2018 Q2 Form 10-Q Financial Statement

#000145368718000030 Filed on May 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q4
Revenue $0.00 $0.00 $17.00K
YoY Change -100.0% -100.0% -99.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.360M $4.670M $5.670M
YoY Change -11.02% 20.36% -1.56%
% of Gross Profit
Research & Development $14.41M $11.14M $13.62M
YoY Change 31.04% 0.86% 23.48%
% of Gross Profit
Depreciation & Amortization $400.0K $200.0K $180.0K
YoY Change 100.0% 0.0% -28.0%
% of Gross Profit
Operating Expenses $18.77M $15.81M $19.29M
YoY Change 18.07% 5.99% 14.91%
Operating Profit -$18.77M -$15.81M
YoY Change 18.26% 6.97%
Interest Expense $365.0K $350.0K -$130.0K
YoY Change 30.82% 16.67% -58.06%
% of Operating Profit
Other Income/Expense, Net $8.000K $0.00 -$140.0K
YoY Change -275.0%
Pretax Income -$18.80M -$15.89M -$19.54M
YoY Change 17.72% 5.02% 38.78%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$18.80M -$15.89M -$19.54M
YoY Change 17.72% 4.98% 38.78%
Net Earnings / Revenue -114964.71%
Basic Earnings Per Share
Diluted Earnings Per Share -$840.8K -$711.0K -$876.6K
COMMON SHARES
Basic Shares Outstanding 22.35M shares 22.35M shares 22.34M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.20M $83.10M $96.60M
YoY Change -41.26% 21.31% 14.86%
Cash & Equivalents $60.24M $58.23M $70.62M
Short-Term Investments $6.000M $24.80M $25.90M
Other Short-Term Assets $2.600M $1.900M $2.100M
YoY Change 36.84% -34.48% -16.0%
Inventory
Prepaid Expenses
Receivables $63.00K $63.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $68.84M $98.68M $98.68M
YoY Change -39.92% 38.04% 13.67%
LONG-TERM ASSETS
Property, Plant & Equipment $2.137M $2.091M $2.091M
YoY Change 0.28% 1.8% 2.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.500M $2.700M $0.00
YoY Change -100.0%
Total Long-Term Assets $4.602M $2.420M $2.420M
YoY Change 88.07% 2.11% -2.62%
TOTAL ASSETS
Total Short-Term Assets $68.84M $98.68M $98.68M
Total Long-Term Assets $4.602M $2.420M $2.420M
Total Assets $73.44M $101.1M $101.1M
YoY Change -37.25% 36.89% 13.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.789M $1.606M $1.606M
YoY Change -58.2% 21.94% -58.63%
Accrued Expenses $10.18M $8.580M $8.580M
YoY Change 18.49% 55.41% 118.82%
Deferred Revenue $1.918M $787.0K $787.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $13.89M $10.97M $10.97M
YoY Change -30.73% -17.52% -19.94%
LONG-TERM LIABILITIES
Long-Term Debt $21.20M $21.10M $21.00M
YoY Change 271.93% 205.8% 162.5%
Other Long-Term Liabilities $1.104M $1.201M $1.201M
YoY Change -11.68% -90.47%
Total Long-Term Liabilities $1.104M $1.201M $1.201M
YoY Change -11.68% -93.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.89M $10.97M $10.97M
Total Long-Term Liabilities $1.104M $1.201M $1.201M
Total Liabilities $49.18M $47.46M $49.29M
YoY Change 26.6% 44.83% 43.51%
SHAREHOLDERS EQUITY
Retained Earnings -$247.2M -$215.1M -$216.9M
YoY Change 35.32% 29.01% 43.07%
Common Stock $3.000K $3.000K $3.000K
YoY Change 200.0% 200.0% 200.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.66M $38.98M $51.81M
YoY Change
Total Liabilities & Shareholders Equity $73.44M $101.1M $101.1M
YoY Change -37.25% 36.89% 13.21%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q4
OPERATING ACTIVITIES
Net Income -$18.80M -$15.89M -$19.54M
YoY Change 17.72% 4.98% 38.78%
Depreciation, Depletion And Amortization $400.0K $200.0K $180.0K
YoY Change 100.0% 0.0% -28.0%
Cash From Operating Activities -$16.97M -$13.41M -$12.67M
YoY Change 97.1% -12.45% -912.18%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K $192.0K -$150.0K
YoY Change -32.5% 231.03% 36.36%
Acquisitions
YoY Change
Other Investing Activities $18.95M $1.140M $6.250M
YoY Change 70.87% -106.92% -222.79%
Cash From Investing Activities $18.68M $945.0K $6.110M
YoY Change 74.58% -105.72% -217.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 310.0K $51.00K 5.030M
YoY Change -99.43% -117.47% 80.29%
NET CHANGE
Cash From Operating Activities -16.97M -$13.41M -12.67M
Cash From Investing Activities 18.68M $945.0K 6.110M
Cash From Financing Activities 310.0K $51.00K 5.030M
Net Change In Cash 2.020M -$12.39M -1.530M
YoY Change -96.39% -61.29% 80.0%
FREE CASH FLOW
Cash From Operating Activities -$16.97M -$13.41M -$12.67M
Capital Expenditures -$270.0K $192.0K -$150.0K
Free Cash Flow -$16.70M -$13.60M -$12.52M
YoY Change 103.41% -11.53% -849.7%

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CY2017Q1 us-gaap Marketable Securities Unrealized Gain Loss
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15000 USD
CY2018Q1 us-gaap Marketable Securities Unrealized Gain Loss
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3000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-15316000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13409000 USD
CY2017Q1 us-gaap Net Income Loss
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-15134000 USD
CY2018Q1 us-gaap Net Income Loss
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-15134000 USD
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15888000 USD
CY2018Q1 us-gaap Number Of Operating Segments
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1 segment
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
14919000 USD
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
15813000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
617000 USD
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
714000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
123000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
19000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
22000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
15000 USD
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1201000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1372000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1201000 USD
CY2018Q1 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0 USD
CY2017Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
144000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-14782000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-15813000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2942000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
375000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1482000 USD
CY2018Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1085000 USD
CY2017Q1 us-gaap Operating Leases Rent Expense Net
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500000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000 USD
CY2018Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
177000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
58000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
192000 USD
CY2017Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16474000 USD
CY2018Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
13908000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.0001
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
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0 USD
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
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CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
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2210000 USD
CY2017Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
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0 USD
CY2018Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
15045000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
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CY2018Q1 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2017Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0 USD
CY2018Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
51000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
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CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2018Q1 us-gaap Realized Investment Gains Losses
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0 USD
CY2018Q1 us-gaap Property Plant And Equipment Gross
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CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2091000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
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728000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11044000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11139000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
81000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
76000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
316000 USD
CY2018Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
329000 USD
CY2017Q4 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
329000 USD
CY2018Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
2696000 USD
CY2018Q1 us-gaap Restricted Cash And Investments Noncurrent
RestrictedCashAndInvestmentsNoncurrent
2696000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-216900000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-216897000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-228400000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-228357000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-212469000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8600000 USD
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P12M
CY2017Q1 us-gaap Revenues
Revenues
137000 USD
CY2018Q1 us-gaap Revenues
Revenues
0 USD
CY2018Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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22349840 shares
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
25940000 USD
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
24839000 USD
CY2018Q1 us-gaap Short Term Investments
ShortTermInvestments
25940000 USD
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
51814000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
41582000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
56242000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 USD
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18474227 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
22345523 shares
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Concentrations of Credit Risk and Off&#8209;Balance Sheet Risk</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, and accounts receivable. Cash and cash equivalents are deposited with federally insured financial institutions in the United States and may, at times, exceed federally insured limits. Management believes that the financial institutions that hold the Company&#8217;s deposits are financially credit worthy and, accordingly, minimal risk exists with respect to those balances. Generally, these deposits may be redeemed upon demand and therefore bear minimal interest rate risk. As an integral part of operating its Russian subsidiary, the Company also maintains cash in Russian bank accounts in denominations of both Russian rubles and U.S. dollars. As of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company maintained approximately </font><font style="font-family:inherit;font-size:10pt;">$1.1 million</font><font style="font-family:inherit;font-size:10pt;"> in Russian bank accounts, of which </font><font style="font-family:inherit;font-size:10pt;">$1.0 million</font><font style="font-family:inherit;font-size:10pt;"> was held in U.S. dollars.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has minimal credit risk as the majority of accounts receivable relates to amounts due under a government sponsored grant, collaboration with large pharmaceutical companies or grants from well&#8209;known and supported non&#8209;profit organizations. The Company did not have any off balance sheet arrangements as of </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company&#8217;s management 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company&#8217;s management considers many factors in selecting appropriate financial accounting policies and controls, and bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. In preparing these consolidated financial statements, management used significant estimates in the following areas, among others: revenue recognition, the fair value of common stock and other equity instruments, accounting for stock-based compensation and estimating accrued research and development expenses. The Company assesses the above estimates on an ongoing basis; however, actual results could materially differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"></font></div></div>

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