41 unchanged sentences
Company Overview
−Removed: We are seeking to reshape the world of electronics with our disruptive organic thin-film transistors (“OTFTs”) that have the potential to drive the next generation of displays.
−Removed: Our patented TRUFLEX® semiconductor and dielectric inks, or electronic polymers, can be used to make a new type of transistor that could have the potential to revolutionize the display industry.
+Added: We are seeking to reshape the world of electronics with our disruptive organic thin-film transistors (“OTFTs”) that have the potential to revolutionize the display industry.
+Added: Our patented TRUFLEX® liquid semiconductor polymers are used to make a new type of transistor that can be used in a number of display technologies, including next generation microLED displays.
Our inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing technology.
−Removed: Our electronic polymer platform can be used in a number of display technologies including microLED, miniLED and AMOLED displays for next generation televisions, laptops, augmented reality (“AR”) and virtual reality (“VR”) headsets, smartwatches, and smartphones.
We develop our materials at our research and development facility in Manchester, UK, and provide prototyping services at the Centre for Process Innovation (“CPI”) at Sedgefield, UK.
−Removed: We have signed a technology transfer agreement (TTA) with the Industrial Technology Research Institute (“ITRI”) in Taiwan for product prototyping on its Gen2.5 fabrication line.
+Added: We have entered into a technology transfer agreement (TTA) with the Industrial Technology Research Institute (“ITRI”) in Taiwan for product prototyping on its Gen2.5 fabrication line.
We also have a field application office in Taiwan.
1 unchanged sentence
Since our inception in 2009, we have devoted substantial resources to the research and development of materials and production processes for the manufacture of organic thin film transistors and the enhancement of our intellectual property.
−Removed: Our loss before income taxes was $4.8 million and $4.1 million for the six months ended June 30, 2024 and 2023.
−Removed: As of June 30, 2024, our accumulated deficit was $107.0 million.
+Added: Our loss before income taxes was $7.6 million and $7.1 million for the nine months ended September 30, 2024 and 2023.
+Added: As of September 30, 2024, our accumulated deficit was $109.8 million.
Substantially all our operating losses have resulted from expenses incurred in connection with research and development activities and from general and administrative costs associated with our operations.
−Removed: Results of Operations for the three and six months ended June 30, 2024
−Removed: Three months ended June 30, 2024 compared with three months ended June 30, 2023
+Added: Results of Operations for the three and nine months ended September 30, 2024
+Added: Three months ended September 30, 2024 compared with three months ended September 30, 2023
Revenue and Cost of revenue
−Removed: We had revenue of $40.0 thousand and cost of revenue of $32.0 thousand in the three months ended June 30, 2024.
+Added: We had no revenue or cost of revenue in the three months ended September 30, 2024.
We had revenue of $3.0 thousand and cost of revenue of $1.0 thousand in the same period of 2023.
−Removed: Both revenues and related cost of revenue for the three months ended June 30, 2024 and 2023 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
+Added: Both revenues and related cost of
+Added: revenue are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
Other operating income
−Removed: Other operating income was $0.2 million in the three months ended June 30, 2024, compared to $0.2 million in the same period of 2023.
+Added: Other operating income was $0.3 million in the three months ended September 30, 2024, compared to $0.3 million in the same period of 2023.
The primary source of the income is related to a research grant and research and development tax credits.
Operating expenses
−Removed: Operating expenses were $3.0 million for the three months ended June 30, 2024, compared to $2.5 million in the same period of 2023, an increase of $0.5 million.
+Added: Operating expenses were $3.1 million for each of the three months ended September 30, 2024 and 2023.
Research and development expenses are incurred for the development of TRUFLEX® inks to make OTFT circuits and consist primarily of payroll and technical development costs.
−Removed: The research and development expenses represent 38.4% and 49.5% of the total operating expenses for the three months ended June 30, 2024 and 2023, respectively.
−Removed: Research and development expenses decreased $98 thousand for the three months ended June 30, 2024 compared to the same period for the prior year.
−Removed: This decrease is primarily related to lower personnel expenses due to a reduction in force in 2023 and additional personnel resignations in 2024, offset in part by higher technical service costs.
+Added: The research and development expenses represent 48.1% and 53.1% of the total operating expenses for the three months ended September 30, 2024 and 2023, respectively.
+Added: Research and development expenses decreased $64 thousand for the three months ended September 30, 2024 compared to the same period for the prior year.
+Added: This decrease is primarily related to lower personnel expenses, offset in part by higher technical service costs.
Selling, general and administrative expenses consist primarily of payroll and professional services such as accounting, legal services and investor relations .
−Removed: These expenses represent 61.0% and 52.2% of our total operating expenses for the three months ended June 30, 2024 and 2023, respectively.
−Removed: Selling, general and administrative expenses increased by $0.5 million for the three months ended June 30, 2024 compared to the same period for the prior year.
−Removed: This increase was primarily a result of an increase in personnel expenses related to salary increases and bonus payouts and professional service fees related to the NASDAQ uplisting.
+Added: These expenses represent 50.5% and 42.9% of our total operating expenses for the three months ended September 30, 2024 and 2023, respectively.
+Added: Selling, general and administrative expenses increased by $0.3 million for the three months ended September 30, 2024 compared to the same period for the prior year.
+Added: This increase was primarily a result of an increase in personnel expenses as well as professional service fees primarily related to business development initiatives.
Non-Operating income/(expense)
−Removed: We recorded a loss of $81 thousand related to the valuation of the warrant liability for the three months ended June 30, 2024 compared to a gain of $3 thousand for the same period in 2023.
−Removed: We had transaction costs of $0.2 million related to a private placement financing for the three months ended June 30, 2023 with no similar costs in the same period of 2024.
−Removed: We recorded a loss on foreign currency transactions of $0.2 million for the three months ended June 30, 2024 compared to gain of $0.5 million in the same period on 2023.
−Removed: Six months ended June 30, 2024 compared with six months ended June 30, 2023
+Added: We had a gain of $0.5 million for the three months ended September 30, 2023 related to the valuation of the warrant liability, with no similar gain in the same period of 2024.
+Added: We recorded a loss on foreign currency of $0.8 million for the three months ended September 30, 2023, with no similar loss in the same period of 2024.
+Added: Nine months ended September 30, 2024 compared with nine months ended September 30, 2023
Revenue and Cost of revenue
−Removed: We had revenue of $40.0 thousand and cost of revenue of $32.0 thousand in the six months ended June 30, 2024.
+Added: We had revenue of $40.0 thousand and cost of revenue of $32.0 thousand in the nine months ended September 30, 2024.
We had revenue of $27.0 thousand and cost of revenue of $23.0 thousand in the same period of 2023.
−Removed: Both revenues and related cost of revenue for the six months ended June 30, 2024 and 2023 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
+Added: Both revenues and related cost of revenue for the nine months ended September 30, 2024 and 2023 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.
Other operating income
−Removed: Other operating income was $0.4 million in the six months ended June 30, 2024 ended, compared to $0.4 million in the same period of 2023.
+Added: Other operating income was $0.7 million in the nine months ended September 30, 2024 , compared to $0.7 million in the same period of 2023.
The primary source of the income is related to a research grant and research and development tax credits.
Operating expenses
−Removed: Operating expenses were $5.7 million for the six months ended June 30, 2024, compared to $5.4 million in the same period of 2023, an increase of $0.3 million.
+Added: Operating expenses were $8.8 million for the nine months ended September 30, 2024, compared to $8.3 million in the same period of 2023, an increase of $0.5 million.
Research and development expenses are incurred for the development of TRUFLEX® inks to make OTFT circuits and consist primarily of payroll and technical development costs.
−Removed: The research and development expenses represent 42.9% and 47.3% of the total operating expenses for the six months ended June 30, 2024 and 2023, respectively.
−Removed: Research and development expenses decreased $0.1 million for the six months ended June 30, 2024 compared to the same period for the prior year.
−Removed: This decrease is primarily related to lower personnel expenses due to a reduction in force in 2023 and additional personnel resignations in 2024, offset in part by higher technical service costs.
+Added: The research and development expenses represent 44.8% and 49.4% of the total operating expenses for the nine months ended September 30, 2024 and 2023, respectively.
+Added: Research and development expenses decreased $0.1 million for the
+Added: nine months ended September 30, 2024 compared to the same period for the prior year.
+Added: This decrease is primarily related to lower personnel expenses, offset in part by higher technical service costs.
Selling, general and administrative expenses consist primarily of payroll and professional services such as accounting, legal services and investor relations .
−Removed: These expenses represent 56.5% and 51.4% of our total operating expenses for the six months ended June 30, 2024 and 2023, respectively.
−Removed: Selling, general and administrative expenses increased by $0.4 million for the six months ended June 30, 2024 compared to the same period for the prior year.
−Removed: This increase was primarily a result of an increase in personnel expenses related to salary increases and bonus payouts and professional service fees related to the NASDAQ uplisting.
+Added: These expenses represent 54.4% and 48.4% of our total operating expenses for the nine months ended September 30, 2024 and 2023, respectively.
+Added: Selling, general and administrative expenses increased by $0.8 million for the nine months ended September 30, 2024 compared to the same period for the prior year.
+Added: This increase was primarily a result of an increase in personnel expenses as well as professional service fees primarily related to the NASDAQ uplisting and business development initiatives.
Non-Operating income/(expense)
−Removed: We recorded a gain of $0.7 million related to the valuation of the warrant liability for the six months ended June 30, 2024 compared to a gain of $3 thousand for the same period in 2023.
−Removed: We had transaction costs of $0.2 million related to a private placement financing for the six months ended June 30, 2023 with no similar costs in the same period of 2024.
−Removed: We recorded a loss on foreign currency transactions of $0.2 million for the three months ended June 30, 2024 compared to gain of $1.0 million in the same period on 2023.
+Added: We recorded a gain of $0.7 million related to the valuation of the warrant liability for the nine months ended September 30, 2024 compared to a gain of $0.5 million for the same period in 2023.
+Added: We had transaction costs of $0.2 million related to a private placement financing for the nine months ended September 30, 2023 with no similar costs in the same period of 2024.
+Added: We recorded a loss on foreign currency transactions of $0.2 million for the nine months ended September 30, 2024 compared to gain of $0.2 million in the same period in 2023.
Liquidity and Capital Resources
−Removed: As of June 30, 2024, our cash and cash equivalents were $4.4 million compared with $8.8 million as of December 31, 2023.
+Added: As of September 30, 2024, our cash and cash equivalents were $1.8 million compared with $8.8 million as of December 31, 2023.
We believe this will not be sufficient to fund our operating expenses and capital expenditure requirements for the 12 months from the issuance of these financial statements and that we will require additional capital funding to continue our operations and research development activity.
9 unchanged sentences
There can be no assurance however that such financing will be available in sufficient amounts, when and if needed, on acceptable terms or at all.
−Removed: The precise amount and timing of the funding needs
−Removed: cannot be determined accurately at this time, and will depend on a number of factors, including the market demand for the Company’s products and services, the quality of product development efforts, management of working capital, and continuation of normal payment terms and conditions for purchase of services.
+Added: The precise amount and timing of the funding needs cannot be determined accurately at this time, and will depend on a number of factors, including the market demand for our products and services, the quality of product development efforts, management of working capital, and continuation of normal payment terms and conditions for purchase of services.
If we are unable to substantially increase revenues, reduce expenditures, or otherwise generate cash flows for operations, then we will need to raise additional funding.
Cash Flow from Operating Activities
−Removed: Net cash used in operating activities was $4.4 million for the six months ended June 30, 2024, compared to $3.1 million for the six months ended June 30, 2023, an increase of $1.5 million.
−Removed: The increase is primarily related to the timing of payments made to vendors and the payout of bonuses.
+Added: Net cash used in operating activities was $7.0 million for the nine months ended September 30, 2024, compared to $5.6 million for the nine months ended September 30, 2023, an increase of $1.4 million.
+Added: The increase is related to the payout of bonuses and payments made related to the NASDAQ uplisting and business development initiatives.
Contractual Payment Obligations
23 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.