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Financial report summary
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Pfizer • Immunomedics • Immunogen • Gilead Sciences • Astrazeneca • Roche • Seagen • Novartis • Sanofi • Daiichi SankyoRisks
- We are currently evaluating a limited number of ADC product candidates in clinical trials. A failure of any of our product candidates in clinical development would adversely affect our business and may require us to discontinue development of other ADC product candidates based on the same technology.
- Failure of a discovery program or product candidate may occur at any stage of preclinical or clinical development, and, because our and our collaborators' discovery programs and our product candidates are in early stages of preclinical or clinical development, there is a high risk of failure. We or our collaborators may never succeed in obtaining regulatory approval and generating revenue from such discovery programs or product candidates.
- Preliminary, interim and top-line data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
- Events that may delay or prevent successful commencement, enrollment or completion of clinical trials of our product candidates could result in increased costs to us as well as a delay in obtaining, or failure to obtain, regulatory approval, or cause us to suspend or terminate a clinical trial, which could prevent us from commercializing our product candidates on a timely basis, or at all.
- We will require substantial additional financing to achieve our goals, and a failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development or future commercialization efforts.
- Because we rely on third-party manufacturers and suppliers, our supply of research and development, preclinical and clinical development materials may become limited or interrupted or may not be of satisfactory quantity or quality.
- Our future commercial success depends upon attaining significant market acceptance of our ADC product candidates, if approved, among physicians, patients and health care payors.
- If we are unable to obtain or protect intellectual property rights related to our technology and ADC product candidates, or if our intellectual property rights are inadequate, we may not be able to compete effectively.
- Issued patents covering XMT-1660, XMT-2056 and any other current or future ADC product candidates could be found not infringed by a competitive product, invalid or unenforceable if challenged in court or before the USPTO or comparable foreign authority.
- If we fail to comply with our obligations under any license, strategic collaboration or other agreements, we may be required to pay damages and could lose intellectual property rights that are necessary for developing and protecting our ADC product candidates.
- If we fail to attract and retain senior management and key scientific personnel, we may be unable to successfully develop our ADC product candidates, conduct our clinical trials and commercialize our ADC product candidates.
- If our stock price is volatile, our stockholders could incur substantial losses.
- We are a “smaller reporting company” within the meaning of the Securities Act of 1933, as amended, and if we decide to take advantage of certain exemptions from various reporting requirements applicable to smaller reporting companies, our common stock could be less attractive to investors.
Management Discussion
- Collaboration revenue increased by $10.3 million during the year ended December 31, 2023 as compared to the year ended December 31, 2022, primarily due to an increase of $14.3 million in collaboration revenue recognized under the 2022 Merck KGaA Agreement and the 2014 Merck KGaA Agreement and $3.2 million related to early development milestones achieved under the Johnson & Johnson Agreement, partially offset by a decrease of $10.8 million in collaboration revenue recognized under the Johnson & Johnson Agreement.
- Research and development expense decreased by $25.1 million from $173.4 million for the year ended December 31, 2022 to $148.3 million for the year ended December 31, 2023.
- •a decrease of $17.3 million related to manufacturing and clinical development activities for UpRi as a result of the Restructuring;