What changed in this filing

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Item 1A. Risk Factors

2025-08-14 compared with 2025-05-15 · 39 added, 11 removed, 75 unchanged (40% of the section changed)

1 unchanged sentence

changes to the Risk Factors set forth in our 2024 Annual Report.

We must raise additional capital to fund

our operations in order to continue as a going concern.

As of June 30, 2025,

we had an accumulated deficit of $752.0 million.

As of June 30, 2025, the Company had total current assets of $25.5 million, including

cash of $2.1 million, restricted cash of $0.5 million, and marketable securities of $0.7 million, and total current liabilities of

$30.4 million.

The Company had negative working capital of $4.9 million as of June 30, 2025, compared to working capital of $1.2

million as of December 31, 2024.

Management has evaluated the significance of these conditions in relation to the Company’s

ability to meet its obligations and concluded, that there is substantial doubt about our ability to continue as a going concern for a

period of at least one year subsequent to the issuance of the accompanying condensed consolidated financial statements.

In order to address

our capital needs, we will need to raise further capital through the sale of equity or debt securities, financing arrangements or by entering

into collaborative, strategic, and/or licensing transactions.

There can be no assurance that the Company will be able to complete any

such financing, collaborative or strategic transactions in a timely manner or on acceptable terms.

If we are unable to improve our liquidity

position, we may not be able to continue as a going concern.

Our ability to continue as a going concern is dependent upon our ability

to generate revenue and raise additional capital.

There can be no assurance that we will be successful in accomplishing these objectives.

Without such additional capital, we may be required to curtail or cease operations and be required to realize our assets and discharge

our liabilities other than in the normal course of business which could cause investors to suffer the loss of all or a substantial portion

of their investment.

We have incurred net losses since inception.

1 unchanged sentence

losses and incurred net losses in each fiscal quarter since our inception.

During the three months ended March 31, 2025, we generated

During the three months ended June 30, 2025, we generated

total revenues of $10.3 million and incurred a net loss of $6.3 million, while for the same period the previous year, we generated total

revenue of $8.4 million and incurred a net loss of $5.9 million, respectively.

During the six months ended June 30, 2025, we generated

total revenues of $19.8 million and incurred a net loss of $12.9 million, while for the same period the previous year, we generated total

revenue of $14.5 million and incurred a net loss of $13.0 million, respectively.

For the year ended December 31, 2024, we generated net

44 unchanged sentences

past, and may in the future, account for a significant portion of our revenues in any one year or over a period of several consecutive

During the three months ended March 31, 2025, we had four customers from which our total revenue exceeded 10% of our total

During the three months ended June 30, 2025, we had four customers from which our total revenue exceeded 10% of our total

condensed consolidated revenue.

These customers collectively accounted for 85.9% of the total revenue.

As of March 31, 2025, we had

three customers whose total accounts receivable exceeded 10% of the total accounts receivable.

These customers accounted for 53.2% of

the total accounts receivable as of March 31, 2025.

The loss of business from a significant customer could have a material adverse

effect on our business, financial condition, results of operations and cash flows.

As of June 30, 2025, we had

two customers whose total accounts receivable exceeded 10% of the total accounts receivable.

These customers accounted for 49.6% of the

total accounts receivable as of June 30, 2025.

The loss of business from a significant customer could have a material adverse effect

on our business, financial condition, results of operations and cash flows.

Offers or availability for sale of a substantial

10 unchanged sentences

us being current in our periodic reports filed with the SEC.

As of March 31, 2025,

As of June 30, 2025,

approximately 45,527,508 shares of common stock of the 47,906,569 shares of common stock issued are outstanding and freely trading.

of March 31, 2025, there were 24,165,466 warrants outstanding.

Lastly, as of March 31, 2025, there are 946,320 shares of common

of June 30, 2025, there were 24,155,943 warrants outstanding.

Lastly, as of June 30, 2025, there are 882,313 shares of common

stock underlying outstanding options granted, 969,995 shares of common stock underlying outstanding restricted stock units (“RSUs”)

6 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.

What changed 10-Q

Item 1A. Risk Factors