Item 7. Management’s Discussion and Analysis
ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
You
should read the following discussion and analysis of our financial condition and plan of operations together with and our accompanying
financial statements and the related notes appearing elsewhere in this Annual Report on Form 10-K. In addition to historical information,
this discussion and analysis contains forward-looking statements that involve risks, uncertainties and assumptions. Our actual results
may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited
to, those identified below, and those discussed in the section titled “Risk Factors” included elsewhere in this Annual Report
on Form 10-K. All amounts in this report are in U.S. dollars, unless otherwise noted.
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Overview
We are a biotechnology company dedicated to developing
treatments for certain medical conditions. Currently, two of our programs are focused on kidney disease that we believe have the potential
to offer medical benefit. As we grow the Company and build our team, we intend to focus on identifying medical conditions within and outside
of kidney disease. Our current development programs are focused on the development of two novel therapies: Renazorb, for treatment of
hyperphosphatemia in patients with chronic kidney disease, and UNI 494, for treatment of acute kidney injury (AKI).
Chronic kidney disease (CKD) is the gradual loss
of kidney function that can get worse over time leading to lasting damage. Our initial focus is developing drugs and getting them approved
in the US, and then to partner with global biopharmaceutical companies in the rest of the world. According to estimates by The Centers
for Disease Control and Prevention (CDC) in 2019, 37 million (approximately 15%) adults in the United States have CKD and, of these, approximately
2 million patients with CKD stage 3-5, and around 400 thousand patients with end-stage renal disease (ESRD) have hyperphosphatemia. In
the European Union (EU), around 20 million (approximately 8%) adults have CKD, more than 1 million CKD stage 3-5 patients, and approximately
180 thousand patients with ESRD have hyperphosphatemia. The number of patients with ESRD in the US is increasing steadily and is projected
to reach between 971,000 and 1,259,000 in 2030.
AKI
is a sudden episode of kidney failure or kidney damage (within the first 90 days of injury). After 90 days, the patient is considered
to have progressed into CKD. AKI affects over 2 million US patients and costs the healthcare system over $9 billion per year. AKI kills
more than 300,000 patients per year in the US and is caused by multiple etiologies.
Our
business model is to license technologies and drugs and pursue development, regulatory approval, and commercialization of those products
in global markets. Many biotechnology companies utilize similar strategies of in-licensing and then developing and commercializing drugs.
We believe, however, that our management team’s broad network, expertise in the biopharmaceutical industry, and successful track
record gives us an advantage in identifying and bringing these assets into the Company at an attractive price with limited upfront cost.
Since our formation we have devoted substantially
all of our resources to developing our product candidates. We have incurred significant operating losses to date. Our net losses were
$2.3 million and $10.0 million for the years ended December 31, 2020 and 2021. As of December 31, 2021, we had an accumulated
deficit of $15.9 million. We expect that our operating expenses will increase significantly as we advance our product candidates
through pre-clinical and clinical development, seek regulatory approval, and prepare for and, if approved, proceed to commercialization;
acquire, discover, validate and develop additional product candidates; obtain, maintain, protect and enforce our intellectual property
portfolio; and hire additional personnel. In addition, we expect to incur additional costs associated with operating as a public company.
We
have funded our operations primarily from the sale and issuance of common stock, convertible promissory notes and from a loan, including
cash and deferred salary from our Chief Executive Officer and principal stockholder.
Our
ability to generate product revenue will depend on the successful development, regulatory approval and eventual commercialization of
our current product candidates and future product candidates. Until such time as we can generate significant revenue from product sales,
if ever, we expect to finance our operations through private or public equity or debt financings, collaborative or other arrangements
with corporate sources, or through other sources of financing. Adequate funding may not be available to us on acceptable terms, or at
all. If we fail to raise capital or enter into agreements to raise capital as and when needed, we may have to significantly delay, scale
back or discontinue the development and commercialization of our current product candidates and future product candidates.
We
plan to continue to use third-party service providers, including contract manufacturing organizations, to carry out our pre-clinical
and clinical development and to manufacture and supply the materials to be used during the development and commercialization of our product
candidates.
Recent
Developments
Between January 1, 2021 and May 19, 2021, we issued a series of convertible
promissory notes in the aggregate principal amount of $1.1 million. These notes bear interest at a rate of 12% per annum and mature on
the one year anniversary of their respective dates of issuance. These notes automatically converted into common stock upon consummation
of our IPO at 70% of the public offering price per unit.
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As a result of its IPO, on July 13, 2021 the Company
began trading on the Nasdaq Capital Market under the symbol “UNCY”, and on July 15, 2021 received approximately $22.3 million
in net proceeds after deducting the underwriting discounts, commissions, and offering expenses.
On
July 15, 2021, in connection with the completion of the Company’s IPO, all outstanding convertible notes, including principal and
accrued interest, were automatically converted into shares of common stock. The conversion was calculated based on 70% of the IPO price
per unit and resulted in the issuance of 736,773 shares of common stock and 184,193 warrants to purchase additional shares of common
stock.
The
COVID-19 Pandemic and its Impacts on Our Business
In
March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. This pandemic could result in difficulty
securing clinical trial site locations, CROs, and/or trial monitors and other critical vendors and consultants supporting our trial.
These situations, or others associated with COVID-19, could cause delays in our clinical trial plans and could increase expected costs,
all of which could have a material adverse effect on our business and financial condition. At the current time, we are unable to quantify
the potential effects of this pandemic on our future financial statements.
Components
of Results of Operations
Operating
Expenses
Research
and Development Expenses
Substantially
all of our research and development expenses consist of expenses incurred in connection with the development of our product candidates.
These expenses include fees paid to third parties to conduct certain research and development activities on our behalf, consulting costs,
costs for laboratory supplies, product acquisition and license costs, certain payroll and personnel-related expenses, including salaries
and bonuses, employee benefit costs and stock-based compensation expenses for our research and product development employees and allocated
overheads, including information technology costs and utilities and expenses for the issuance of shares pursuant to the anti-dilution
clause in the purchase of in process research and development technology (“IPR&D”). We expense both internal and external
research and development expenses as they are incurred.
We
do not allocate our costs by product candidate, as a significant amount of research and development expenses include internal costs,
such as payroll and other personnel expenses, laboratory supplies and allocated overhead, and external costs, such as fees paid to third
parties to conduct research and development activities on our behalf, are not tracked by product candidate.
We
expect our research and development expenses to increase substantially for at least the next few years, as we seek to initiate additional
clinical trials for our product candidates, complete our clinical programs, pursue regulatory approval of our product candidates and
prepare for the possible commercialization of such product candidates. Predicting the timing or cost to complete our clinical programs
or validation of our commercial manufacturing and supply processes is difficult and delays may occur because of many factors, including
factors outside of our control. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials
beyond those that we currently anticipate, we could be required to expend significant additional financial resources and time on the
completion of clinical development. Furthermore, we are unable to predict when or if our product candidates will receive regulatory approval
with any certainty.
General
and Administrative Expenses
General
and administrative expenses consist principally of payroll and personnel expenses, including salaries and bonuses, benefits and stock-based
compensation expenses, professional fees for legal, consulting, accounting and tax services, including information technology costs and
utilities, and other general operating expenses not otherwise classified as research and development expenses, as well as services incurred
pursuant to a services agreement with Globavir Biosciences Inc., a related party.
We
anticipate that our general and administrative expenses will increase as a result of increased personnel costs, expanded infrastructure
and higher consulting, legal and accounting services costs associated with complying with the applicable stock exchange and the SEC requirements,
investor relations costs and director and officer insurance premiums associated with being a public company.
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Other
Expenses
Other
expenses consist primarily of interest expense related to convertible notes and a loss on conversion of convertible notes.
Results
of Operations
Comparison
of the Years Ended December 31, 2020 and 2021 (in thousands)
Years
Ended
December 31,
2020
2021
Change
%
Change
Operating expenses:
Research and
development
$
1,015
$
6,080
$
5,065
499
%
General
and administrative
1,005
2,897
1,892
188
%
Total
operating expenses
2,020
8,977
6,957
344
%
Loss from operations
(2,020
)
(8,977
)
(6,957
)
344
%
Other income (expenses):
Interest expense
(244
)
(628
)
(384
)
157
%
Loss on debt conversion
-
(431
)
(431
)
100
%
Gain
on extinguishment of debt
-
19
19
100
%
Total
other income (expenses)
(244
)
(1,040
)
(796
)
326
%
Net loss
$
(2,264
)
$
(10,017
)
$
(7,753
)
342
%
Research
and Development Expenses
Research and development expenses increased by approximately $5.1 million,
or 499%, from $1.0 million for the year ended December 31, 2020 to $6.1 million for the year ended December 31, 2021. The increase
in research and development expenses was primarily due to a $2.1 million increase in non-cash expense from the issuance of common stock
pursuant to the anti-dilution clause in the purchase of in process research and development technology from Spectrum Pharmaceuticals,
Inc. Non-cash stock compensation costs increased $547,000. In addition, development costs increased $1.4 million due to product formulation
and preclinical study services in the current period. New employee hires increased labor costs $868,000, and consulting and other costs
increased $178,000 from the prior period.
General
and Administrative Expenses
General and administrative expenses increased
by approximately $1.9 million, or 188%, from $1.0 million for the year ended December 31, 2020 to $2.9 million for the year ended December 31,
2021 primarily due to an increase of $729,000 in insurance expense for directors and officers. Labor costs increased $410,000 due to hiring
of new employees. Consulting and professional services costs increased $401,000. Stock compensation increased $187,000, and rent, travel,
supplies and other costs increased $165,000.
Other
Income (Expenses)
Other income (expenses) increased by approximately $796,000, or 326%
from $244,000 for the year ended December 31, 2020 to approximately $1.0 million for the year ended December 31, 2021. The increase was
due primarily to increased interest expense incurred on our convertible notes of $384,000 as well as conversion to equity of our outstanding
convertible notes as a result of our IPO which resulted in a non-cash loss on debt conversion of $431,000. The increase was partially
offset by a gain on extinguishment of our 2020 Paycheck Protection Plan loan of $19,000.
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Liquidity
and Capital Resources
Sources
of Liquidity
Since our formation through December 31,
2021, we have funded our operations with the sale of common stock, convertible notes and from a loan from our Chief Executive Officer
and principal stockholder. During 2020, we raised additional funds through private placements by issuing common stock for $141,000 and
by issuing $1.3 million in convertible notes to investors. During the year ended December 31, 2021, we raised $1.1 million through the
issuance of convertible notes to investors.
As a result of our initial public offering (“IPO”),
on July 13, 2021 we began trading on the Nasdaq Capital Market under the symbol “UNCY”, and on July 15, 2021 we received approximately
$22.3 million in net proceeds after deducting the underwriting discounts, commissions and offering expenses. We intend to use the net
proceeds from the IPO to complete pre-clinical and clinical studies, submit regulatory filings to the FDA, and for general and corporate
purposes, including hiring additional management and conducting market research and other commercial planning.
Future
Funding Requirements
We
have incurred net losses since our inception. For the year ended December 31, 2021, we had a net loss of $10.0 million, and we expect
to incur substantial additional losses in future periods. As of December 31, 2021, we had an accumulated deficit of $15.9 million.
We expect to continue incurring losses for the
foreseeable future and will be required to raise additional capital in the future to complete our clinical trials, pursue product development
initiatives and penetrate markets for the sale of our products. We believe that we will continue to have access to capital resources through
possible equity offerings, debt financings, corporate collaborations or other means. There can be no assurance that we will be able to
obtain additional financing on terms acceptable to us, on a timely basis or at all. If we are unable to secure additional capital, we
may be required to curtail any clinical trials and development of new or existing products and take additional measures to reduce expenses
in order to conserve our cash in amounts sufficient to sustain operations and meet our obligations. Based on the Company’s current
level of expenditures, after receiving the net proceeds of $22.3 million on July 15, 2021 as a result of the Company’s
IPO and given the Company’s cash balance of approximately $16.6 million as of December 31, 2021, the Company believes that it has
sufficient resources such that there is not substantial doubt about our ability to continue operations for at least one year
after the date that these financial statements are to be issued.
We
anticipate that we will need to raise substantial additional capital, the requirements for which will depend on many factors, including:
● the
scope, timing, rate of progress and costs of our drug discovery efforts, pre-clinical development
activities, laboratory testing and clinical trials for our current product candidates and
future product candidates;
● the
number and scope of clinical programs we decide to pursue;
● the
cost, timing and outcome of preparing for and undergoing regulatory review of our current
product candidates and future product candidates;
● the
scope and costs of development and commercial manufacturing activities;
● the
cost and timing associated with commercializing our current product candidates and future
product candidates, if they receive marketing approval;
● the
extent to which we acquire or in-license other product candidates and technologies;
● the
costs of preparing, filing and prosecuting patent applications, maintaining and enforcing
our intellectual property rights and defending intellectual property-related claims;
● our
ability to establish and maintain collaborations on favorable terms, if at all;
● our
efforts to enhance operational systems and our ability to attract, hire and retain qualified
personnel, including personnel to support the development of our current product candidates
and future product candidates and, ultimately, the sale of our products, following FDA approval;
● the
impact, if any, of the coronavirus pandemic on our business operations;
● our
ability to access capital;
● our
implementation of operational, financial and management systems; and
● the
costs associated with being a public company.
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A
change in the outcome of any of these or other variables with respect to the development of any of our current product candidates or
future product candidates could significantly change the costs and timing associated with the development of that product candidate.
Furthermore, our operating plans may change in the future, and we will continue to require additional capital to meet operational needs
and capital requirements associated with such operating plans. If we raise additional funds by issuing equity securities, our stockholders
may experience dilution. Any future debt financing into which we enter may impose upon us additional covenants that restrict our operations,
including limitations on our ability to incur liens or additional debt, pay dividends, repurchase our common stock, make certain investments
or engage in certain merger, consolidation or asset sale transactions. Any debt financing or additional equity that we raise may contain
terms that are not favorable to us or our stockholders.
Adequate
funding may not be available to us on acceptable terms or at all. Our failure to raise capital as and when needed could have a negative
impact on our financial condition and our ability to pursue our business strategies. If we are unable to raise additional funds when
needed, we may be required to delay, reduce, or terminate some or all of our development programs and clinical trials or we may also
be required to sell or license to others rights to our product candidates in certain territories or indications that we would prefer
to develop and commercialize ourselves. If we are required to enter into collaborations and other arrangements to supplement our funds,
we may have to give up certain rights that limit our ability to develop and commercialize our product candidates or may have other terms
that are not favorable to us or our stockholders, which could materially affect our business and financial condition.
Related
Party Payable
We
entered into a Service Agreement on July 1, 2017, as amended on April 6, 2020 (“Service Agreement”), with Globavir Biosciences,
Inc. (“Globavir”). Our Chief Executive Officer is also the Chief Executive Officer of Globavir. Pursuant to the Service Agreement,
we receive administrative, consulting services, shared office space and other services in connection with our drug development programs.
The initial amended term of the Service Agreement expired on December 31, 2020, and the agreement automatically renews for successive
one month periods after the initial termination date. Pursuant to the Service Agreement, we paid Globavir $50,000 per month through December
31, 2019 and $10,000 per month commencing on January 1, 2020. As of December 31, 2020, $9,000 was payable to Globavir for service fees.
During the fourth quarter of 2021, we determined that future services under the Service Agreement were no longer required, and we wrote
off the $28,000 remaining prepaid balance due from Globavir as of December 31, 2021. Service fee expenses were $120,000 and $148,000
for the years ended December 31, 2020 and 2021, respectively, and were recorded as general and administrative expenses in the statements
of operations.
Convertible
Notes
In January through May 2021, we issued convertible
notes (the “2021 Notes”) in the aggregate principal amount of $1.1 million. The 2021 Notes bear interest at a rate of 12%
per annum, payable at maturity, and mature between January and May, 2022. The 2021 Notes shall automatically convert into shares of common
stock upon the closing of a financing pursuant to which we receive gross proceeds of at least $500,000 (a “Qualified Financing”)
or upon a change of control. The 2021 Notes shall convert into such numbers of shares of common stock equal to the conversion amount divided
by the Conversion Price. “Conversion Price” means (i) in the event of a Qualified Financing, 70% of the price per share (or
conversion price, as applicable) of common stock (or securities convertible into common stock, as applicable) sold in such financing or
(ii) in the event of a change of control, the price per share reflected in such transaction.
We
accounted for the 2021 Notes as stock-settled debt and we were accreting the carrying amount of the 2021 Notes to the settlement amount
through maturity.
In July and through November 2020, we issued convertible
notes (the “2020 Notes”) in the aggregate principal amount of $1.3 million. The 2020 Notes bear interest at a rate of 12%
per annum, payable at maturity, and mature between July and November 2021. The 2020 Notes shall automatically convert into shares of common
stock upon the closing of a financing pursuant to which we receive gross proceeds of at least $500,000 (a “Qualified Financing”)
or upon a change of control. The 2020 Notes shall convert into such numbers of shares of common stock equal to the conversion amount divided
by the Conversion Price. “Conversion Price” means (i) in the event of a Qualified Financing, 70% of the price per share (or
conversion price, as applicable) of common stock (or securities convertible into common stock, as applicable) sold in such financing or
(ii) in the event of a change of control, the price per share reflected in such transaction.
We accounted for the 2020 Notes as stock-settled
debt and we were accreting the carrying amount of the 2020 Notes to the settlement amount through maturity. As of December 31, 2020, unpaid
and accrued interest of $53,000 as well as debt discount accretion expense of approximately $186,000 was included with the convertible
notes on the balance sheet.
Interest expense, including discount accretion
expense for the 2021 and 2020 Notes was $238,000 and $627,000 for the years ended December 31, 2020 and 2021,
respectively.
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As a result of the completion of our IPO on July 15, 2021, approximately
$2.4 million of principal and $191,000 of unpaid accrued interest related to the 2021 and 2020 Notes was converted into shares
of common stock. The conversion resulted in a loss of $431,000 that is included as loss on debt conversion in the accompanying statements
of operations for the year ended December 31, 2021.
Summary
of Cash Flows
The
following table sets forth the primary sources and uses of cash for each of the periods presented below (in thousands):
Years
Ended
December 31,
2020
2021
Net cash (used in) provided by:
Operating activities
$ (1,459 )
$ (5,767 )
Investing activities
-
(29 )
Financing activities
1,444
22,375
Net (decrease) increase in cash
$ (15 )
$ 16,579
Cash
Flows from Operating Activities
Net
cash used in operating activities was $5.8 million for the year ended December 31, 2021. Cash used in operating activities was primarily
due to the use of funds for director and officer insurance premiums, development costs associated with our drug candidates, labor costs,
consulting and accounting services, and other corporate expenditures for investor relations, compliance, and legal services. We incurred
a net loss of $10.0 million after including the effect of non-cash adjustments for stock issuance, stock compensation, and a loss
on the conversion of our convertible debt.
Net cash used in operating activities was $1.5 million for the
year ended December 31, 2020. Cash used in operating activities resulted from a net loss of $2.3 million primarily driven by
the use of funds in our operations to develop our product candidates as well as the deferral of the chief executive officer compensation
of $396,000.
Cash
Flows from Investing Activities
Net
cash used in investing activities was $29,000 for the year ended December 31, 2021 and was due to the purchase of furniture and
fixtures for our corporate office. There were no comparable fixed asset purchases during the prior year.
Cash
Flows from Financing Activities
Net cash provided by financing activities was $22.4 million for the
year ended December 31, 2021 and was primarily related to proceeds received from our IPO, net of issuance and deferred offering costs.
In addition, we issued convertible notes to investors for $1.1 million as well as the receipt of $119,000 in proceeds from
the exercise of options. Net repayments on loans from our chief executive officer offset the cash inflows by $1.1 million.
Net
cash provided by financing activities was $1.4 million for the year ended December 31, 2020 and was primarily driven by proceeds received
for convertible notes.
Critical
Accounting Policies, Significant Judgments and Use of Estimates
Our financial statements have been prepared in
accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires
us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements and the reported expenses incurred during the reporting periods. Our estimates are
based on our historical experience and on various other factors that we believe are reasonable under the circumstances, the results of
which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other
sources. Actual results may differ from these estimates under different assumptions or conditions. We consider our critical accounting
policies and estimates to be related to research and development accruals, stock-based compensation and common stock valuations.
There have been no material changes to our critical accounting policies and estimates during the year ended December 31, 2021 from those
used for the year ended December 31, 2020. The below policies are listed to provide a list of our policies for the most significant critical
policies.
Research
and Development
We expense costs when incurred related to the
research and development associated with the design, development and testing of product candidates, as well as acquisition of product
candidates or compounds. We estimate progress achieved on material third party research and development contracts through a combination
of direct and indirect interaction with the service providers as well as internal management assessment. Research and development expenses
include fees paid to third parties to conduct certain research and development activities on our behalf, consulting costs, costs for laboratory
supplies, product acquisition and license costs, certain payroll and personnel-related expenses, including salaries and bonuses, employee
benefit costs and stock-based compensation expenses for our research and product development employees and allocated overheads, including
information technology costs and utilities and expenses for issuance of shares pursuant to anti-dilution clause in the purchase of IPR&D
technology. We expense both internal and external research and development expenses as they are incurred.
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Stock-Based
Compensation
We account for stock-based compensation for all share-based payments
made to employees and non-employees by estimating the fair value on the date of grant and recognizing compensation expense over the requisite
service period on a straight-line basis. We recognize forfeitures related to stock-based compensation as they occur. We estimate the fair
value of stock options using the Black-Scholes option-pricing model. The Black-Scholes model requires the input of subjective assumptions,
including expected common stock volatility, expected dividend yield, expected term, risk-free interest rate, and the estimated fair value
of the underlying common stock on the date of grant.
Common
Stock Valuations
Prior to our IPO, we
were required to periodically estimate the fair value of common stock, with the assistance of an independent third-party valuation expert,
when issuing stock options and computing their estimated stock-based compensation expense. The assumptions underlying these valuations
represented management’s best estimates, which involved inherent uncertainties and the application of significant levels of management
judgment.
In order to determine the fair value, we considered, among other things, contemporaneous transactions involving the sale of
our common stock to unrelated third parties, the lack of marketability of our common stock and the market performance of comparable publicly
traded companies.
Subsequent to our IPO, we
determine the fair value of our common stock from closing prices as quoted on the NASDAQ exchange.
JOBS
Act
On
April 5, 2012, the JOBS Act was enacted. Section 107 of the JOBS Act provides that an “emerging growth company” can take
advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting
standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those
standards would otherwise apply to private companies.
We
have chosen to take advantage of the extended transition periods available to emerging growth companies under the JOBS Act for complying
with new or revised accounting standards until those standards would otherwise apply to private companies provided under the JOBS Act.
As a result, our financial statements may not be comparable to those of companies that comply with public company effective dates for
complying with new or revised accounting standards.
Subject to certain conditions set forth in the JOBS Act, as an “emerging
growth company,” we intend to rely on certain of these exemptions, including, without limitation, (i) providing an auditor’s
attestation report on our internal controls over financial reporting pursuant to Section 404(b) of the Sarbanes-Oxley Act and (ii) complying
with the requirement adopted by the Public Company Accounting Oversight Board (“PCAOB”) regarding the communication of critical
audit matters in the auditor’s report on financial statements. We will remain an “emerging growth company” until the
earliest of (i) the last day of the fiscal year in which we have total annual gross revenues of $1.07 billion or more; (ii) the last day
of our fiscal year following the fifth anniversary of the date of the completion of our IPO; (iii) the date on which we have issued more
than $1 billion in nonconvertible debt during the previous three years; or (iv) the date on which we are deemed to be a large accelerated
filer under the rules of the SEC.
Recent
Accounting Pronouncements
See
Note 2 to our audited financial statements found elsewhere in this Annual Report on Form 10-K for a description of recent accounting
pronouncements applicable to our financial statements.
Off-Balance
Sheet Arrangements
We
did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements as defined under SEC rules.
ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As
a smaller reporting company, we are not required to provide the information required by this item.
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