10-Q 1 imrx-20220630x10q.htm 10-Q
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2

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from                      to

Commission File Number: 001-40675

Immuneering Corporation

(Exact name of registrant as specified in its charter)

Delaware

26-1976972

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification Number)

245 Main St.

Second Floor

Cambridge, MA

02142

(Address of Principal Executive Offices)

(Zip Code)

(617) 500-8080

(Registrant’s telephone number)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

    

Trading symbol

    

Name of Exchange on which registered

Class A common Stock, par value $0.001 per share

IMRX

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes      No  

As of August 3, 2022 the registrant had 26,392,299 shares of Class A common stock, $0.001 par value per share, issued and outstanding and 0 shares of Class B common stock, $0.001 par value per share, issued and outstanding.

TABLE OF CONTENTS

    

    

Page

Part I

Financial Information

7

Item 1.

Financial Statements

7

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021 (Unaudited)

7

Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months and six months ended June 30, 2022 and 2021 (Unaudited)

8

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders’ equity (deficit) for the three and six months ended June 30, 2022 and 2021 (Unaudited)

9

Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (Unaudited)

11

Notes to Condensed Consolidated Financial Statements (Unaudited)

12

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

25

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

37

Item 4.

Controls and Procedures

37

Part II

Other Information

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

99

Item 3.

Defaults Upon Senior Securities

99

Item 4.

Mine Safety Disclosures

99

Item 5.

Other Information

99

Item 6.

Exhibits

99

Signatures

101

2

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including without limitation statements regarding our plans to develop, manufacture and commercialize our product candidates, the timing or outcome of our ongoing or planned clinical trials for IMM-1-104, any of our other pipeline product candidates and any future product candidates, the clinical utility of our product candidates, the filing with, and approval by, regulatory authorities of our product candidates, the sufficiency of funds to operate the business of the Company, the ongoing impact of the pandemic related to COVID-19 and its variants on our business and operations, including manufacturing, research and development, clinical trials and employees, our cash needs and availability including our revenue streams, and the plans and objectives of management for future operations, are forward-looking statements.

The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those projected in the forward-looking statements, including, but not limited to, those described in the sections of this Quarterly Report on Form 10-Q entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” These risks and uncertainties include, but are not limited to:

our limited operating history;
our history of operating losses;
risks related to the pandemic related to COVID-19 and its variants;
our ability to raise the substantial additional capital that will be required to finance our operations;
the difficulty of obtaining regulatory approval for any of our current or future product candidates;
our ability to file an Investigational New Drug application (“IND”), or IND amendments or comparable documents in foreign jurisdictions in order to commence clinical trials on the timelines we expect;
our limited experience in designing clinical trials;
the risk of substantial delays in completing, if at all, the development and commercialization of our current or future product candidates;
risks related to adverse events, toxicities or other undesirable side effects caused by our current or future product candidates;
the risk of delays or difficulties in the enrollment and/or maintenance of patients in clinical trials;
our substantial reliance on the successful development of our current and future product candidates, as well as our platform, including our proprietary technologies such as DCT and Fluency;
risks related to competition in our industry;

3

the market opportunity for our product candidates, if approved;
risks related to manufacturing;
risks related to our reliance on third parties;
risks related to our intellectual property; and
other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are described in Part II, Item 1A. “Risk Factors” section of this Quarterly Report on Form 10-Q.

Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Unless otherwise stated or the context requires otherwise, references to “Immuneering,” the “Company,” “we,” “us,” and “our,” refer to Immuneering Corporation and its subsidiaries.

4

Risk Factors Summary

We are subject to numerous risks and uncertainties, including those further described below in Part II, Item 1A. “Risk Factors” in this Quarterly Report on Form 10-Q, that represent challenges that we face in connection with the successful implementation of our strategy and the growth of our business. In particular, the following are principal factors that may offset our competitive strengths or have a negative effect on our business strategy, which could materially adversely affect our business, financial conditions, results of operations, future growth prospects, or cause a decline in the price of our common stock:

We have a limited operating history, have not completed any clinical trials and have no products approved for commercial sale, which may make it difficult for you to evaluate our current business and predict our future success and viability.
We have incurred significant net losses for the past several years and we expect to continue to incur significant net losses for the foreseeable future and may never attain profitability.
We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs or future commercialization efforts.
The regulatory approval processes of the FDA and other comparable foreign regulatory authorities are lengthy, time consuming and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our product candidates, or to obtain regulatory approval to treat the indications we seek to treat with our product candidates, we will be unable to generate product revenue or the level of planned product revenue and our business will be substantially harmed.
We may encounter substantial delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
The outcome of preclinical studies and early clinical trials may not be predictive of the success of later clinical trials, and the results of our clinical trials may not satisfy the requirements of the FDA or other comparable foreign regulatory authorities.
Our current or future product candidates may cause adverse events, toxicities or other undesirable side effects when used alone or in combination with other approved products or investigational new drugs that may result in a safety profile that could inhibit regulatory approval, prevent market acceptance, limit their commercial potential or result in significant negative consequences.
We are early in our development efforts. Our business is substantially dependent on the successful development of our current and future product candidates. If we are unable to advance our current or future product candidates through clinical trials, obtain marketing approval to treat the indications we seek to treat with our product candidates, and ultimately commercialize any product candidates we develop, or experience significant delays in doing so, our business will be materially harmed.
We are substantially dependent on our platform, including our proprietary technologies such as DCT and Fluency, which are supported by our information technology systems. Any failure of these or other elements of our platform will materially harm our business.
Our long-term prospects depend in part upon discovering, developing and commercializing product candidates, which may fail in development or suffer delays that adversely affect their commercial viability.
Our approach to the discovery and development of product candidates is unproven, and we may not be successful in our efforts to use and expand our DCT platform to build a pipeline of product candidates with commercial value.
We have never commercialized a product candidate before and may lack the necessary expertise, personnel and resources to successfully commercialize any products on our own or together with suitable collaborators.

5

We face significant competition, and if our competitors develop and market technologies or products more rapidly than we do or that are more effective, safer or less expensive than the product candidates we develop, our commercial opportunities could be negatively impacted.
The COVID-19 pandemic and potential future pandemics could continue to adversely impact our business, including our anticipated clinical trials and their timelines, supply chain and business development activities.
We substantially rely, and expect to continue to rely, on third parties, including independent clinical investigators and contract research organizations, or CROs, to conduct certain aspects of our preclinical studies, and in the future, our clinical trials. If these third parties do not successfully carry out their contractual duties, comply with applicable regulatory requirements or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
We contract with third parties for the manufacturing of our product candidates for preclinical studies and clinical trials, and expect to continue to do so for commercialization of any approved product candidate. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or drugs or such quantities at an acceptable cost, which could delay, prevent or impair our development or commercialization efforts.
The manufacture of drugs is complex and our third-party manufacturers may encounter difficulties in production. If any of our third-party manufacturers encounter such difficulties, our ability to provide adequate supply of our product candidates for clinical trials or our products for patients, if approved, could be delayed or prevented.
If we are unable to obtain and maintain patent and other intellectual property protection for our product candidates and technologies or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our products and technology may be impaired, and we may not be able to compete effectively in our market.

6

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

IMMUNEERING CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

    

June 30, 2022

    

December 31, 2021

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

87,937,479

$

74,888,145

Marketable securities, current

40,163,875

74,311,203

Accounts receivable

 

178,425

 

246,040

Prepaids and other current assets

 

890,409

 

2,888,608

Total current assets

 

129,170,188

 

152,333,996

Marketable securities, non-current

996,560

Property and equipment, net

 

985,007

 

807,223

Goodwill

 

6,690,431

6,701,726

Intangible asset

 

423,580

439,000

Right-of-use assets, net

4,691,157

 

5,324,198

Other assets

89,579

 

102,129

Total assets

$

142,049,942

$

166,704,832

Liabilities and Stockholders' Equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable

$

1,240,241

$

1,394,340

Accrued expenses

 

2,226,687

 

3,965,447

Other liabilities, current

47,213

Lease liabilities, current

 

286,374

 

274,039

Total current liabilities

 

3,800,515

 

5,633,826

Long-term liabilities:

 

  

 

  

Other liabilities, non-current

9,898

Lease liabilities, non-current

 

4,644,683

 

5,090,897

Total liabilities

 

8,455,096

 

10,724,723

Commitments and contingencies (Note 12)

 

  

 

  

Stockholders’ equity:

 

  

 

  

Preferred stock, $0.001 par value; 10,000,000 shares authorized at June 30, 2022 and December 31, 2021; 0 shares issued or outstanding at June 30, 2022 and December 31, 2021

 

Class A common stock, $0.001 par value, 200,000,000 shares authorized at June 30, 2022 and December 31, 2021; 26,392,299 and 26,320,199 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

26,392

 

26,320

Class B common stock, $0.001 par value, 20,000,000 shares authorized at June 30, 2022 and December 31, 2021; 0 shares issued and outstanding at June 30, 2022 and December 31, 2021

 

 

Additional paid-in capital

 

217,447,080

 

215,276,186

Accumulated other comprehensive loss

(181,561)

(49,009)

Accumulated deficit

 

(83,697,065)

 

(59,273,388)

Total stockholders' equity

 

133,594,846

 

155,980,109

Total liabilities and stockholders' equity

$

142,049,942

$

166,704,832

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

IMMUNEERING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2022

    

2021

    

2022

    

2021

Revenue

$

94,419

$

660,040

$

278,117

$

1,408,240

Cost of revenue

 

47,933

 

318,601

 

138,778

 

727,763

Gross profit

 

46,486

 

341,439

 

139,339

 

680,477

Operating expenses

 

  

 

  

 

  

 

  

Research and development

 

7,981,075

 

6,991,965

 

17,031,517

 

12,382,985

General and administrative

 

3,704,143

 

1,340,398

7,664,112

 

2,524,422

Amortization of intangible asset

7,317

15,420

Total operating expenses

 

11,692,535

 

8,332,363

 

24,711,049

 

14,907,407

Loss from operations

 

(11,646,049)

 

(7,990,924)

 

(24,571,710)

 

(14,226,930)

Other income (expense)

 

  

 

  

 

  

 

  

Interest income

 

142,799

 

3,259

 

275,304

 

9,614

Other expense

(24,053)

(127,271)

-

Net loss

$

(11,527,303)

$

(7,987,665)

$

(24,423,677)

$

(14,217,316)

Net loss per share attributable to common stockholders, basic and diluted

$

(0.44)

$

(1.61)

$

(0.93)

$

(2.87)

Weighted-average common shares outstanding, basic and diluted

 

26,386,343

 

4,954,553

 

26,372,787

 

4,952,352

Other comprehensive loss:

Unrealized losses from marketable securities

(14,166)

(132,552)

Comprehensive Loss

$

(11,541,469)

$

(7,987,665)

$

(24,556,229)

$

(14,217,316)

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

IMMUNEERING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

Convertible Preferred Stock

Stockholders' Equity (Deficit)

Total

Additional

Accumulated other

Total

Series B

Series A

Convertible

Class A Common Stock

Class B Common Stock

Paid-In

comprehensive

Accumulated

Stockholders'

  

Shares

  

Amount

  

Shares

  

Amount

  

Preferred Stock

  

  

Shares

  

Par Value

  

Shares

  

Par Value

  

Capital

  

loss

Deficit

  

Equity (Deficit)

Balance at December 31, 2020

 

3,619,292

$

36,983,910

 

2,495,933

$

21,119,940

$

58,103,850

 

4,950,129

$

4,950

 

$

$

3,251,240

$

$

(25,737,640)

$

(22,481,450)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

182,225

 

 

 

182,225

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(6,229,651)

 

(6,229,651)

Balance at March 31, 2021

 

3,619,292

$

36,983,910

 

2,495,933

$

21,119,940

$

58,103,850

 

4,950,129

$

4,950

 

$

$

3,433,465

$

$

(31,967,291)

$

(28,528,876)

Issuance of Series B convertible preferred stock, net of issuance costs

 

2,412,853

 

24,788,851

 

 

 

24,788,851

 

 

 

 

 

 

 

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

17,499

 

18

 

 

 

52,609

 

 

52,627

Issuance of common stock upon exercise of warrants

 

 

 

 

 

 

308,308

 

308

 

 

 

926,817

 

 

927,125

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

351,009

 

 

351,009

Net loss

 

 

 

 

 

 

 

 

 

 

 

(7,987,665)

 

(7,987,665)

Balance at June 30, 2021

 

6,032,145

$

61,772,761

 

2,495,933

$

21,119,940

$

82,892,701

 

5,275,936

$

5,276

 

$

$

4,763,900

$

$

(39,954,956)

$

(35,185,780)

9

Convertible Preferred Stock

Stockholders' Equity (Deficit)

Total

Additional

Accumulated other

Total

Series B

Series A

Convertible

Class A Common Stock

Class B Common Stock

Paid-In

comprehensive

Accumulated

Stockholders'

Shares

  

Amount

  

Shares

  

Amount

  

Preferred Stock

  

  

Shares

  

Par Value

  

Shares

  

Par Value

  

Capital

  

loss

Deficit

  

Equity (Deficit)

Balance at December 31, 2021

 

 

$

$

$

26,320,199

$

26,320

 

 

$

$

215,276,186

$

(49,009)

$

(59,273,388)

$

155,980,109

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

63,100

 

63

 

 

 

193,048

 

 

 

193,111

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

897,650

 

 

 

897,650

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(12,896,374)

 

(12,896,374)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

(118,386)

(118,386)

Balance at March 31, 2022

 

$

 

$

$

 

26,383,299

$

26,383

 

$

$

216,366,884

$

(167,395)

$

(72,169,762)

$

144,056,110

Issuance of common stock upon exercise of stock options

 

 

 

 

 

 

9,000

 

9

 

 

 

27,775

 

 

 

27,784

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

1,052,421

 

 

 

1,052,421

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

(11,527,303)

 

(11,527,303)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

(14,166)

(14,166)

Balance at June 30, 2022

 

$

 

$

$

 

26,392,299

$

26,392

 

$

$

217,447,080

$

(181,561)

$

(83,697,065)

$

133,594,846

The accompanying notes are an integral part of these condensed consolidated financial statements.

10

IMMUNEERING CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2022 and 2021

(Unaudited)

    

2022

    

2021

Cash flows from operating activities:

 

  

 

  

Net loss

$

(24,423,677)

$

(14,217,316)

Adjustment to reconcile to net loss to net cash used in operating activities:

 

 

  

Depreciation expense

 

102,263

 

18,674

Right-of-use asset amortization

285,302

50,333

Intangible asset amortization

 

15,420

 

Stock based compensation expense

 

1,950,071

 

533,234

Net amortization of premium (accretion of discount) on marketable securities

144,441

Change in assets and liabilities:

 

 

  

(Increase) decrease in:

 

 

  

Accounts receivable

 

67,615

 

5,005

Prepaid expenses and other current assets

 

2,026,298

 

(555,726)

Other assets

12,550

(946,053)

Increase (decrease) in:

 

 

  

Accounts payable

 

(154,099)

 

(48,021)

Accrued expenses

 

(1,727,466)

 

2,619,878

Lease liability

 

(86,141)

 

(37,271)

Other liabilities

57,111

Net cash used in operating activities

 

(21,730,312)

(12,577,263)

Cash flows from investing activities:

 

  

 

  

Purchases of property and equipment

 

(280,047)

 

(36,388)

Purchases of marketable securities

(17,989,202)

Maturities of marketable securities

52,828,000

Net cash provided by (used in) investing activities

 

34,558,751

 

(36,388)

Cash flows from financing activities:

 

  

 

  

Proceeds from exercise of stock options

 

220,895

 

52,627

Proceeds from the issuance of Series B preferred stock, net of issuance costs

24,788,851

Proceeds from exercise of warrants

927,125

Net cash provided by financing activities

 

220,895

 

25,768,603

Net increase in cash and cash equivalents

 

13,049,334

 

13,154,952

Cash and cash equivalents at beginning of period

 

74,888,145

 

37,090,151

Cash and cash equivalents at end of period

$

87,937,479

$

50,245,103

Supplemental disclosures of noncash information:

 

  

 

  

Reduction of right of use asset and lease liability in connection with lease modification

$

347,739

Deferred offering costs included in accounts payable and accrued expenses

$

875,078

The accompanying notes are an integral part of these condensed consolidated financial statements.

11

IMMUNEERING CORPORATION

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1 – Organization and Nature of Business

Immuneering Corporation, a Delaware corporation, (“Immuneering” or the “Company”) was incorporated in 2008. The Company aims to improve patient outcomes by advancing a pipeline of product candidates designed to benefit large populations of patients with cancer and other diseases, developed using the Company’s translational bioinformatics platform. The Company has more than a decade of experience applying translational bioinformatics to generate insights into drug mechanism of action and patient treatment response. Building on this experience, the Company’s disease-agnostic discovery platform enables the Company to create product candidates based on 1) biological insights that are both counterintuitive and deeply rooted in data, and 2) novel chemistry.

On October 30, 2019, Immuneering formed a wholly owned subsidiary, Immuneering Securities Corporation (“ISC”), a Massachusetts securities corporation, for the sole purpose of buying, selling and holding securities on the Company’s behalf.

On December 22, 2021, the Company acquired all outstanding shares of capital stock of BioArkive, Inc. (“BioArkive”), a California corporation, which as a result became a wholly owned subsidiary.  

Immuneering, ISC and BioArkive are collectively referred to as “the Company” throughout these condensed consolidated financial statements.

The Company is subject to a number of inherent risks associated with any biotechnology company that has substantial expenditures for research and development. These risks include, but are not limited to, the need to obtain adequate additional funding, possible failure of clinical trials or other events demonstrating lack of clinical safety or efficacy of its product candidates, dependence on key personnel, reliance on third-party service providers for manufacturing drug product and conducting clinical trials, the ability to successfully secure its proprietary technology, and risks related to the regulatory approval and commercialization of a product candidate. There can be no assurance that the Company’s research and development program will be successful. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, and consultants.

On August 3, 2021, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold