4 unchanged sentences
There is uncertainty regarding our ability to maintain liquidity sufficient to operate our business effectively, which raises substantial doubt about our ability to continue as a going concern.
−Removed: Our consolidated unaudited financial statements as of June 30, 2024 have been prepared under the assumption that we will continue as a going concern for the next twelve months.
−Removed: Our management concluded that our recurring losses from operations and the fact that as of June 30, 2024 we have an accumulated deficit of approximately $322.8 and working capital of $12.9 million raise substantial doubt about our ability to continue as a going concern for the next twelve months after issuance of our financial statements.
−Removed: As of June 30, 2024, we had a cash and cash equivalents and restricted cash balance of approximately $16.7 million.
+Added: Our consolidated unaudited financial statements as of September 30, 2024 have been prepared under the assumption that we will continue as a going concern for the next twelve months.
+Added: Our management concluded that our recurring losses from operations and the fact that as of September 30, 2024 we have an accumulated deficit of approximately $330.5 and working capital of $12.2 million raise substantial doubt about our ability to continue as a going concern for the next twelve months after issuance of our financial statements.
+Added: As of September 30, 2024, we had a cash and cash equivalents and restricted cash balance of approximately $16.5 million.
At December 31, 2023, we had an accumulated deficit of $309.3 million and working capital of $20.7 million.
2 unchanged sentences
We expect to continue to incur losses from expenses related to the development of our product candidates and related administrative activities for the foreseeable future.
−Removed: We expect that our current cash will be able to fund operations into the second quarter of 2025 but will not be sufficient to fund operations for twelve months from the date of the filing of this Quarterly Report on Form 10-Q and we will need to seek additional capital to fulfill our operating and capital requirement for the next 12 months to advance our clinical development program to later stages of development and commercialize our clinical product candidate.
−Removed: In addition, our independent registered public accounting firm has issued a report for the year ended December 31, 2023 that includes an explanatory paragraph referring to our recurring losses from operations (anticipated continued losses in the future) and net capital deficiency that raise substantial doubt in our ability to continue as a going concern without additional capital becoming available.
+Added: We expect that our current cash will be able to fund operations into the third quarter of 2025 but will not be sufficient to fund operations for twelve months from the date of the filing of this Quarterly Report on Form 10-Q and we will need to seek additional capital to fulfill our operating and capital requirement for the next 12 months to advance our clinical development program to later stages of development and commercialize our clinical product candidate.
Our ability to continue as a going concern is dependent upon our ability to obtain additional equity or debt financing, attain further operating efficiencies, reduce expenditures, and, ultimately, to generate revenue.
2 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 six months ended June 30, 2024, our operating activities used net cash of approximately $8.3 million and our cash and cash equivalents were approximately $16.6 million as of June 30, 2024.
+Added: During the nine months ended September 30, 2024, our operating activities used net cash of approximately $12.2 million and our cash and cash equivalents were approximately $16.4 million as of September 30, 2024.
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, 2024, our accumulated deficit totaled approximately $322.8 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 three years.
+Added: As of September 30, 2024, our accumulated deficit totaled approximately $330.5 million on a consolidated basis.
+Added: Pursuant to the VCN 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 three years.
We expect to incur additional operating losses in the future and therefore expect our cumulative losses to increase.
20 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 350,000,000 shares of common stock, of which 22,393,158 shares of common stock were outstanding as of June 30, 2024.
−Removed: At June 30, 2024, we had reserved 5,940,228 shares of common stock for issuance upon exercise of our outstanding options, and preferred shares.
−Removed: In addition, at such date, we had 2,826,498 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 8,766,726, which in addition to the 22,393,158 shares outstanding, would leave 318,840,116 authorized but unissued shares of common stock available to be issued.
+Added: We are authorized to issue 350,000,000 shares of Common Stock, of which 2,782,449 shares of Common Stock were outstanding as of November 8, 2024.
+Added: If all of the unissued authorized shares were issued stockholders ownership percentage will be diluted.
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.
5 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: Based on our assessment, we have concluded that as of June 30, 2024 we did not maintain effective review controls at a sufficient level of precision with certain financial statement areas and over unusual transactions involving complex accounting and related.
+Added: Based on our assessment, we have concluded that as of September 30, 2024 we did not maintain effective review controls at a sufficient level of precision with certain financial statement areas and over unusual transactions involving complex accounting and related.
disclosure requirements.
27 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.