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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 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.
+Added: During the nine months ended September 30, 2022, our operating activities used net cash of approximately $13.7 million and our cash and cash equivalents were approximately 48.2 million as of November 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 June 30, 2022, our accumulated deficit totaled approximately $280.5 million on a consolidated basis.
−Removed: 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.
+Added: As of September 30, 2022, our accumulated deficit totaled approximately $285.4 million on a consolidated basis.
+Added: 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 retinoblastoma trial and necessary G&A within a budgetary plan of approximately $27.8 million over the next three years.
We expect to incur additional operating losses in the future and therefore expect our cumulative losses to increase.
1 unchanged sentence
We do not expect to derive revenue from any source in the near future until we or our potential partners successfully commercialize our products.
−Removed: We expect our expenses to increase in connection with our anticipated activities, particularly as we continue research and development, initiate and conduct clinical trials, and seek marketing approval for our product candidates.
+Added: We expect our expenses to increase in connection with our anticipated activities, particularly as we continue research and development, initiate and conduct clinical trials, and seek marketing approval for our
+Added: product candidates.
Until such time as we receive approval from the FDA and other regulatory authorities for our product candidates, we will not be permitted to sell our products and therefore will not have product revenues from the sale of products.
15 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 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.
−Removed: 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: We are authorized to issue 350,000,000 shares of common stock, of which 15,844,061 shares of common stock were issued and outstanding as of September 30, 2022.
+Added: At September 30, 2022, we had reserved 3,700,847 shares of common stock for issuance upon exercise of our outstanding options, preferred shares and warrants.
In addition, at such date, we had 6,632,000 shares of our common stock reserved for future issuance under our equity incentive plans.
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 10,332,847, which in addition to the 15,844,061 shares issued and outstanding, would leave 323,822,859 authorized but unissued shares of common stock.
−Removed: 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.
−Removed: 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.
−Removed: Accordingly, we anticipate taking steps, when appropriate, to increase our number of available shares which may have the effect of facilitating such transactions;
−Removed: 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.
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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.
−Removed: In the event that we sell shares or other securities at prices below the exercise price of the warrants that we issued in our October 2018 offering, the price protection anti-dilution provisions of the warrant provide that the exercise price of the warrants sold in our October 2018 offering is to be reduced which may result in additional warrant exercises and additional dilution to stockholders as was the case in 2020 and during the first quarter of 2021 when we utilized our at-the-market facility and the warrant exercise price was reduced.
+Added: In the event that we sell shares or other securities at prices below the exercise price of the warrants that we issued in our October 2018 offering, the price protection anti-dilution provisions of the warrant provide that the exercise price of the warrants sold in our October 2018 offering is to be reduced which may result in additional warrant exercises and additional dilution to stockholders.
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.
−Removed: 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.
−Removed: 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.
−Removed: At June 30, 2022, we had reserved 1,280,025 shares of common stock for issuance upon exercise of our outstanding options and warrants.
−Removed: In addition, at such date, we had 32,000 shares of our common stock reserved for future issuance under our equity incentive plans.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: If not, we may need to rely on debt for growth capital or take other steps necessary to raise capital or reduce operations.
+Added: If our acquired intangible assets become impaired, we may be required to record a significant charge to earnings.
+Added: We regularly review acquired intangible assets for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.
+Added: We test goodwill and indefinite-lived intangible assets for impairment at least annually.
+Added: Factors that may be considered a change in circumstances, indicating that the carrying value of the intangible assets may not be recoverable, include:
+Added: macroeconomic conditions, such as deterioration in general economic conditions;
+Added: industry and market considerations, such as deterioration in the environment in which we operate;
+Added: cost factors, such as increases in labor or other costs that have a negative effect on earnings and cash flows;
+Added: our financial performance, such as negative or declining cash flows or a decline in actual or planned revenue or earnings compared with actual and projected results of relevant prior periods;
+Added: other relevant entity-specific events, such as changes in management, key personnel, strategy, or customers;
+Added: and sustained decreases in share price.
+Added: Unfavorable U.S.
+Added: or global economic conditions could adversely affect our business, financial condition or results of operations.
+Added: Our results of operations could be adversely affected by general conditions in the global economy and financial markets.
+Added: A severe or prolonged economic downturn could result in a variety of risks to our business, including weakened demand for our technologies and our ability to raise additional capital when needed on favorable terms, if at all.
+Added: Recently, the rate of inflation has increased throughout the U.S.
+Added: Inflation may adversely affect us by increasing the costs associated with performing research and development on internal research initiatives and partnered programs.
+Added: We may experience significant increases in the prices of labor, consumables, and other costs of doing business.
+Added: In an inflationary environment, such cost increases may outpace our expectations, causing us to use cash faster than forecasted.
+Added: A weak or declining economy may also strain our partners, possibly resulting in supply disruption, or cause delays in their payments to us.
+Added: Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business.
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.
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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.