6 unchanged sentences
We have incurred operating losses in the past, may incur operating losses in the future and may never achieve or maintain profitability.
−Removed: For the three and nine months ended September 30, 2024, we incurred net losses of $7.6 million and $21.0 million, respectively, and during the three and nine months ended September 30, 2023, we incurred net losses of $10.2 million and $26.1 million, respectively.
+Added: For the three months ended March 31, 2025, we incurred net losses of $4.6 million, and during the three months ended March 31, 2024, we incurred net losses of $8.1 million.
We have incurred and will continue to incur costs in connection with legal, accounting, and other administrative expenses related to operating as a public company and we expect that our operating expenses will increase modestly with the growth of our business.
Since our inception, we have financed our operations primarily through revenue from our products, the sale of our equity securities (including through our June 2021 IPO, September 2023 registered direct offering and private placements, as well as our July 2024 private placements), and debt.
−Removed: While our revenue has generally grown over the last several years, it decreased in 2023 compared to 2022.
+Added: While our revenue has generally grown over the last several years, including 2024 compared to 2023, it decreased in 2023 compared to 2022.
If our revenue declines or fails to grow at a rate sufficient to offset our operating expenses, we will not be able to achieve and maintain profitability in future periods.
5 unchanged sentences
All shares sold in our IPO were freely tradable upon such sale without restriction or further registration under the Securities Act, except for any shares held by our affiliates, as that term is defined under Rule 144 of the Securities Act (Rule 144), including our directors, executive officers, and other affiliates (including Telegraph Hill Partners), which may be sold only in compliance with certain limitations.
−Removed: The shares of our common stock issued in the course of our September 2023 registered direct offering and private placements and July 2024 private placements are now freely tradable, subject to the same limitations applicable to our directors, executive officers, and other affiliates (including Telegraph Hill Partners).
−Removed: As of September 30, 2024, we have 53,302,993 shares of common stock outstanding, substantially all of which are held by directors, executive officers, and other affiliates and are subject to volume, manner of sale, and other limitations under Rule 144.
+Added: As of March 31, 2025, we have 53,437,060 shares of common stock outstanding, substantially all of which are held by directors, executive officers, and other affiliates and are subject to volume, manner of sale, and other limitations under Rule 144.
The market price of our stock could decline if the holders of currently restricted shares of common stock sell them or are perceived by the market as intending to sell them.
1 unchanged sentence
In addition, shares of our common stock that are issued pursuant to our equity incentive plans and our Employee Stock Purchase Plan (ESPP) will become eligible for sale in the public market, subject to provisions relating to various vesting agreements, lock-up agreements, and Rule 144, as applicable.
−Removed: As of September 30, 2024, there were 312,174, 1,529,495 and 2,265,572 shares of common stock reserved for issuance pursuant to outstanding stock option awards under the 2016 Stock Plan, as amended (2016 Plan), the 2020 Equity Incentive Plan, as amended (2020 Plan) and the 2021 Equity Incentive Plan (2021 Plan), respectively.
+Added: As of March 31, 2025, there were 308,449, 1,527,105 and 3,443,887 shares of common stock reserved for issuance pursuant to outstanding stock option awards under the 2016 Stock Plan, as amended (2016 Plan), the 2020 Equity Incentive Plan, as amended (2020 Plan) and the 2021 Equity Incentive Plan (2021 Plan), respectively.
In addition, the 2021 Plan and the ESPP provide for annual automatic increases in the number of shares reserved thereunder.
3 unchanged sentences
Any issuance of additional securities in connection with investments or acquisitions may result in additional dilution to you.
−Removed: We face risks arising from our recent and possible future workforce reductions, including adverse effects on employee morale, risks to our ability to meet customer demand with adequate turnaround times, and uncertainty around our ability to achieve anticipated cost savings from the workforce reductions.
−Removed: During the roughly twelve-month period from February 2023 to January 2024, we undertook two strategic reductions in our workforce designed both to align the costs of our business with our near-term revenue expectations and to create operational and management-level efficiencies.
−Removed: These workforce reductions may result in unintended consequences, such as attrition beyond the intended number of employees, reduced morale among our remaining employees, and the loss of institutional knowledge and expertise.
−Removed: In addition, while we have eliminated positions, we might not successfully distribute the duties and obligations of our former employees among our remaining employees.
−Removed: The reductions in workforce could also make it difficult for us to pursue, or prevent us from pursuing, new opportunities and initiatives due to insufficient personnel, or require us to incur additional and unanticipated costs to hire new personnel to pursue such opportunities or initiatives.
−Removed: We cannot provide assurance that we will not undertake additional workforce reductions or that we will be able to realize the cost savings and other anticipated benefits from our previous or any future workforce reductions.
−Removed: In addition, our previous and any future workforce reductions may adversely affect our ability to respond rapidly to any new product, growth, or revenue opportunities, to meet customer demand with adequate turnaround times, and otherwise to execute on our business plans.
−Removed: Additionally, reductions in workforce may make it more difficult to recruit and retain new employees.
−Removed: If we need to increase the size of our workforce in the future, we may encounter a competitive hiring market due to labor shortages, increased employee turnover, changes in the availability of workers, and increased wage costs.
+Added: Unregistered Sales of Equity Securities and Use of Proceeds.
+Added: (a) Unregistered Sales of Equity Securities
+Added: (b) Use of Proceeds from Initial Public Offering of Common Stock
+Added: Not applicable.
+Added: (c) Repurchases
+Added: Defaults Upon Senior Securities.
+Added: Mine Safety Disclosures.
+Added: Not applicable.
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.