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New words:
abandon, afforded, avoid, buy, Certificate, confidence, consolidated, consummated, corrected, costly, decision, demonstrated, detected, DGCL, diminished, dissolution, dissolved, eliminate, encountered, eventually, exit, fact, firm, fractional, freely, Gaither, impossible, improvement, indemnification, Ineffective, inhibit, intestate, lack, lead, leading, maximize, misstatement, necessity, notwithstanding, pro, proceed, promptly, protracted, proxy, rata, reaction, release, remediate, resolve, revocation, Secretary, segregation, thereunder, therewith, threatened, timeframe, unanimously, unanticipated, unmatured, voluntary, wind, winding
Financial report summary
?Competition
Bristol-Myers Squibb • Gilead Sciences • Marker Therapeutics • Alaunos Therapeutics • Novartis • GSK • SELLAS Life Sciences • Iovance Biotherapeutics • Fate Therapeutics • Atara BiotherapeuticsRisks
- We cannot assure you as to the amount of distributions, if any, to be made to our stockholders.
- We cannot predict the timing of the distributions, if any, to stockholders.
- If our stockholders do not approve the Dissolution Proposal, we would not be able to continue our business operations.
- The Board may determine not to proceed with the Dissolution.
- Our stockholders of record will not be able to buy or sell shares of our common stock after we close our stock transfer books at the effective time of the Dissolution.
- If the Dissolution is approved by our stockholders and if the Board determines to proceed with the Dissolution, we plan to initiate steps to exit from certain reporting requirements under the Exchange Act, which may substantially reduce publicly available information about us. If the exit process is protracted, we will continue to bear the expense of being a public reporting company.
- We have identified material weaknesses in our internal control over financial reporting related to our control environment. If we do not remediate the material weaknesses in our internal control over financial reporting, or if we fail to establish and maintain effective internal control, we may not be able to accurately report our financial results, which may cause investors to lose confidence in our reported financial information and may lead to a decline in the market price of our stock.
- If we fail to maintain the listing of our common stock with a United States national securities exchange, the liquidity of our common stock could be adversely affected.
Management Discussion
- Research and Development Expenses. Research and development expenses were $6.0 million and $11.1 million for the three months ended September 30, 2023 and 2022, respectively. The decrease of $5.1 million was due primarily to a decrease of $2.4 million on research and preclinical manufacturing, a $1.9 million decrease in clinical trial expenses, a $1.3 million decrease related to salary and benefits from stock compensation expense impacted by terminations, offset by a $0.5 million increase in prepaid expenditures that are not expected to be realized. We have not historically tracked internal research and development expenses by product candidate.
- General and Administrative Expenses. General and administrative expenses were $4.0 million and $3.7 million for the three months ended September 30, 2023 and 2022, respectively. The increase of $0.3 million was due primarily to the increase of $0.9 million in salary, benefits, and stock compensation expense impacted by terminations in September 2023, offset by decreases of $0.6 million in legal and other administrative fees.
- Research and Development Expenses. Research and development expenses were $17.0 million and $33.4 million for the nine months ended September 30, 2023 and 2022, respectively. The decrease of $16.4 million was due primarily to a decrease