2023 Q4 Form 10-Q Financial Statement

#000095017023062125 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.60M
YoY Change -52.19%
Cash & Equivalents $17.74M
Short-Term Investments $13.90M
Other Short-Term Assets $2.700M
YoY Change -11.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $34.30M
YoY Change -50.4%
LONG-TERM ASSETS
Property, Plant & Equipment $3.527M
YoY Change -55.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $898.0K
YoY Change 10.73%
Total Long-Term Assets $13.28M
YoY Change -7.42%
TOTAL ASSETS
Total Short-Term Assets $34.30M
Total Long-Term Assets $13.28M
Total Assets $47.58M
YoY Change -43.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.435M
YoY Change 30.11%
Accrued Expenses $11.70M
YoY Change -25.16%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.11M
YoY Change -66.51%
LONG-TERM LIABILITIES
Long-Term Debt $8.800M
YoY Change
Other Long-Term Liabilities $16.10M
YoY Change 28.56%
Total Long-Term Liabilities $24.90M
YoY Change 98.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.11M
Total Long-Term Liabilities $24.90M
Total Liabilities $43.04M
YoY Change -35.36%
SHAREHOLDERS EQUITY
Retained Earnings -$364.6M
YoY Change 9.13%
Common Stock $369.1M
YoY Change 5.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.541M
YoY Change
Total Liabilities & Shareholders Equity $47.58M
YoY Change -43.02%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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harp Proceeds From Issuance Of Series A Mandatorily Redeemable Preferred Stock
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harp Proceeds From Issuance Of Series A Mandatorily Redeemable Preferred Stock
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PaymentsOfDebtIssuanceCosts
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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harp Proceeds From Issuance Of Common Stock In Connection With Employee Benefit Plans
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189000
harp Proceeds From Issuance Of Common Stock In Connection With Employee Benefit Plans
ProceedsFromIssuanceOfCommonStockInConnectionWithEmployeeBenefitPlans
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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harp Reclassification Of Employee Stock Liability To Equity Upon Vesting
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0
harp Reclassification Of Employee Stock Liability To Equity Upon Vesting
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harp Entity Incorporation Month And Year Of Incorporation
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us-gaap Use Of Estimates
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<p style="margin-left:2.253%;text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions made in the accompanying unaudited condensed financial statements include, but are not limited to, valuation of the Series A Preferred Stock, valuation of the derivative liabilities, allowance for credit losses, the fair value of stock options and warrants, the research period of the collaboration agreements with AbbVie Biotechnology Ltd. (“AbbVie”), operating lease asset and lease liabilities, income tax uncertainties and certain accruals.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
harp Highly Liquid Investments Purchased With Maximum Original Maturity Period
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P3M
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
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CY2022Q4 us-gaap Restricted Cash
RestrictedCash
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17738000
CY2022Q4 us-gaap Restricted Cash
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673000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17944000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52287000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:2.267%;text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Company is subject to credit risk from its portfolio of cash equivalents and marketable securities. The Company invests in money market funds through a major U.S. bank and is exposed to credit risk in the event of default by the financial institution to the</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">extent </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">of amounts recorded on the unaudited condensed balance sheets. The Company invests in money market funds and investment grade short- to intermediate-term fixed income securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company is not exposed to any significant concentrations of credit risk from these financial instruments. The goals of the Company’s investment policy, in order of priority, are as follows: preservation of principal, liquidity of investments, fiduciary control of cash and investments, prevention of inappropriate concentrations of investments, and obtaining the best yields. The Company minimizes the amount of credit exposure by investing cash that is not required for immediate operating needs in money market funds and marketable securities.</span></p>
CY2023Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
0
CY2022Q3 us-gaap Asset Retirement Obligation
AssetRetirementObligation
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
31106000
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
1029000
CY2023Q3 us-gaap Other Liabilities Fair Value Disclosure
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1029000
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
47461000
CY2023Q3 harp Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2022Q4 harp Fair Value Assets Level1 To Level2 Transfers Amount1
FairValueAssetsLevel1ToLevel2TransfersAmount1
0
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
31105000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2023Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2023Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
31106000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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0
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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AvailableForSaleSecuritiesAccruedInterestReceivable
100000
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PropertyPlantAndEquipmentGross
3854000
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PropertyPlantAndEquipmentGross
15780000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
327000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8543000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3527000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
200000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1300000
CY2022Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1700000
CY2023Q3 harp Gain Loss On Sale And Disposition Of Assets
GainLossOnSaleAndDispositionOfAssets
0
harp Gain Loss On Sale And Disposition Of Assets
GainLossOnSaleAndDispositionOfAssets
400000
CY2023Q3 harp Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
8519000
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AccruedResearchAndDevelopmentCurrent
8569000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2677000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4760000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
444000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
896000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
57000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
136000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11697000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
14361000
CY2023Q3 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
600000
us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
600000
CY2023Q3 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
9400000
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8857000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2974000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11530000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
14504000
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
200000
us-gaap Variable Lease Cost
VariableLeaseCost
700000
us-gaap Variable Lease Cost
VariableLeaseCost
600000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1729000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4233000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4351000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4494000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2785000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
384000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17976000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3472000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
14504000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0932
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
918000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1780000
harp Extended Period Of Redemption Of Preferred Stock
ExtendedPeriodOfRedemptionOfPreferredStock
P2Y
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-1802000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-11640000
us-gaap Net Income Loss
NetIncomeLoss
-12079000
us-gaap Net Income Loss
NetIncomeLoss
-49312000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3947995
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3947995
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3306215
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3306215
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3807955
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3807955
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
3299357
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
3299357
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.52
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-14.95
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-14.95
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1466378
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
637737
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1466378
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
637737
CY2023Q4 us-gaap Class Of Warrant Or Right Reason For Issuing To Nonemployees
ClassOfWarrantOrRightReasonForIssuingToNonemployees
The October 2023 Cash Warrants and the October 2023 Pre-Funded Warrants issued in the Private Placement will provide that holder will not have the right to exercise any portion of its October 2023 Cash Warrants or October 2023 Pre-Funded Warrants if such holder, together with its affiliates, would beneficially own in excess of 4.99%, 9.99% or 19.9%, as applicable, of the number of shares of the Company’s common stock outstanding immediately after giving effect to such exercise (the “Beneficial Ownership Limitation”). A holder may reset the Beneficial Ownership Limitation as to itself to a higher percentage (not to exceed 19.99%), effective 61 days after written notice to the Company.

Files In Submission

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