4 unchanged sentences
We will need to raise additional capital to operate our business and our failure to obtain funding when needed may force us to delay, reduce or eliminate certain of our development programs or commercialization efforts.
−Removed: During the three months ended March 31, 2022, our operating activities used net cash of approximately $10.5 million and our cash and cash equivalents were approximately 54.9 million at the end of April 2022.
+Added: During the six months ended June 30, 2022, our operating activities used net cash of approximately $9.3 million and our cash and cash equivalents were approximately 53.5 million as of August 1, 2022.
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 March 31, 2022, our accumulated deficit totaled approximately $275.6 million on a consolidated basis.
+Added: As of June 30, 2022, our accumulated deficit totaled approximately $280.5 million on a consolidated basis.
Pursuant to the Purchase Agreement, we have agreed to use reasonable efforts to commercialize VCN-01 and we agreed as a post- closing covenant to commit to fund VCN's research and development programs, including but not limited to VCN-01 PDAC phase 2 clinical trial, VCN-01 RB trial and necessary G&A within a budgetary plan of approximately $27.8 million over the next three years.
13 unchanged sentences
In addition, we could be forced to delay, discontinue or curtail product development, forego sales and marketing efforts, and forego licensing in attractive business opportunities.
−Removed: Our ability to raise capital through the sale of securities may be limited by the rules of the SEC and NYSE American that place limits on the number and dollar amount of securities that may be sold.
+Added: Our ability to raise capital through the sale of securities may be limited by number of shares we have available for issuance and the rules of the SEC and NYSE American that place limits on the number and dollar amount of securities that may be sold.
There can be no assurances that we will be able to raise the funds needed, especially in light of the fact that our ability to sell securities registered on our registration statement on Form S-3 will be limited until such time the market value of our voting securities held by non-affiliates is $75 million or more.
4 unchanged sentences
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 158,437,840 shares of common stock were issued and outstanding as of March 16, 2022.
−Removed: At March 16, 2022, we had reserved 12,800,241 shares of common stock for issuance upon exercise of our outstanding options and warrants.
+Added: We are authorized to issue 20,000,000 shares of common stock, of which 15,844,061 shares of common stock were issued and outstanding as of June 30, 2022.
+Added: At June 30, 2022, we had reserved 1,280,025 shares of common stock for issuance upon exercise of our outstanding options and warrants.
In addition, at such date, we had 32,000 shares of our common stock reserved for future issuance under our equity incentive plans.
9 unchanged sentences
The price per share at which we sell additional shares of our common stock, or securities convertible or exchangeable into common stock, in future transactions may be higher or lower than the price per share paid by existing stockholders.
+Added: We may not have an adequate number of shares of common stock authorized to enable us to complete future equity financing transactions or strategic transactions, which may adversely affect our ability to grow and develop.
+Added: We are authorized to issue 20,000,000 shares of common stock, of which 15,844,061 shares of common stock were issued and outstanding as of June 30, 2022.
+Added: At June 30, 2022, we had reserved 1,280,025 shares of common stock for issuance upon exercise of our outstanding options and warrants.
+Added: In addition, at such date, we had 32,000 shares of our common stock reserved for future issuance under our equity incentive plans.
+Added: If all of these securities were to be exercised, the total number of shares of our common stock that we would be required to issue is 1,280,025, which in addition to the 15,844,061 shares issued and outstanding, would leave 2,875,960 authorized but unissued shares of common stock.
+Added: As a result of our limited number of our 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: Accordingly, we are taking take steps in the near future to increase our number of available shares, which includes seeking stockholder approval of an increase in our authorized number of shares of common stock.
+Added: Although we have filed a preliminary proxy statement for our annual meeting of stockholders to seek approval of an increase in our authorized number of shares of Common Stock which if effected would have resulted in additional shares of unissued authorized Common Stock becoming available for issuance, there can be no assurance that such approval will be obtained at such special meeting of stockholders.
+Added: If not, we may need to rely on debt for growth capital or take other steps necessary to raise capital or reduce operations.
We have identified a material weakness in our internal controls, and we cannot provide assurances that this weakness will be effectively remediated or that additional material weaknesses will not occur in the future.
2 unchanged sentences
Our management is responsible for establishing and maintaining adequate internal control over our financial reporting, as defined in Rule 13a- 15(f) under the Exchange Act.
−Removed: During the second quarter of 2022, we identified a material weakness in our controls over financial reporting related to the accounting for non-routine transactions.
+Added: During the first quarter of 2022, we identified a material weakness in our controls over financial reporting related to the accounting for non-routine transactions.
Specifically, the controls related to the review of internal and externally prepared reports and analysis utilized in the financial reporting process and the related income tax implication of the non-routine transactions.
1 unchanged sentence
In addition, the material weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are designed and operating effectively.
−Removed: As permitted by the SEC, we are permitted to exclude VCN from the assessment of internal control over financial reporting the year ending December 31, 2022.
+Added: As permitted by the SEC, we have elected to exclude VCN from the assessment of internal control over financial reporting the year ending December 31, 2022.
In conjunction with the acquisition of VCN, we are currently in the process of integrating VCN's policies, processes, people, technology, and operations into the consolidated company, and integrating VCN’s operations into our system of internal control over financial reporting;
1 unchanged sentence
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.