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In addition, potential capital raises and strategic opportunities may require the issuance of additional securities.
−Removed: During the six months ended June 30, 2021, our operating activities used net cash of approximately $5.9 million and our cash and cash equivalents were approximately $74.3 million as of June 30, 2021.
+Added: During the nine months ended September 30, 2021, our operating activities used net cash of approximately $8.1 million and our cash and cash equivalents were approximately $72.1 million as of September 30, 2021.
With the exception of the three months ended June 30, 2010 and the three months ended December 31, 2017, we have experienced significant losses since inception and have a significant accumulated deficit.
−Removed: As of June 30, 2021, our accumulated deficit totaled approximately $262.7 million on a consolidated basis.
+Added: As of September 30, 2021, our accumulated deficit totaled approximately $266 million on a consolidated basis.
We expect to incur additional operating losses in the future and therefore expect our cumulative losses to increase.
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Any failure to raise additional capital as and when needed, as a result of insufficient authorized shares or otherwise, could have a negative impact on our financial condition and on our ability to pursue our business plans and strategies.
−Removed: Based on our current plans, our cash and cash equivalents will be sufficient to complete our planned Phase 1a/2a clinical trial of SYN-004, our planned Phase 1 single-ascending and multiple-ascending dose clinical trials of SYN-020, and a potential Phase 2a clinical trial of SYN-020 but, may not be sufficient for post-Phase 2a future clinical programs for SYN-020 or additional trials of SYN-004, which are expected to require significant cash expenditures.
+Added: Based on our current plans, our cash and cash equivalents will be sufficient to complete our ongoing Phase 1a/2a clinical trial of SYN-004, our ongoing Phase 1 multiple ascending dose clinical trial of SYN-020, and a potential Phase 2a clinical trial of SYN-020 but, may not be sufficient for post-Phase 2a future clinical programs for SYN-020 or additional trials of SYN-004, which are expected to require significant cash expenditures.
In addition, based on the significant anticipated cost of a Phase 3 clinical program in a broad indication for SYN-004, we expect it will not be feasible for us to initiate and complete this trial at this time without a partner given the capital constraints tied to our current market cap and share price.
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However, our remaining authorized and unissued shares of common stock available may be insufficient to complete potential future equity financing transactions and/or strategic transactions we may seek to undertake.
+Added: At our 2021 Annual Meeting of Shareholders, we sought shareholder approval of an amendment to our Articles of Incorporation, as amended, to increase our authorized number of shares of common stock, which approval was not obtained.
Accordingly, we anticipate taking steps, when appropriate, to increase our number of available shares which may have the effect of facilitating such transactions;
+Added: however, there can be no assurance that we will be successful in obtaining the required approval for any such action.
Any debt financing, if available, may involve restrictive covenants that may impact our ability to conduct our business and also have a dilutive effect on our stockholders.
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Our stock price has fluctuated in the past, has recently been volatile and may be volatile in the future.
−Removed: By way of example, on February 8, 2021, the price of our common stock closed at $1.17 per share while on April 19, 2021, our stock price closed at $0.52 per share with no discernable announcements or developments by the company or third parties.
+Added: By way of example, on February 8, 2021, the price of our common stock closed at $1.17 per share while on October 18, 2021, our stock price closed at $0.4362 per share with no discernable announcements or developments by the company or third parties.
On February 9, 2021, the intra-day sales price of our common stock fluctuated between a reported low sale price of $0.91 and a reported high sales price of $1.19.
+Added: On October 18, 2021, the intra-day sales price of our common stock fluctuated between a reported low sale price of $0.43 and a reported high sales price of $0.44.
We may incur rapid and substantial decreases in our stock price in the foreseeable future that are unrelated to our operating performance or prospects.
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Further, recent increases are significantly inconsistent with any improvements in actual or expected operating performance, financial condition or other indicators of value.
−Removed: Since the stock price of our common stock has fluctuated in the past, has been recently volatile and may be volatile in the future, investors in our common stock could incur substantial losses.
+Added: Since the price of our common stock has fluctuated in the past, has been recently volatile and may be volatile in the future, investors in our common stock could incur substantial losses.
In the past, following periods of volatility in the market, securities class-action litigation has often been instituted against companies.
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We may also enter into strategic transactions, issue equity as consideration for acquisitions or part of license issue fees to our licensors, compensate consultants or settle outstanding payables using equity that may be dilutive.
−Removed: We are authorized to issue 200,000,000 shares of common stock, of which 132,042,548 shares of common stock were issued and outstanding as of August 3, 2021.
−Removed: At August 3, 2021, we had reserved 10,342,384 shares of common stock for issuance upon exercise of our outstanding options and warrants.
+Added: We are authorized to issue 200,000,000 shares of common stock, of which 132,042,548 shares of common stock were issued and outstanding as of November 3, 2021.
+Added: At November 3, 2021, we had reserved 10,342,384 shares of common stock for issuance upon exercise of our outstanding options and warrants.
In addition, at such date, we had 2,460,000 shares of our common stock reserved for future issuance under our equity incentive plans.
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As a result of our limited number of authorized and unissued shares of common stock, we may have insufficient shares of common stock available to issue in connection with any future equity financing transactions or strategic transactions we may seek to undertake.
+Added: At our 2021 Annual Meeting of Shareholders we sought shareholder approval of an amendment to our Articles of Incorporation, as amended, to increase our authorized number of shares of common stock, which approval was not obtained.
Accordingly, we anticipate taking steps, when appropriate, to increase our number of available shares which may have the effect of facilitating such transactions;
−Removed: Our stockholders may experience additional dilution in net book value per share and any additional equity securities may have rights, preferences and privileges senior to those of the holders of our common stock.
+Added: however, there can be no assurance that we will be successful in obtaining the required approval for any such action.
In order to raise additional capital, we may in the future offer additional shares of our common stock or other securities convertible into or exchangeable for our common stock at prices that may not be the same as the price per share paid by existing stockholders, thereby subjecting such stockholders to dilution.
+Added: Our stockholders may experience additional dilution in net book value per share and any additional equity securities may have rights, preferences and privileges senior to those of the holders of our common stock.
We may sell shares or other securities in any other offering at a price per share that is less than the price per share paid by existing stockholders, and investors purchasing shares or other securities in the future could have rights superior to existing stockholders.
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As a result of management’s efforts to regain compliance, the Exchange has informed the Company that it has cured the previously cited deficiencies and is in full compliance with the continued listing standards set forth in Part 10, Sections 1003 (i), (ii), and (iii) of the Company Guide.
−Removed: We reported stockholders’ equity of approximately $79.6 million in its most recent Form 10-Q, filed with the Securities and Exchange Commission (SEC) on May 5, 2021.
−Removed: Effective at the start of trading on May 26, 2021, the “.BC” designation, signifying non-compliance with NYSE American listing standards, was removed from the “SYN” trading symbol.
However, there can be no assurance that we will continue to meet the NYSE American continued listing requirements.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
−Removed: We did not sell any equity securities during the quarter ended June 30, 2021 in transactions that were not registered under the Securities Act
+Added: We did not sell any equity securities during the quarter ended September 30, 2021 in transactions that were not registered under the Securities Act
DEFAULTS UPON SENIOR SECURITIES.
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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.