What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-08 compared with 2025-05-08 · 99 added, 75 removed, 129 unchanged (57% of the section changed)

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• our ability to meet our working capital needs;

• our expectation that cash and cash equivalents will be sufficient to fund our current operations for at least the next four months;

• our expectation that cash and cash equivalents will be sufficient to fund our current operations through at least the end of fiscal 2027;

• our belief that the use of our products can lead to sustained reductions of the rat or mice populations;

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• our belief that if equity or debt financing is not available at adequate levels or on acceptable terms we may need to delay, limit or terminate commercialization and development efforts or discontinue operations;

• our anticipation that the cost of producing Evolve will continue to be lower that ContraPest based on the current costs of raw materials;

• our anticipation that the cost of producing Evolve will continue to be lower than ContraPest based on the current costs of raw materials;

• our expectation that our expenses will continue or increase in connection with our ongoing activities, particularly as we focus on marketing and sales of fertility control products;

• our belief that the use of warrant inducements and the ATM Facility are the appropriate capital market structures of those available to us to balance the need for capital while minimizing stockholder dilution;

• our expectation that we will continue to incur costs associated with operating as a public company;

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Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

The forward-looking statements contained in or incorporated by reference into this Quarterly Report on Form 10-Q reflect our views as of the date of this Quarterly Report on Form 10-Q about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results, performance or achievements to differ significantly from those expressed or implied in any forward-looking statement.

The forward-looking statements contained in or

incorporated by reference into this Quarterly Report on Form 10-Q reflect our views as of the date of this Quarterly Report on Form 10-Q about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results, performance or achievements to differ significantly from those expressed or implied in any forward-looking statement.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future events, results, performance or achievements.

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The SEC’s website contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC.

Since our inception, we have sustained significant operating losses in the course of our research and development and commercialization activities and expect such losses to continue for the near future.

Since our inception, we have incurred significant operating losses related to our research and development and commercialization efforts, with a net loss of $1.6 million for the three months ended June 30, 2025, and we expect these losses to continue in the near term.

Although sales of our product have increased over the last three years, 56% in 2024, 17% in 2023, and 77% in 2022, we are not yet able to fund operations by product sales alone.

We have primarily funded our operations to date through the sale of equity securities, including convertible preferred stock, common stock and warrants to purchase common stock.

We have also generated limited revenue from research grants and licensing fees received under former license agreements.

Through March 31, 2025, we received net proceeds of $105.8 million from our sales of common stock, preferred stock and warrant exercises and issuance of convertible and other promissory notes, an aggregate of $6.0 million in net product sales and an aggregate of $1.7 million from licensing fees.

As of March 31, 2025, we had an accumulated deficit of $137.8 million and cash and cash equivalents of $1.7 million.

We have incurred significant operating losses every year since our inception, with a net loss of $1.7 million for the three months ended March 31, 2025.

We expect to continue to incur significant expenses and generate operating losses for at least the next six months.

Our ultimate success depends upon the outcome of a combination of factors, including the following:

We have primarily funded our operations to date through the sale of equity securities, including common stock and warrants to purchase common stock.

As of June 30, 2025, we had received net proceeds of $111.4 million from the issuance of common and preferred stock, warrant exercises, and convertible and other promissory notes.

We have also generated an aggregate of $6.7 million in net product sales and $1.7 million in licensing fees.

At the end of the period, we reported an accumulated deficit of $139.4 million and cash and cash equivalents totaling $6.1 million.

Our ultimate, long-term success depends upon the outcome of a combination of factors, including the following:

(i) successful commercialization of fertility control products and maintaining and obtaining regulatory approval of our products and product candidates;

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and (vi) our ability to meet our working capital needs.

Based upon our current operating plan, we expect that cash and cash equivalents at March 31, 2025, in combination with anticipated revenue and any additional sales of our equity securities, will be sufficient to fund our current operations for at least the next four months.

While we have evaluated and continue to evaluate our operating expenses and concentrate our resources toward the successful commercialization of fertility control products in the United States and internationally, additional financing will be needed before achieving anticipated revenue targets and margin targets.

Based upon our current operating plan, we expect that cash and cash equivalents at June 30, 2025, in combination with anticipated revenue and any additional sales of our equity securities, including the most recent warrant exercise transaction in August 2025 (as further described below), will be sufficient to fund our current operations through at least the end of fiscal 2027.While we have evaluated and continue to evaluate our operating expenses and concentrate our resources toward the successful commercialization of fertility control products in the United States and internationally, additional financing may still be needed before achieving anticipated revenue targets and margin targets.

If we are unable to raise necessary capital through the sale of our securities, we may be required to take other measures that could impair our ability to be successful and operate as a going concern.

In any event, additional capital is needed in order to fund our operating losses and research and development activities before we become profitable.

In any event, additional capital may be needed in order to fund our operating losses and research and development activities before we become profitable.

We may never achieve profitability or generate positive cash flows, and unless and until we do, we will continue to need to raise capital through equity or debt financing.

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The following table summarizes our results of operations for the periods presented (in thousands):

Three Months Ended March 31, % Increase (Decrease)

Three Months Ended June 30, % Increase (Decrease) Six Months Ended June 30, % Increase (Decrease)

2025 2024 2025 2024

Revenues, net $ 625 $ 459 36 % $ 1,110 $ 874 27 %

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Net loss $ (1,616) $ (1,584) 2 % $ (3,281) $ (3,416) (4) %

Three Months Ended March 31, % Increase (Decrease)

Three Months Ended June 30, Six Months Ended June 30,

2025 2024 2025 2024

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29 5 % 28 6 % 110 10 % 28 3 %

Revenues , net

105 17 % 191 42 % 207 19 % 355 41 %

Sales, net of sales discounts and promotions, were $485,000 for the first quarter of 2025, compared to $415,000 for the first quarter of 2024.

The $70,000 increase was driven by the launch of our Evolve product offerings, Evolve Rat and Evolve Mouse, partially offset by a decrease in the number of units sold of our existing ContraPest product offerings.

Launched in January 2024, and expanded during 2024 with variations in product offerings, Evolve is a soft bait containing the active ingredient cottonseed oil and represented approximately 79%, or $384,000, of revenues for the first quarter of 2025, compared with 60%, or $250,000, of revenues for the first quarter of 2024.

Partially offsetting this increase, was a decline in revenue related to our ContraPest product offerings in the first quarter of 2025 when compared with the first quarter of 2024.

Continued erosion of demand for ContraPest products is expected as Evolve products are accepted in the marketplace.

Revenues, net $ 625 100 % $ 459 100 % $ 1,110 100 % $ 874 100 %

Sales, net of sales discounts and promotions, were $625,000 for the second quarter of 2025, compared to $459,000 for the second quarter of 2024.

The $166,000 increase was driven by sales of our Evolve product offerings — Evolve Rat and Evolve Mouse (collectively, “Evolve”) — partially offset by a decline in units sold of our existing ContraPest product line.

Evolve, which launched in January 2024 and expanded with variations later that year, is a soft bait containing the active ingredient, cottonseed oil.

It represented approximately 83% of second quarter 2025 revenues, compared to 58% in the second quarter of 2024.

The increase in Evolve revenues was partially offset by a continued decline in ContraPest sales.

Sales, net of sales discounts and promotions, were $1.1 million for the first half of 2025, compared to $874,000 for the first half of 2024.

The $236,000 increase was driven by sales of Evolve , partially offset by a decline in units sold of our ContraPest product line.

Evolve product sales represented approximately 81% of revenues for the first half of 2025, compared with 41% in the first half of 2024.

The increase in Evolve revenues was partially offset by a continued decline in ContraPest sales.

We expect this trend to continue as the market adoption of Evolve grows.

Cost of Sales

Cost of sales consists of costs related to products sold, including scrap and reserves for obsolescence, as well as shipping costs when charged to the customer.

Cost of sales was $172,000, or 35.5% of net sales, for the first quarter of 2025, compared to $280,000, or 67.5% of net sales, for the first quarter of 2024.

The lower cost of net sales is largely due to a shift in the mix of products sold, and declined largely driven by our latest product line, Evolve, having a lower cost of sales relative to ContraPest.

Cost of sales in the first quarter of 2024 was impacted by the higher cost of a key ingredient in Evolve, as we transitioned from development-stage raw material pricing to production-level raw material pricing.

We anticipate the cost of producing Evolve will continue to be lower than ContraPest based on the current costs of raw materials.

Gross profit for the first quarter of 2025 was $313,000, for a gross profit margin of 64.5%, compared to a gross profit of $135,000, or a gross profit margin of 32.5%, for the first quarter of 2024.

Higher gross profit margin was driven by a shift in the mix of products sold, and increased due to our latest product line, Evolve, which launched in January 2024.

increase was partially offset by lower gross profit margin related to a shift in the mix of sales through our sales channels, with higher sales to distributors in the first quarter of 2025 when compared with the first quarter of 2024.

Cost of sales was $216,000, or 34.6% of net sales, for the second quarter of 2025, compared to $210,000, or 45.8%, for the second quarter of 2024.

Cost of sales was $388,000, or 35.0% of net sales, for the first half of 2025, compared to $490,000, or 56.1%, for the first half of 2024.

The decrease as a percentage of sales was driven by a shift in product mix toward Evolve, which carries a lower cost relative to ContraPest.

Additionally, the second quarter of 2024 and first half of 2024 reflected higher input costs for a key Evolve ingredient, as we transitioned from development-stage pricing to production-scale sourcing.

Gross profit for the second quarter of 2025 was $409,000, representing a margin of 65.4%, compared to $249,000, or 54.2%, in the second quarter of 2024.

Gross profit for the first half of 2025 was $722,000, representing a margin of 65.0%, compared to $384,000, or 43.9%, in the first half of 2024.

The improvement in gross margin was primarily driven by a greater proportion of sales coming from Evolve.

This benefit was partially offset by a shift in sales channel mix, with increased distributor sales, which typically yield lower margins.

Research and Development Expenses

Research and development expenses consisted of the following (in thousands):

Three Months Ended March 31, Increase

Personnel (including stock-based compensation) $ 253 $ 212 $ 41

Three Months Ended June 30, Increase

(Decrease) Six Months Ended June 30, Increase

2025 2024 2025 2024

Personnel related (including stock-based compensation) $ 219 $ 316 $ (97) $ 472 $ 528 $ (56)

Facility-related 131 38 93 206 77 129

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Total $ 427 $ 467 $ (40) $ 845 $ 837 $ 8

Research and development expenses were $418,000 for the first quarter of 2025, compared to $370,000 for the first quarter of 2024.

The $48,000 increase was primarily due to the realignment of the focus of our field development personnel to research and development activities, lower overhead allocation, and increased costs related to the expansion of facilities.

These increases were partially offset by lower expenses overall related to field and product improvement studies as well as supplies and maintenance in the first quarter of 2025 when compared with the first quarter of 2024.

Research and development expenses were $427,000 for the second quarter of 2025, compared to $467,000 for the second quarter of 2024.

The $40,000 reduction was primarily due to cost containment efforts, including lower personnel costs resulting from changes in headcount.

These savings were partially offset by increased facility expenses associated with our move to a new manufacturing site in April 2025, with expanded production capacity and corporate offices, and included $34,000 in non-cash operating lease costs.

Research and development expenses were $845,000 for the first half of 2025, compared to $837,000 during the same period of 2024.

The $8,000 increase was primarily driven by higher facility-related costs related to our April 2025 move to a new manufacturing site with expanded production capacity and corporate offices, which included $34,000 in non-cash operating lease expense.

This increase was partially offset by overall reductions in spending as a result of our ongoing cost containment efforts.

Selling, General and Administrative Expenses

Selling, general and administrative expenses consisted of the following (in thousands):

Three Months Ended March 31, Increase

Personnel (including stock-based compensation) $ 712 $ 862 $ (150)

Three Months Ended June 30, Increase

(Decrease) Six Months Ended June 30, Increase

2025 2024 2025 2024

Personnel related (including stock-based compensation) $ 614 $ 633 $ (19) $ 1,326 $ 1,495 $ (169)

Professional fees 512 352 160 942 666 276

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Marketing 64 71 (7) 128 144 (16)

Travel and entertainment 62 59 3

Licensed software 51 69 (18)

Insurance 47 62 (15) 97 123 (26)

Licensed software 45 61 (16) 96 130 (34)

Travel & entertainment 32 56 (24) 94 115 (21)

Other 225 123 102 325 246 79

Total $ 1,596 $ 1,384 $ 212 $ 3,154 $ 2,992 $ 162

Selling, general and administrative expenses were approximately $1.6 million for both the first quarter of 2025 and 2024.

The decrease of $50,000 in the first quarter of 2025 was driven by lower personnel-related expenses resulting from lower headcount, which was partially offset by severance costs related to the termination of certain employees in the first quarter of 2025.

In addition, licensed software and insurance costs were lower in in the first quarter of 2025 when compared with the first quarter of 2024.

These decreases were partially offset by increased consulting fees as we added a social media program to our investor relations activities in the first quarter of 2025 to expand our reach to new investor bases, combined with higher board compensation resulting from changes in the compensation structure.

Selling, general and administrative expenses were $1.6 million for the second quarter of 2025, compared to $1.4 million for the second quarter of 2024.

Selling, general and administrative expenses were approximately $3.2 million for the first half of 2025, compared to $3.0 million for the first half of 2024.

The increase in selling, general and administrative expenses was primarily due to higher legal fees related to an ongoing legal matter, as well as increased franchise fees.

Overall, our other operating expenses decreased as a result of our continued cost containment efforts.

Other Income, Net

Other expense, net for the first quarter of 2025 consisted of interest expense of $5,000, partially offset by interest income of $3,000, while in the first quarter of 2024, other income, net consisted of interest income of $15,000, partially offset by interest expense of $4,000.

Interest income was lower due to a lower average balance of cash and cash equivalents combined with declining interest rates during the first quarter of 2025 when compared with the first quarter of 2024.

For the second quarter of 2025, other expense, net totaled $2,000, consisting of $6,000 in interest expense partially offset by $4,000 in interest income.

This compares to other income, net of $18,000 in the second quarter of 2024, which included $22,000 in interest income and $5,000 in interest expense.

The increase in interest expense in 2025 reflects a higher average balance of notes payable, following the financing of new equipment in late 2024 to expand production capacity and streamline operations.

Interest income declined due to a lower average balance of cash and cash equivalents compared to the same period in 2024.

For the first half of 2025, other expense, net was $4,000, comprised of $11,000 in interest expense and $7,000 in interest income.

In contrast, the first half of 2024 reflected other income, net of $29,000, including $37,000 in interest income and $9,000 in interest expense.

The increase in interest expense and decrease in interest income in 2025 were similarly driven by a higher average balance of notes payable and a lower average balance of cash and cash equivalents, respectively.

Liquidity and Capital Resources

Since our inception, we have sustained significant operating losses in the course of our research and development activities and commercialization efforts and expect such losses to continue for the near future.

We have generated limited revenue to date from product sales, research grants and licensing fees received under a former license.

We have primarily funded our operations to date through the sale of equity securities, including convertible preferred stock, common stock and warrants to purchase common stock and debt financing, consisting primarily of convertible notes.

Through March 31, 2025, we have received net proceeds of $105.8 million from our sales of common stock, preferred stock and warrant exercises and issuance of convertible and other promissory notes, an aggregate of $6.0 million in net product sales and an aggregate of $1.7 million from licensing fees.

As of March 31, 2025, we had an accumulated deficit of $137.8 million and cash and cash equivalents of $1.7 million.

Our ultimate success depends upon the outcome of a combination of factors, including the following:

(i) successful commercialization of our fertility control products and maintaining and obtaining regulatory approval of our products and product candidates;

(ii) market acceptance, commercial viability and profitability of our fertility control products and any other products;

(iii) the ability to market our products and establish an effective sales force and marketing infrastructure to generate significant revenue;

(iv) the success of our research and development activities;

(v) the ability to retain and attract key personnel to develop, operate and grow our business;

and (vi) our ability to meet our working capital needs.

We have evaluated and will continue to evaluate our operating expenses and will concentrate our resources toward the successful commercialization of our fertility control products in the United States and internationally.

However, if anticipated revenue targets and margin targets are not achieved or expenses are more than we have budgeted, we may need to raise additional financing before that time.

If we need more financing, including within the next six months, and we are unable to raise the necessary capital through the sale of our securities, we may be required to take other measures that could impair our ability to be successful and operate as a going concern.

In any event, we may require additional capital in order to fund our operating losses and research and development activities before we become profitable and may opportunistically raise capital.

We may never achieve profitability or generate positive cash flows, and unless and until we do, we will continue to need to raise capital through equity or debt financing.

If such equity or debt financing is not available at adequate levels or on acceptable terms, we may need to delay, limit or terminate commercialization and development efforts or discontinue operations.

Since our inception, we have incurred significant operating losses related to our research and development activities and commercialization efforts, and we expect these losses to continue in the near term.

To date, we have generated limited revenue from product sales and have primarily funded our operations through the sale of equity securities, including common stock and warrants.

As of June 30, 2025, we had received net proceeds of $111.4 million from the issuance of common and preferred stock, warrant exercises, and convertible and other promissory notes.

We have also generated an aggregate of $6.7 million in net product sales and $1.7 million in licensing fees.

At the end of the period, we reported an accumulated deficit of $139.4 million and cash and cash equivalents totaling $6.1 million.

Our long-term success depends on several key factors, including:

(i) successful commercialization and regulatory approval of our fertility control products and pipeline candidates;

(ii) market acceptance, commercial viability, and profitability of our products;

(iii) the development of an effective sales and marketing infrastructure;

(iv) the success of our ongoing research and development programs;

(v) our ability to attract and retain key personnel;

(vi) our capacity to meet ongoing working capital requirements.

Based on our current operating plan, we believe our cash and cash equivalents as of June 30, 2025, combined with anticipated revenue and potential proceeds from future equity sales, will be sufficient to fund operations through at least the end of fiscal 2027.

We continue to monitor and adjust our operating expenses and remain focused on the successful commercialization of our fertility control products both in the United States and abroad.

However, if our revenue or margin targets are not met, or if our expenses exceed projections, we may need to secure additional financing sooner than expected.

If additional capital is required and we are unable to raise it through equity or debt offerings, we may need to take alternative actions that could negatively impact our business and our ability to continue as a going concern.

Regardless, we anticipate needing additional capital to fund ongoing operating losses and research and development efforts before reaching profitability and may seek funding opportunistically.

There is no guarantee that we will ever achieve profitability or positive cash flow.

Without adequate financing on acceptable terms, we may be forced to delay, scale back, or discontinue commercialization and development activities—or cease operations entirely.

Additional Funding Requirements

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• add operational, financial and management information systems and personnel, including personnel to support our product development and commercialization efforts and operations as a public company.

We will need additional financing to fund these continuing and additional expenses.

We may need additional financing to fund these continuing and additional expenses.

Capital Resources

The following table summarizes our sources and uses of cash for each of the periods presented (in thousands):

Three Months Ended March 31,

Six Months Ended June 30,

Cash and cash equivalents, beginning of period $ 1,307 $ 5,395

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Cash Flows from Operating Activities— Cash flows from operating activities are generally determined by the amount and timing of cash received from customers and payments made to vendors, as well as the nature and amount of non-cash items, including depreciation and amortization and stock-based compensation included in operating results during a given period.

During the three months ended March 31, 2025, operating activities used $1.6 million of cash, resulting from our net loss of $1.7 million and net changes in our operating assets and liabilities of $22,000, partially offset by net non-cash charges of $130,000, consisting primarily of stock-based compensation and depreciation and amortization expense.

During the six months ended June 30, 2025, operating activities used $2.7 million of cash, resulting from our net loss of $3.3 million and net changes in our operating assets and liabilities of $275,000, partially offset by net non-cash charges of $299,000, consisting primarily of stock-based compensation, depreciation and amortization and operating lease expenses.

Our net loss was driven by costs related to our selling, general and administrative activities resulting from our continued efforts to commercialize our products, combined with research and development costs related to our continued efforts on formulations of new products and improvements to existing products.

Net cash used by changes in our operating assets and liabilities consisted of an increase in accounts receivable of $163,000 and a net decrease in accounts payable and accrued expenses of $19,000, partially offset by decreases in prepaid expenses of $119,000 and inventory of $41,000.

During the three months ended March 31, 2024, operating activities used $1.8 million of cash, resulting from our net loss of $1.8 million, partially offset by net changes in our operating assets and liabilities of $119,000 and by non-cash charges of $122,000, consisting primarily of stock-based compensation and depreciation and amortization expense.

Net cash provided by changes in our operating assets and liabilities consisted of a net increase in accounts payable and accrued expenses of $194,000 combined by decreases in prepaid expenses of $139,000 and inventory of $83,000, partially offset by increase in accounts receivable of $141,000.

During the six months ended June 30, 2024, operating activities used $3.4 million of cash, resulting from our net loss of $3.4 million and net changes in our operating assets and liabilities of $245,000, partially offset by non-cash charges of $245,000, consisting primarily of stock-based compensation and depreciation and amortization expense.

Our net loss was driven by costs related to our selling, general and administrative activities resulting from our efforts to commercialize our products, combined with costs related to our research and development efforts.

Net cash used by changes in our operating assets and liabilities consisted of increases in inventory of $79,000, and accounts receivable of $66,000, partially offset by a decrease in prepaid expenses of $42,000.

Net cash used by changes in our operating assets and liabilities consisted primarily of increases in accounts receivable of $150,000, inventory of $104,000, and prepaid expenses of $76,000, partially offset by an increase in accounts payable and accrued expenses of $88,000.

Cash Flows from Investing Activities— Cash flows used in investing activities primarily consist of the purchase of property and equipment, offset by any proceeds received in connection with sales of property and equipment.

During the three months ended March 31, 2025 and 2024, cash flows used in investing activities consisted of property and equipment

purchases and was higher in 2025 as we prepare to move into our new manufacturing facility with increased production capacity.

During the six months ended June 30, 2025 and 2024, cash flows used in investing activities consisted of property and equipment purchases and was higher in 2025 in connection with the April 2025 move into our new manufacturing facility with increased production capacity and corporate offices.

Cash Flows from Financing Activities— Financing activities provide cash for both day-to-day operations and capital requirements as needed.

During the three months ended March 31, 2025, net cash provided by financing activities consisted of net proceeds received from the issuance of common stock under our ATM Facility of $1.1 million and from the exercise of warrants of $889,000, partially offset by repayments on notes payable of $14,000.

During the three months ended March 31, 2024, net cash used in financing activities consisted of the repayment of notes payable of $8,000, partially offset by net proceeds received from the exercise of warrants of $6,000.

We believe that the use of warrant inducements and the ATM Facility are the appropriate capital market structures of those available to us to balance the need for capital while minimizing stockholder dilution.

During the six months ended June 30, 2025, net cash provided by financing activities consisted of net proceeds received from the exercise of warrants of $4.9 million and from the issuance of common stock under our ATM Facility of $2.7 million, partially offset by repayments on notes payable of $28,000.

During the six months ended June 30, 2024, net cash provided by financing activities consisted of proceeds received from notes payable of $25,000 and net proceeds received from the exercise of warrants of $6,000, partially offset by the repayment of notes payable of $17,000.

Warrant Inducement Transaction

On August 5, 2025, we completed a warrant inducement transaction resulting in the issuance of 1,458,872 shares of our common stock upon the exercise of certain existing warrants (the “Warrant Inducement Transaction”).

The holders of such warrants agreed to exercise their existing warrants at the exercise price of $4.15 per share and pay a purchase price of

$0.125 per share—totaling $274,000—in consideration of our issuance, in a private placement, of new warrants.

These new warrants relate to 2,188,308 shares of common stock, have an exercise price of $5.25 per share, are immediately exercisable, and will expire 15 months after the effective date of the resale registration statement covering the underlying shares.

This Warrant Inducement Transaction generated gross proceeds of $6.3 million, before deducting placement agent fees and other offering expenses payable by us.

In connection with this transaction, we issued placement agent warrants to purchase up to 72,944 shares of common stock.

These placement agent warrants have an exercise price of $5.4219 per share and have terms substantially similar to those of the new warrants issued to the investors.

As a result of the Warrant Inducement Transaction, we had approximately $11.2 million in cash and cash equivalents as of August 5, 2025, and we believe that our existing cash and cash equivalents will be sufficient to fund our operations and any capital expenditures through at least the end of fiscal 2027.

If we have not yet achieved break-even or profitability by that point, our ability to continue as a going concern will depend on our ability to generate sufficient revenues, reduce operating costs, or obtain additional funding through equity or debt financings, strategic collaborations, or other arrangements.

Critical Accounting Policies and Estimates

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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