Financial Performance - Total revenue for the year ended December 31, 2024, was $500 million, compared to $0 in 2023[204]. - Net loss for 2024 was $9,701 million, a significant improvement from a net loss of $16,914 million in 2023, reflecting a reduction of about 43%[204]. - Basic and diluted loss per common share improved to $4.75 in 2024 from $10.55 in 2023[204]. - The total operating expenses for the Biotechnology segment were $12,732,000 for 2024, down from $14,996,000 in 2023[326]. Assets and Equity - Total assets increased to $15,056,000 in 2024 from $11,580,000 in 2023, representing a growth of 29%[201]. - Stockholders' equity improved to $6,772,000 in 2024, up from $3,031,000 in 2023, reflecting a 123% increase[201]. - Cash and cash equivalents rose significantly to $12,508,000 in 2024, compared to $816,000 in 2023, indicating a substantial increase in liquidity[201]. - Cash and cash equivalents at the end of 2024 were $12,508 million, up from $2,016 million at the end of 2023[210]. Liabilities and Deficits - The accumulated deficit increased to $199,264,000 in 2024 from $189,563,000 in 2023, showing a rise of approximately 5%[201]. - Current liabilities totaled $3,071,000 in 2024, compared to $2,510,000 in 2023, marking an increase of 22%[201]. - The company's accrued expenses and other current liabilities increased to $2,040 thousand in 2024 from $879 thousand in 2023, representing a 132.5% increase[264]. Strategic Initiatives - The company is exploring strategic alternatives to maximize stockholder value, which may involve unexpected costs and liabilities[15]. - The company plans to continue exploring strategic alternatives, including potential partnerships and acquisitions, to maximize stockholder value[215]. Risks and Concerns - The company has incurred significant losses and negative cash flows since inception, raising substantial doubt about its ability to continue as a going concern[194]. - The company anticipates significant expenses and negative cash flows in the foreseeable future, raising concerns about its ability to continue as a going concern[225]. - Future financial performance is subject to inherent risks and uncertainties, including macroeconomic conditions and potential management turnover[22]. Research and Development - Research and development expenses are charged as incurred, including employee-related expenses, third-party research costs, and lab supplies, indicating a significant ongoing investment in R&D[251]. Financing and Capital Structure - Additional financing will be necessary to support ongoing operations and strategic initiatives, with no assurance that such financing will be available[226]. - The company executed a promissory note for a loan of $300 thousand at 6.0% interest, due by May 3, 2025[281]. - The company executed another promissory note for a loan of $700 thousand at 6.0% interest, due by March 25, 2025[282]. - The company entered into two subscription agreements for convertible notes receivable totaling $2 million, with a yield to maturity of 4.5% per annum, maturing in May 2026[265]. Stock and Equity Transactions - A reverse stock split at a ratio of 1-for-5 was executed on August 27, 2024, affecting the outstanding shares[221]. - The company has 6,026,841 shares of common stock outstanding as of December 31, 2024, up from 1,832,988 shares in 2023, reflecting a 228.5% increase[286]. - The Company entered into a securities purchase agreement with CBI USA to issue 680,000 shares of Common Stock at $8.00 per share, resulting in gross proceeds of $5,440,000[296]. - The Company agreed to file a registration statement for the resale of shares sold under the Securities Purchase Agreement, with a commitment to keep it effective for two years[298]. Tax and Regulatory Matters - The effective income tax rate for the year ended December 31, 2024, was (0.1)%, attributed to the Company generating tax losses and a full valuation allowance against deferred tax assets[329]. - The Company has no unrecognized tax benefits as of December 31, 2024, and is subject to examination by tax authorities for the years 2020 through 2024[338]. Asset Management - The company recognized a right of use asset of $8,931 thousand and a lease liability of $8,147 thousand for its Chicago office lease, with an incremental borrowing rate of 8.3%[274]. - The company closed an asset purchase agreement on September 27, 2024, selling certain biotechnology intellectual property for gross proceeds of $1,500, with additional royalties and license fees expected over 10 years[356].

Financial Performance - Cash and cash equivalents increased to $12.5 million as of December 31, 2024, compared to $0.8 million as of December 31, 2023[3] - The net loss for the year ended December 31, 2024, was $(9.7) million, an improvement from a net loss of $(16.9) million in 2023, a decrease of $7.2 million[8] - Total revenue for 2024 was $500,000, compared to no revenue in 2023[17] Expenses - Research and development expenses were $0 for the year ended December 31, 2024, down from $1.4 million in 2023, reflecting the halt of all R&D activities[4] - General and administrative expenses decreased to $5.4 million in 2024 from $11.7 million in 2023, a reduction of $6.3 million[5] Assets and Liabilities - Total assets increased to $15.1 million as of December 31, 2024, from $11.6 million in 2023[15] - The company reported a right-of-use asset impairment loss of $5.7 million in 2024[17] Going Concern - The company has substantial doubt about its ability to continue as a going concern due to insufficient cash to fund operations for the next 12 months[9] Strategic Alternatives - The company is exploring strategic alternatives to maximize stockholder value following a significant reduction in force and suspension of R&D activities[2] Shareholder Information - The weighted-average basic and diluted common shares outstanding increased to 2,043,278 in 2024 from 1,602,790 in 2023[17]

Share Issuance and Financial Transactions - The Company has agreed to issue 43,333 shares of common stock at a price of $3.00 per share, totaling approximately $130,000[2] - The proceeds from the share purchase will be used for general corporate purposes and business development[11] - The Company is required to obtain Stockholder Approval for the transactions contemplated in the agreement[19] - The shares issued will be validly issued, fully paid, and nonassessable, free from any liens or encumbrances[21] - The Closing Date will occur as soon as regulatory approvals are obtained and conditions are satisfied[6] - The Company does not have any outstanding options or rights to purchase additional shares, except as disclosed in recent reports[23] - The Company will execute additional documents as necessary to consummate the transactions outlined in the agreement[10] - The Shares are being offered in a private placement and have not been registered under the Securities Act, meaning they cannot be resold without an effective registration statement or applicable exemption[50] - The Purchaser and its Affiliates beneficially own no shares of capital stock of the Company as of the date hereof, excluding the Shares or the First Tranche Shares[51] - The Purchaser acknowledges that the Shares will be acquired for its own account and not with a view to resale or distribution in violation of the Securities Act[56] - The Purchaser has the knowledge and experience in business and financial matters to evaluate the merits and risks of the investment in the Shares[57] - The Purchaser must provide an opinion of counsel to the Company for any transfer of Shares not pursuant to an effective registration statement or Rule 144[75] - The Lock-Up Period for the Purchasers is set at 90 days post-Closing Date, during which they cannot sell or transfer shares without prior written consent from the Company[65] - The Company may impose stop-transfer instructions on the Purchaser's shares to enforce the Lock-Up covenant[66] - The Purchasers will be entitled to designate directors proportional to their equity ownership of shares of Common Stock, provided they comply with Nasdaq Listing Rules[67] Corporate Compliance and Governance - The Company has filed all required reports with the SEC since January 1, 2023, ensuring compliance with the Exchange Act[25] - The Board of Directors has unanimously determined that the agreement is fair and in the best interests of the Company and its stockholders[4] - The Company is in good standing under Delaware law and has the requisite corporate power to conduct its business[18] - The Company has established a system of internal accounting controls to ensure transactions are executed in accordance with management's authorization[29] - The Company is in compliance with all provisions of the Sarbanes-Oxley Act of 2002[30] - The Company has maintained insurance covering its properties and operations, which is ordinary and customary for comparable companies[32] - The Company has paid all material taxes required through the date hereof, except for those being contested in good faith[31] - Since January 1, 2023, the Company has operated in compliance with applicable privacy and data protection laws[35] - The Company has not experienced any actual security incidents resulting in unauthorized access to personal data since January 1, 2023[35] - The Company has not been subject to any material litigation that could have a Material Adverse Effect[39] - There has been no material adverse change in the Company's financial condition or operating results since December 31, 2023[36] - The Company has not declared or paid any dividends or made any distributions on its capital stock since December 31, 2023[36] Indemnification and Liability - The Company agrees to indemnify Purchaser Indemnitees against all losses, liabilities, claims, damages, costs, fees, and expenses arising from the Company's breach of any representation, warranty, or covenant[76] - The indemnification provisions are the sole and exclusive remedy for Purchasers and Purchaser Indemnitees, except for actions seeking specific performance or in cases of fraud[82] - For six years post-Closing, the Company will indemnify current directors, officers, and employees against losses related to their service prior to the Closing[83] - The Company will maintain provisions in its bylaws regarding the elimination of liability and indemnification for directors and officers for at least six years after the Closing[84] - The Company must obtain non-cancellable D&O Insurance for a claims reporting period of at least six years post-Closing, with terms no less favorable than existing policies[85] - If the Company merges or consolidates, successors must assume the obligations set forth in the indemnification section[88] - The rights of Indemnified Persons under the indemnification section are in addition to any rights under the Company's bylaws or applicable law[89] Agreement Provisions - The agreement stipulates that any amendments or waivers require written consent from both the Company and the Purchasers[108] - The agreement is governed by the laws of the State of Delaware, with exclusive jurisdiction in the Delaware Chancery Court[114] - The agreement allows for electronic delivery of signed counterparts, which are considered valid[115] - The Company may not assign the agreement without prior written consent from the Purchaser, except in certain business combination scenarios[110] - The agreement includes provisions for adjustments in share numbers and prices due to stock splits or similar events[117] Company Information - The Company is located at 2430 N. Halsted St., Chicago, IL 60614, with Paul Kang as the President and CEO[107] - The Purchaser's email contact is andy.yoo@balancers.co.kr, and the attention is directed to Andy Yoo, CEO[121] - The Purchaser's address is 99-13 Masan-gil, Miyang-myeon, Anseong-si, Gyeonggi-do, Korea 17601[121] - HiTron Systems Inc. purchased 2,900,000 shares for a total of $8,700,000[121]

Group 1 - XCUR stock experienced a significant rally, rising 76% during normal trading hours with over 14 million shares traded, far exceeding its daily average of approximately 536,000 shares [1] - Following the rally, XCUR stock dropped 27.1% on Monday morning, with around 393,000 shares traded, nearing its daily average [2][5] - Exicure, the company behind XCUR, currently has no significant operations and is struggling to maintain its listing on the Nasdaq Exchange [6][7] Group 2 - The future of Exicure appears uncertain due to its lack of operations and potential delisting risks, which may accompany other financial troubles [7] - XCUR is classified as a penny stock, making it subject to high volatility, which may deter traders from engaging with it amid recent price movements [8]

Financial Performance - Total revenue for Q1 2024 was $500,000, compared to $0 in Q1 2023, indicating a significant increase[24] - Operating expenses decreased to $1,336,000 in Q1 2024 from $4,539,000 in Q1 2023, representing a reduction of approximately 70.5%[24] - The net loss for Q1 2024 was $829,000, a substantial improvement from the net loss of $4,407,000 in Q1 2023, reflecting a decrease of about 81.2%[24] - For the three months ended March 31, 2024, the net loss was $829,000 compared to a net loss of $4,407,000 for the same period in 2023, indicating a significant reduction in losses[101] - Basic and diluted loss per common share improved from $(0.70) in Q1 2023 to $(0.10) in Q1 2024, showing a substantial decrease in loss per share[101] Cash and Liquidity - Cash and cash equivalents decreased to $366,000 as of March 31, 2024, down from $816,000 at the end of 2023, indicating a decline of approximately 55.1%[21] - Total cash, cash equivalents, and restricted cash at the end of Q1 2024 amounted to $1,566, compared to $2,016 at the end of Q4 2023, a decline of approximately 22.3%[36] - Cash used in operating activities for Q1 2024 was $450, compared to $3,318 in Q1 2023, indicating a decrease of approximately 86.5%[33] - As of March 31, 2024, there is substantial doubt about the company's ability to continue as a going concern without additional financing[46] - The company has no source of revenue or committed financing, necessitating substantial additional funding to continue operations[125] Assets and Liabilities - Total assets decreased to $10,711,000 as of March 31, 2024, from $11,580,000 at the end of 2023, a reduction of about 7.5%[21] - Total liabilities remained relatively stable at $8,504,000 as of March 31, 2024, compared to $8,549,000 at the end of 2023[21] - Stockholders' equity decreased to $2,207,000 as of March 31, 2024, down from $3,031,000 at the end of 2023, reflecting a decline of approximately 27.1%[21] Strategic Initiatives - The company is exploring strategic alternatives to maximize stockholder value, facing substantial uncertainties regarding potential partnerships and funding[12] - The company is exploring strategic alternatives, including potential partnerships in industries unrelated to its historical operations[39] - The company does not expect its historical assets to generate significant value for stockholders, prompting a broader exploration of strategic alternatives[39] - The Company has engaged in significant cost reductions and anticipates needing substantial additional financing in the near term to fund operations[47] Stock and Equity - The weighted-average basic and diluted common shares outstanding increased to 8,650,878 in Q1 2024 from 6,288,952 in Q1 2023, an increase of about 37.7%[24] - As of March 31, 2024, the Company had 8,650,950 shares of common stock issued and outstanding, an increase from 8,650,753 shares as of December 31, 2023[68] - The Company completed a private placement in February 2023, raising gross proceeds of $5.440 million from the issuance of 3,400,000 shares of common stock at a price of $1.60 per share[71] - The Company has accrued $191 in liquidated damages to DGP for not filing a registration statement within the specified timeframe following the September 2022 PIPE[75] Legal and Compliance - The company is currently involved in multiple legal proceedings, including a putative securities class action lawsuit and several shareholder derivative lawsuits[108] - The Company has received multiple deficiency notices from Nasdaq regarding compliance with listing requirements, including stock price and equity levels[131] - An appeal for the delisting determination has been requested, with a hearing scheduled for July 9, 2024[132] Research and Development - Research and development expenses were $0 for the three months ended March 31, 2024, a decrease of 100% from $1.4 million in the same period of 2023[140] Other Financial Metrics - The effective tax rate remained at 0% for both Q1 2024 and Q1 2023 due to the Company generating tax losses and maintaining a full valuation allowance against deferred tax assets[99] - The total financial assets measured at fair value as of March 31, 2024, were $273,000, down from $1,629,000 as of December 31, 2023, primarily due to a decrease in cash equivalents[105]

Financial Performance - Revenue for the quarter ended March 31, 2024, was $0.5 million, compared to $0 for the same quarter in 2023, due to an initial payment from a patent license agreement[4][17] - The net loss for the quarter ended March 31, 2024, was $0.8 million, significantly reduced from a net loss of $4.4 million for the same quarter in 2023, driven by lower payroll and operating costs[7] Cash and Liquidity - Cash and cash equivalents decreased to $0.4 million as of March 31, 2024, down from $0.8 million as of December 31, 2023, and further decreased to approximately $0.2 million as of May 31, 2024[3] - Total current assets decreased to $1.463 million as of March 31, 2024, from $2.024 million as of December 31, 2023[15] - The company has engaged in significant cost reductions and believes additional financing is needed in the very near term to continue operations[8][9] - The company received a $0.7 million loan from a significant stockholder, DGP Co., Ltd., with a maturity of ten months and an interest rate of 6.0% per annum[3] Expenses - Research and development expenses were $0 for the quarter ended March 31, 2024, a decrease of $1.4 million from $1.4 million for the same quarter in 2023, reflecting the halt of clinical and preclinical activities[5] - General and administrative expenses decreased to $1.3 million for the quarter ended March 31, 2024, down from $3.1 million for the same quarter in 2023, primarily due to reduced operations[6] Liabilities - Total liabilities were $8.504 million as of March 31, 2024, slightly down from $8.549 million as of December 31, 2023[15] Strategic Direction - The company is exploring strategic alternatives to maximize stockholder value following its restructuring and suspension of clinical and development activities[10]

Financial Condition - The company currently has no source of revenue or committed financing and requires substantial additional funding in the very near term to continue operations [30]. - The company has significant liquidity concerns, requiring substantial additional financing in the near term to fund operations and explore strategic alternatives [59]. - The company has substantial doubt about its ability to continue as a going concern without additional financing in the near term [136]. - The company may need to seek bankruptcy protection if it is unable to raise capital, which could result in stockholders receiving little to no value for their shares [177]. - The company has an accumulated deficit of $208.4 million as of December 31, 2023, with a net loss of $16.9 million for the year ended December 31, 2023 [66]. - The company has not generated any product revenue and expects to continue incurring significant operating losses for the foreseeable future [67]. - The company incurred net losses of approximately $16.9 million for the year ended December 31, 2023, compared to $2.6 million for 2022, resulting in an accumulated deficit of $208.4 million since inception [176]. - The company reported cash and cash equivalents of $0.8 million as of December 31, 2023, which decreased to approximately $0.2 million by May 31, 2024 [176]. - The company has deferred payments totaling approximately $1.6 million in accounts payable due to its deteriorating financial condition [176]. Operational Changes - The company announced a significant reduction in force, suspending all R&D activities and reducing approximately 66% of its workforce to extend cash runway [31]. - The company has terminated its licenses from Northwestern University in 2023 but continues to own numerous issued patents and pending patent applications [35]. - The company is exploring strategic alternatives for growth, including potential transactions in Asia and other industries unrelated to its historical operations [38]. - The company is exploring asset out-licensing and sales but does not expect these efforts to generate significant value for stockholders [68]. - The company is facing challenges in attracting and retaining qualified management and key personnel, which could impair its ability to implement its business plan [57]. - The company has limited resources following recent reductions in force, complicating risk management and compliance efforts [56]. Compliance and Governance - The company received a delisting determination from Nasdaq due to non-compliance with listing requirements, including a stock price below $1.00 for over 30 consecutive business days [60]. - The company has received numerous deficiency notices from Nasdaq regarding corporate governance and compliance with minimum stockholder equity requirements [62]. - The company has not complied with Nasdaq's requirement to hold an annual meeting, which must be held by June 28, 2024 [62]. - The company is currently in the process of appealing a delisting determination by Nasdaq, with no assurance that its common stock will remain listed [124]. - The company is governed by anti-takeover provisions that may complicate acquisitions and management changes, including a classified board of directors and restrictions on stockholder actions [97]. Revenue and Expenses - For the year ended December 31, 2023, the company reported total revenue of $0, a decrease of $28.8 million, or 100%, from $28.8 million in 2022 due to the termination of collaboration agreements with AbbVie and Ipsen [165]. - Operating expenses for 2023 were $14,996,000, down 51% from $30,657,000 in 2022 [214]. - General and administrative expenses increased to $12.7 million for the year ended December 31, 2023, representing an increase of $1.8 million, or 16%, from $10.9 million in 2022, primarily due to reclassification of certain expenses and separation pay for former executives [169]. - Research and development expenses for the year ended December 31, 2023, were $1.4 million, reflecting a decrease of $18.3 million, or 93%, from $19.8 million in 2022, as the company halted all research and development activities after Q1 2023 [168]. Market and Stock Performance - The market price of the company's common stock has been highly volatile, influenced by various factors including the ongoing impact of the COVID-19 pandemic and geopolitical events [94]. - The company has limited research coverage by securities analysts, which may adversely affect its stock price and trading volume [104]. - The company may face challenges in raising additional capital due to its current transitional state, which could lead to dilution of existing stockholders [95]. - The company has received deficiency notices from Nasdaq regarding compliance with minimum bid price and stockholders' equity requirements, with a deadline to cure the bid price issue by September 9, 2024 [143]. Intellectual Property and Legal Matters - The company has entered into a license agreement for its patents in the field of hepatitis, receiving a small one-time payment and a modest royalty on future sales [38]. - The company may need to engage in costly litigation to protect its intellectual property rights, which could divert management's attention and resources [81]. - The company may be subject to claims challenging the inventorship or ownership of its patents, which could result in substantial costs and loss of valuable intellectual property rights [86]. - The company identified material weaknesses in its internal control over financial reporting, leading to restatements of its first and second quarter unaudited interim condensed consolidated financial statements [80]. Future Outlook - The company is exploring strategic alternatives to generate future revenues, indicating substantial uncertainty regarding revenue generation [167]. - The company expects to evaluate the sustainability of resources dedicated to exploring value from historical intellectual property on an ongoing basis [36]. - The company may need to seek bankruptcy protection or cease operations if sufficient additional capital funding is not obtained in the near term [51]. - The company expects to incur significant expenses and negative cash flows for the foreseeable future, complicating its financial outlook [176].

Financial Performance - Total assets decreased from $23,328,000 on December 31, 2022, to $12,950,000 on September 30, 2023, representing a decline of approximately 44.8%[23] - Total current assets fell from $10,051,000 to $3,090,000, a decrease of about 69.1%[23] - Collaboration revenue for the three months ended September 30, 2023, was $0, compared to $2,016,000 for the same period in 2022, indicating a 100% decline[26] - Total operating expenses decreased from $7,221,000 in Q3 2022 to $3,317,000 in Q3 2023, a reduction of approximately 54.8%[26] - The net loss for the three months ended September 30, 2023, was $5,256,000, compared to a net loss of $5,160,000 for the same period in 2022, reflecting a slight increase of 1.9%[26] - Basic and diluted loss per common share for Q3 2023 was $0.61, compared to $1.04 for Q3 2022, showing an improvement of approximately 41.3%[26] - The net loss for the nine months ended September 30, 2023, was $15,427,000, compared to a net loss of $20,978,000 for the same period in 2022, representing a 26% improvement[38] - Total revenue for the three months ended September 30, 2023, was $0.0 million, a decrease of $2.0 million, or 100%, from $2.0 million in the same period of 2022[155] - Total revenue for the nine months ended September 30, 2023, was $0.0 million, a decrease of $7.1 million, or 100%, from $7.1 million in the same period of 2022[163] Cash Flow and Liquidity - Cash, cash equivalents, and restricted cash at the end of the period were $2,122,000, down from $9,777,000 at the beginning of the period[40] - The company reported a net cash used in operating activities of $9,541,000 for the nine months ended September 30, 2023, compared to $28,382,000 for the same period in 2022, indicating a reduction of 66%[38] - The company has substantial doubt about its ability to continue as a going concern and will require substantial additional funding in the near term[139] - Cash and cash equivalents decreased from $0.9 million as of September 30, 2023, to approximately $0.2 million as of April 30, 2024[140] - Net cash used in operating activities was $9.5 million for the nine months ended September 30, 2023, a decrease of $18.8 million from $28.4 million in the same period of 2022, attributed to the suspension of R&D activities and reduced headcount[173] - The company reported net cash used in investing activities of $1.8 million for the nine months ended September 30, 2023, compared to net cash provided of $4.5 million in 2022, indicating a decrease of $6.3 million[175] - Net cash provided by financing activities was $3.7 million for the nine months ended September 30, 2023, primarily due to a Private Placement closed in February 2023[176] Strategic Alternatives and Risks - The company has substantial uncertainties regarding its ability to raise additional capital needed to fund operations and strategic alternatives[13] - The company is exploring strategic alternatives to maximize stockholder value, but faces risks related to identifying partners and securing funding[13] - The company is exploring transactions with potential partners in industries unrelated to its historical operations[43] - The company has halted all research and development activities and is not expected to generate significant value from its historical assets[138] - The company may seek bankruptcy protection if unable to raise capital, potentially resulting in little to no value for stockholders[141] - The company has received deficiency notices from Nasdaq regarding compliance with minimum bid price and stockholders' equity requirements[146] Management and Workforce - The company has experienced significant turnover in senior management, which poses continuity risks and may impair its ability to raise capital[20] - The company engaged in a significant reduction in force and suspended preclinical activities in September 2022, exploring strategic alternatives to maximize stockholder value[43] - The company reduced approximately 66% of its workforce as part of a strategic plan to decrease expenses and extend cash runway[142] Equity and Stockholder Information - The company reported a total stockholders' equity of $4,498,000 as of September 30, 2023, down from $14,922,000 at the end of 2022, a decrease of about 69.9%[23] - The balance of common stock increased from 4,965,901 shares at January 1, 2023, to 8,650,515 shares at September 30, 2023, reflecting an increase of approximately 74%[32] - The company has 8,650,515 shares of common stock issued and outstanding as of September 30, 2023, compared to 4,965,901 shares as of December 31, 2022[75] - CBI USA and its affiliates beneficially own 45% of the outstanding shares of Common Stock, with DGP expected to sell its remaining shares by June 30, 2024[79] Expenses and Cost Management - Equity-based compensation expenses for the nine months ended September 30, 2023, totaled $1,327,000, an increase from $1,141,000 in the prior year[38] - General and administrative expense for the nine months ended September 30, 2023, was $11.2 million, an increase of $2.4 million, or 27%, from $8.8 million for the same period in 2022[165] - The company has engaged in significant cost reductions, but further cost-cutting measures are limited, necessitating substantial additional financing in the near term[51] Asset Management - The company recognized a loss of $920 from the sale of scientific equipment during the nine months ended September 30, 2023[62] - The company impaired the entire $2 million amount of convertible securities, recognizing them at a fair value of $0 as of September 30, 2023[161] - The total financial assets measured at fair value as of September 30, 2023 were $659,000, down from $1,612,000 at the end of 2022[118] Compliance and Reporting - The company received a delinquency notification for not filing its third quarter Form 10-Q by the deadline, which is expected to be cured by the filing[154] - The company has irrevocably elected not to take advantage of the extended transition period under the JOBS Act, committing to adopt new accounting standards as required for public companies[181]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 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: 001-39011 _____________________________________ ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 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: 001-39011 ____________________________________ ...