacted all aspects of our business as well as those of the third-parties with which we collaborate or upon which we rely for certain supplies and services.
−Removed: While certain states and regions across the United States have subsequently relaxed various restrictions on businesses and other activities, some of these areas, including Texas where our headquarters are located, have subsequently experienced an increase in COVID-19 cases.
−Removed: It is uncertain whether and to what extent federal, state, or local governments may reinstate additional restrictions and safety protocols in response to any increases in COVID-19 cases.
−Removed: The continuation of WFH and other restrictions for an extended period of time may negatively impact our productivity, research and development, operations, preclinical studies, clinical trials, business and financial results.
−Removed: Among other things, the COVID-19 pandemic may result in:
−Removed: a global economic recession or depression that could significantly and negatively impact our business or those of third parties upon which we rely for services and supplies;
−Removed: constraints on our ability to conduct our operations and our preclinical studies and clinical trials;
−Removed: constraints on our ability to partner with other companies to commercialize our product candidates;
−Removed: constraints on our business strategy to aggressively develop our Nanomedicine platforms;
−Removed: reduced productivity in our business operations, research and development, marketing, and other activities;
−Removed: disruptions to our third-party manufacturers and suppliers;
−Removed: increased costs resulting from WFH or from our efforts to mitigate the impact of COVID-19;
−Removed: reduced access to financing to fund our operations due to a deterioration of credit and financial markets.
−Removed: The continued disruption of the COVID-19 pandemic may negatively and materially impact our operating and financial operating results, including our cash flows.
−Removed: The resumption of normal business operations may be delayed and a resurgence of COVID-19 could occur, which would result in continued disruption to us or third parties with whom we do business.
−Removed: As a result, the effects of the COVID-19 pandemic could have a material adverse impact on our business, results of operations and financial condition for the remainder of 2020 and beyond.
−Removed: A significant or prolonged downturn in the worldwide economy may harm our business.
−Removed: The COVID-19 pandemic has caused a significant downturn in the worldwide economy, the severity, magnitude, and duration of which is uncertain.
−Removed: In addition, the deterioration in credit markets and financial markets could limit our ability to obtain external financing to fund our operations and capital expenditures.
−Removed: The downturn in the worldwide economy could have a material adverse effect on our business, results of operations, or financial condition.
−Removed: We will need substantial additional funding to develop our products and conduct our future operations and to repay our outstanding debt obligations, and the impact of the COVID-19 pandemic on the financial markets will likely negatively impact our ability to raise additional financing.
−Removed: If we are unable to obtain the funds necessary to do so, we may be required to delay, scale back or eliminate our product development activities or may be unable to continue our business operations.
−Removed: We do not currently believe that our cash resources will be sufficient to fund the development and marketing efforts required to reach profitability without raising additional capital in the near future.
−Removed: We will also continue to require substantial additional capital to continue our clinical development and potential commercialization activities and to pay our debt obligations.
−Removed: As a result, we have had, and we will continue to have, an ongoing need to raise additional capital from outside sources to continue funding our operations, including our continuing substantial research and development expenses.
−Removed: The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our clinical development efforts.
−Removed: We have secured capital historically from grant revenues, collaboration proceeds, and debt and equity offerings.
−Removed: To obtain additional capital, we may pursue debt and/or equity financing arrangements, strategic corporate partnerships, state and federal development programs, licensing arrangements, and sales of assets or debt or equity securities.
−Removed: On September 30, 2020, we entered into a new equity line facility with Lincoln Park to provide additional capital.
−Removed: We cannot be certain that additional capital will be available on terms acceptable to us, in a timely manner, or at all.
−Removed: If we are unsuccessful in our efforts to raise any such additional capital, we may be required to take actions that could materially and adversely harm our business, including a possible significant reduction in our research, development and administrative operations (including reduction of our employee base), the surrender of our rights to some technologies or product opportunities, delay of our clinical trials or regulatory and reimbursement efforts, or curtailment or cessation of operations.
−Removed: Further, if we are unable to raise additional capital, we may be unable to satisfy the covenants or meet our repayment obligations under our existing loan agreement.
−Removed: Our stock price has been nega tively impacted in part by the significant volatility and downturn in the financial markets due to the COVID-19 pandemic.
−Removed: This in turn will likely negatively impact our ability to raise funds through equity-related financing.
−Removed: Further, t he global economic d ownturn and deterioration of the credit and financial markets may impair our ability to obtain additional financing through other means, such as strategic agreements or debt financing .
−Removed: Further any debt financing may contain restrictive covenants which lim it our operating flexibility and any equity financing will likely result in additional and possibly significant dilution to existing stockholders.
−Removed: Failure to raise sufficient capital, as and when needed, would have a significant and negative impact on our financial condition and our ability to develop our product candidates.
−Removed: The disruption and volatility in the global capital markets may impact our ability to obtain additional debt financings and may limit our ability to modify our existing debt facilities and increase the risk of non-compliance with covenants under our existing loan agreement.
−Removed: Under the Loan and Security Agreement, Oxford made a term loan to us in an aggregate principal amount of $17.7 million (the “Term Loan”) subject to the terms and conditions set forth therein.
−Removed: As of September 30, 2020, the outstanding principal balance of the Term Loan was $4.3 million subsequent to a repayment of $5.0 million on April 1, 2020 pursuant to the Ninth Amendment to the Loan and Security Agreement.
−Removed: The Term Loan accrues interest at a floating rate equal to the three-month LIBOR rate (with a floor of 1.00%) plus 7.95% per annum.
−Removed: On March 29, 2020, we and Oxford amended the Loan and Security Agreement to extend the interest-only period.
−Removed: Beginning May 1, 2021, we will be required to make payments of principal and accrued interest in equal monthly installments to amortize the Term Loan through September 1, 2024, the new maturity date.
−Removed: As security for our obligations under the Loan and Security Agreement, we granted a security interest in substantially all of our existing and after-acquired assets, excluding our intellectual property assets, subject to certain exceptions set forth in the Loan and Security Agreement.
−Removed: If we are unable to discharge these obligations, Oxford could foreclose on these assets, which would, at a minimum, have a severe material adverse effect on our ability to operate our business.
−Removed: Our indebtedness to Oxford could adversely affect our operations and liquidity, by, among other things:
−Removed: causing us to use a larger portion of our cash flow to fund interest and principal payments, reducing the availability of cash to fund working capital and capital expenditures and other business activities;
−Removed: making it more difficult for us to take advantage of significant business opportunities, such as acquisition opportunities, and to react to changes in market or industry conditions;
−Removed: limiting our ability to borrow additional monies in the future to fund working capital and capital expenditures and for other general corporate purposes.
−Removed: The Loan and Security Agreement, as amended, requires us to maintain at least $2.0 million in unrestricted cash and/or cash equivalents and includes certain reporting and other covenants, that, among other things, restrict our ability to (i) dispose of assets, (ii) change the business we conduct, (iii) make acquisitions, (iv) engage in mergers or consolidations, (v) incur additional indebtedness, (vi) create liens on assets, (vii) maintain any collateral account, (viii) pay dividends, (ix) make investments, loans or advances, (x) engage in certain transactions with affiliates, and (xi) prepay certain other indebtedness or amend other financing arrangements.
−Removed: If we fail to comply with any of these covenants or restrictions, such failure may result in an event of default, which if not cured or waived, could result in Oxford causing the outstanding loan amount to become immediately due and payable.
−Removed: If the maturity of our indebtedness is accelerated, we may not have, or be able to timely procure, sufficient cash resources to satisfy our debt obligations, and such acceleration would adversely affect our business and financial condition.
−Removed: The COVID-19 pandemic has severely impacted the global economic activity and caused significant volatility and negative pressure in the financial markets.
−Removed: This volatility and downturn may affect our business, liquidity position, and financial results.
−Removed: This in turn may negatively impact our ability to remain in compliance with the financial and operating covenants under the Loan and Security Agreement and may restrict our ability to obtain covenant waivers, restructure or amend the terms of our existing debt, or obtain additional debt financing.
−Removed: If the maturity of our indebtedness is accelerated or if we are unable to amend the terms or obtain any necessary waivers under our debt facilities or obtain additional debt or other financing, it would materially and adversely affect our liquidity position and ability to fund our operations.
−Removed: This in turn would materially harm our business and financial conditions.
−Removed: Our operating results have been and will likely continue to be volatile.
−Removed: Our prospects must be evaluated in light of the risks and difficulties frequently encountered by emerging companies and particularly by such companies in rapidly evolving and technologically advanced biotech, pharmaceutical and medical device fields.
−Removed: Our visibility as to our future operating results and our clinical development timeline may be further limited by the impact of the ongoing COVID-19 pandemic.
−Removed: From time to time, we have tried to update our investors’ expectations as to our operating results.
−Removed: If we revise any timelines we may give with respect to our clinical trials, it could materially harm our reputation and the market’s perception of us and could cause our stock price to decline.
−Removed: We rely on third parties to conduct our clinical trials, manufacture our product candidates, and perform other services.
−Removed: If these parties are not able to successfully perform due to the impact of the COVID-19 pandemic or otherwise, we may not be able to successfully complete clinical development, obtain regulatory approval or commercialize our product candidates and our business could be substantially harmed.
−Removed: We rely on third parties in the performance of many of the clinical trial functions, including contract research organizations, that help execute our clinical trials, the hospitals and clinics at which our trials are conducted, the clinical investigators at the trial sites, and other third-party service providers.
−Removed: Failure of any third-party service provider to adhere to applicable trial protocols, laws and regulations in the conduct of one of our clinical trials could adversely affect the conduct and results of such trial (including possible data integrity issues), which could seriously harm our business.
−Removed: The COVID-19 pandemic has placed a strain on hospitals and clinics, contract research organizations, and other providers of clinical and medical supplies and equipment.
−Removed: This in turn could impact the ability of third parties such as hospitals to support our clinical trials or perform other services in support of our clinical programs.
−Removed: In addition, third parties may not prioritize our clinical trials relative to those of other customers due to resource or other constraints as a result of the COVID-19 pandemic.
−Removed: We may experience enrollment at a slower pace at certain of our clinical trial sites than initially anticipated.
−Removed: Further, our clinical trial sites may be required to suspend enrollment due to travel restrictions, workplace safety concerns, quarantine, facility closures, and other governmental restrictions.
−Removed: Some of our clinical trial sites have imposed limited accessibility to conduct clinical monitoring and training on-site.
−Removed: As a result, results from our clinical trials may be delayed, which in turn would have a material adverse impact on our clinical trial plans and timelines and impair our ability to successfully complete clinical development, obtain regulatory approval, or commercialize our product candidates.
−Removed: This in turn would substantially harm our business and operations.
−Removed: We rely on third-party suppliers for certain components and raw materials and our development and commercialization of any of our product candidates could be stopped, delayed or made less profitable if those third parties are unable to provide us with sufficient quantities of such components or raw materials or are unable to do so at acceptable quality levels or prices due to the COVID-19 pandemic or otherwise.
−Removed: We acquire some of our components and other raw materials from sole source suppliers.
−Removed: If there is an interruption in supply of our raw materials from a sole source supplier, there can be no assurance that we will be able to obtain adequate quantities of the raw materials within a reasonable time or at commercially reasonable prices.
−Removed: Interruptions in supplies due to pricing, timing, availability, the COVID-19 pandemic, or other issues with our sole source suppliers could have a negative impact on our ability to manufacture products and product candidates, which in turn could adversely affect the development and commercialization of our Nanomedicine product candidates and cause us to potentially breach our supply or other obligations under our agreements with certain other counterparties.
−Removed: The COVID-19 pandemic has placed a significant strain on the pharmaceutical and medical industries, manufacturers of clinical supplies, and healthcare-related supplies and resources in general.
−Removed: For instance, we have experienced increased difficulties in obtaining certain materials for manufacturing that are also components of COVID vaccine candidates.
−Removed: The impact of the COVID-19 pandemic has exacerbated the risks to which we are subject due to our reliance on third-party (and in some cases, sole source) suppliers.
−Removed: Additionally, our suppliers may experience operational difficulties and resource constraints due to the impact of the COVID-19 pandemic.
−Removed: If our third-party suppliers were to encounter any of these difficulties, or otherwise fail to comply with their contractual obligations, our ability to provide our product candidates to patients in clinical trials would be jeopardized.
−Removed: Any delay or interruption in the procurement of clinical trial supplies could delay the completion of clinical trials, increase the costs associated with maintaining clinical trial programs and, depending upon the period of delay, require us to commence new clinical trials at additional expense or terminate clinical trials completely.
−Removed: Due to our limited number of employees, our operations could be significantly and disproportionately impacted if any of our personnel were to test positive for COVID-19.
−Removed: We maintain a very small executive team and have a limited number of employees.
−Removed: The manufacturing of our oncology drug assets is a highly complex process that requires significant experience and know-how.
−Removed: We also depend on the personal efforts and abilities of the principal members of our senior management and scientific staff to provide strategic direction, manage our operations, and maintain a cohesive and stable environment.
−Removed: In particular, we are highly dependent on our executive officers, especially Marc Hedrick, M.D., our Chief Executive Officer.
−Removed: If any of our personnel were to test positive for COVID-19, it would likely significantly impair our operations.
−Removed: The loss of services of any of our personnel, including Dr.
−Removed: Hedrick, particularly for an extended period due to COVID-19 or otherwise, would likely result in product development delays or the failure of our collaborations with current and future collaborators, which, in turn, may impede or delay our ability to develop and commercialize products and generate revenues.
−Removed: In addition, it could also result in difficulty to obtain additional funding for our development of products and our future operations.
−Removed: We may face business disruption and related risks resulting from the COVID-19 pandemic and Preside nt Trump's invocation of the Defense Production Act, either of which could have a material adverse effect on our business.
−Removed: Our development programs could be disrupted and materially adversely affected by the COVID-19 pandemic.
−Removed: As a result of measures imposed by the governments in affected regions, many commercial activities, businesses and schools have been suspended as part of quarantines and other measures intended to contain this outbreak.
−Removed: The spread of COVID-19 worldwide has resulted in the International Health Regulations Emergency Committee of the World Health Organization declaring the outbreak of COVID-19 as a “public health emergency of international concern,” and the World Health Organization characterizing COVID-19 as a pandemic.
−Removed: International stock markets have also been significantly impacted and their volatility reflect the uncertainty associated with the potential economic impact of the outbreak.
−Removed: The volatility in the Dow Industrial Average since the end of February 2020 has been largely attributed to the effects of the COVID-19 pandemic.
−Removed: In response to the COVID-19 pandemic, President Trump invoked the Defense Production Act, codified at 50 U.S.C.
−Removed: §§ 4501 et seq.
−Removed: (the “Defense Production Act”).
−Removed: Pursuant to the, Defense Production Act the federal government may, among other things, require domestic industries to provide essential goods and services needed for the national defense.
−Removed: While we have not experienced any significant impact on our business as a result of the COVID-19 pandemic, we continue to assess the potential impact COVID-19 and the invocation of the Defense Production Act may have on our ability to effectively conduct our commercialization efforts and development programs and otherwise conduct our business operations as planned.
−Removed: There can be no assurance that we will not be further impacted by the COVID-19 pandemic or by any action taken by the federal government under the Defense Production Act, including downturns in business sentiment generally or in our industry and business in particular.
−Removed: Risks Related to our Common Stock
−Removed: The market price of our common stock is volatile and may continue to fluctuate significantly, which could result in substantial losses for stockholders.
−Removed: The market price of our common stock has been, and may continue to be, subject to significant fluctuations.
−Removed: Among the factors that may cause the market price of our common stock to fluctuate are the risks described in this “Risk Factors” section and other factors, including:
−Removed: fluctuations in our operating results or the operating results of our competitors;
−Removed: the outcome of clinical trials involving the use of our products, including our sponsored trials;
−Removed: changes in estimates of our financial results or recommendations by securities analysts;
−Removed: variance in our financial performance from the expectations of securities analysts;
−Removed: changes in the estimates of the future size and growth rate of our markets;
−Removed: changes in accounting principles or changes in interpretations of existing principles, which could affect our financial results;
−Removed: conditions and trends in the markets we currently serve or which we intend to target with our product candidates;
−Removed: changes in general economic, industry and market conditions;
−Removed: the impact of the COVID-19 impact, including the magnitude, severity, duration, and uncertainty of the downturn in the domestic and global economies and financial markets;
−Removed: success of competitive products and services;
−Removed: changes in market valuations or earnings of our competitors;
−Removed: announcements of significant new products, contracts, acquisitions or strategic alliances by us or our competitors;
−Removed: our continuing ability to list our securities on an established market or exchange;
−Removed: the timing and outcome of regulatory reviews and approvals of our products;
−Removed: the commencement or outcome of litigation involving our company, our general industry or both;
−Removed: changes in our capital structure, such as future issuances of securities or the incurrence of additional debt;
−Removed: actual or expected sales of our common stock by the holders of our common stock;
−Removed: the trading volume of our common stock.
−Removed: In addition, the financial markets may experience a loss of investor confidence or otherwise experience continued volatility and deterioration due to the COVID-19 pandemic.
−Removed: A loss of investor confidence may result in extreme price and volume fluctuations in our common stock that are unrelated or disproportionate to the operating performance of our business, our financial condition or results of operations, which may materially harm the market price of our common stock and result in substantial losses for stockholders.
−Removed: The sale or issuance of our common stock to Lincoln Park may cause dilution and the sale of the shares of common stock acquired by Lincoln Park, or the perception that such sales may occur, could cause the price of our common stock to fall.
−Removed: On September 30, 2020, we entered into the 2020 Purchase Agreement with Lincoln Park, pursuant to which Lincoln Park has committed to purchase up to $25.0 million of our common stock, subject to certain limitations.
−Removed: Upon the execution of the 2020 Purchase Agreement, we issued 180,701 shares of common stock as commitment shares to Lincoln Park in consideration for its
−Removed: commitment to purchase additional shares of our common stock under the Purchase Agreement .
−Removed: The remaining shares of our common stock that may be issued under the Purchase Agreement may be sold by us to Lincoln Park at our discretion from time to time over a 36-month period commencing after the satisfaction of certain conditions set forth in the 2020 Purchase Agreement, including that the SEC has declared effective the registration statement that includes this prospectus and that such registration statement remains effective.
−Removed: The purchase price for the shares that we may sell to Lincoln Park unde r the 2020 Purchase Agreement will fluctuate based on the price of our common stock.
−Removed: Depending on market liquidity at the time, sales of such shares may cause the trading price of our common stock to fall.
−Removed: We generally have the right to control the timing and amount of any future sales of our shares to Lincoln Park.
−Removed: Additional sales of our common stock, if any, to Lincoln Park will depend upon market conditions and other factors to be determined by us.
−Removed: We may ultimately decide to sell to Lincoln Park all, some, or none of the additional shares of our common stock that may be available for us to sell pursuant to the 2020 Purchase Agreement.
−Removed: If and when we do sell shares to Lincoln Park, after Lincoln Park has acquired the shares, Lincoln Park may resell all or some of those shares at any time or from time to time in its discretion.
−Removed: Therefore, sales to Lincoln Park by us could result in substantial dilution to the interests of other holders of our common stock.
−Removed: Additionally, the sale of a substantial number of shares of our common stock to Lincoln Park, or the anticipation of such sales, could make it more difficult for us to sell equity or equity-related securities in the future at a time and at a price that we might otherwise wish to effect sales.
−Removed: We could be delisted from Nasdaq, which would materially harm the liquidity of our stock and our ability to raise capital.
−Removed: The Nasdaq Stock Market has experienced significant volatility due to the COVID-19 pandemic, which has also impacted our stock price.
−Removed: In addition, we have a limited public float and our stock price has experienced a significant decline since our corporate restructuring in 2019.
−Removed: Between January 1, 2020 and September 30, 2020, our closing stock price has fluctuated from a high of $3.14 at September 16, 2020 to a low of $1.05 at March 23, 2020.
−Removed: In addition, Nasdaq requires listing issuers to comply with certain standards in order to remain listed on its exchange.
−Removed: On August 19, 2019, we received a written notice from Nasdaq staff indicating that, based on our stockholders’ deficit of $6.3 million as of June 30, 2019, we no longer met the alternative compliance standards of market value of listed securities or net income from continuing operations for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(b)(1) (the “Nasdaq Rule”), which requires listed companies to maintain stockholders’ equity of at least $2.5 million.
−Removed: On August 12, 2020, we received a written notice from Nasdaq staff indicating that based on our Form 10-Q for June 30, 2020, evidencing stockholder’s equity of $3.3 million, the Nasdaq staff determined that we comply with the Nasdaq Rule and that the matter is closed.
−Removed: B ased on our stockholders’ equity of $2.6 million as of September 30, 2020, we continue to meet the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market under the Nasdaq Rule.
−Removed: However, there is no guarantee that we will continue to meet the listing requirement under the Nasdaq Rule, and if we fail to meet such requirement in the future, there is a risk that our common stock may be delisted from Nasdaq, which would adversely impact liquidity of our common stock and potentially result in even lower bid prices for our common stock.
−Removed: If, for any reason, Nasdaq were to delist our securities from trading on its exchange and we are unable to obtain listing on another reputable national securities exchange, a reduction in some or all of the following may occur, each of which could materially adversely affect our stockholders:
−Removed: the liquidity and marketability of our common stock;
−Removed: the market price of our common stock;
−Removed: our ability to obtain financing for the continuation of our operations;
−Removed: the number of institutional and general investors that will consider investing in our common stock;
−Removed: the number of market makers in our common stock;
−Removed: the availability of information concerning the trading prices and volume of our common stock;
−Removed: the number of broker-dealers willing to execute trades in shares of our common stock.
−Removed: In addition, if we cease to be eligible to trade on Nasdaq, we may have to pursue trading on a less recognized or accepted market, such as the over the counter markets, our stock may be traded as a “penny stock” which would make transactions in our stock would be more difficult and cumbersome, and we may be unable to access capital on favorable terms or at all, as companies trading on alternative markets may be viewed as less attractive investments with higher associated risks, such that existing or prospective institutional investors may be less interested in, or prohibited from, investing in our common stock.
−Removed: This may also cause the market price of our common stock to further decline.
+Added: For a discussion of certain factors that could materially affect our business, financial condition, and operating results or that could cause actual results to differ materially from the results described in or implied by the forward-looking statements in this Quarterly Report on Form 10-Q, in addition to the information in the section entitled “Cautionary Statement Regarding Forward-Looking Statements,” you should carefully review and consider the information under “Part I, Item 1A- Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020.
+Added: There have been no material changes to the risk factors included in our Annual Report on Form 10-K for the year ended December 31, 2020.
Unregistered Sales of Equity Securities and Use of Proceeds
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.