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Private company

ACELYRIN, Inc.

In its 2025 annual report the company says: “ACELYRIN is a late-stage clinical biopharma company focused on identifying, acquiring, and accelerating the development and commercialization of transformative medicines.”3 It is headquartered in Agoura Hills, California.1

Last updated Oct 21, 2026.

Overview

  • IndustryPharmaceutical Preparations1
  • HeadquartersAgoura Hills, California1
  • Incorporated inDE2
  • Business address4149 Liberty Canyon Rd., Agoura Hills, Ca 913012
  • Filer category, Emerging growth company2

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ACELYRIN is a late-stage clinical biopharma company focused on identifying, acquiring, and accelerating the development and commercialization of transformative medicines.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income45-$316.3M in 2024+657% since 2021
-$600.0M-$400.0M-$200.0M02021: -$41.8M-$41.8M20212022: -$69.2M-$69.2M2022+66%2023: -$422.1M-$422.1M2023+510%2024: -$316.3M-$316.3M2024−25%
Net income45-$248.2M in 2024+493% since 2021
-$400.0M-$300.0M-$200.0M-$100.0M02021: -$41.8M-$41.8M20212022: -$64.8M-$64.8M2022+55%2023: -$381.6M-$381.6M2023+489%2024: -$248.2M-$248.2M2024−35%
Fiscal year202020212022202320242025
Research and development$38.2M4$55.6M4$355.9M5$238.1M5
Operating expenses$41.8M4$69.2M4$422.1M5$316.3M5
Operating income-$41.8M4-$69.2M4-$422.1M5-$316.3M5
Income tax$04$05$05
Net income-$41.8M4-$64.8M4-$381.6M5-$248.2M5
Earnings per share-$60.874-$41.594-$5.435-$2.505
Earnings per share (diluted)-$60.874-$41.594-$5.435-$2.505
Shares (weighted, basic)687.4K shares41.6M shares470.2M shares599.3M shares5
Shares (weighted, diluted)687.4K shares41.6M shares470.2M shares599.3M shares5

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Corporate structure

ACELYRIN, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ACELYRIN, Inc.

  • ACELYRIN, Inc. Agoura Hills, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ACELYRIN, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.1M5 Dec 31, 2024$2.3M5 Dec 31, 2023−7.9%
Accumulated depreciation$478.0K5 Dec 31, 2024$115.0K5 Dec 31, 2023+315.7%
Property and equipment, net$1.6M5 Dec 31, 2024$2.2M5 Dec 31, 2023−25.0%
Operating-lease assets (leased space)$6.8M5 Dec 31, 2024$1.2M5 Dec 31, 2023+465.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$73.9M5 Dec 31, 2024$218.1M5 Dec 31, 2023−66.1%

Properties, in its own words

Our principal executive office is located at 4149 Liberty Canyon Road, Agoura Hills, California, where we lease 10,012 square feet of office space. Our lease expires in August 2028. In addition, we lease approximately 22,365 square feet of office space in South San Francisco. In February 2025, we, as a sublessor, entered into a sublease agreement to sublease its former offices located in South San Francisco to a third-party subtenant through October 31, 2027 (the remaining duration of the lease). This lease expires in October 2029. We believe our facilities are adequate for our current needs and that suitable additional or substitute space would be available if needed.

Item 2 of the 10-K filed Mar 19, 2025.3

Leadership

Who has led ACELYRIN, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Shao-Lee Lin2023–now

Chief financial officer

  1. Mardi Dier2023
  2. Gil M. Labrucherie2023–now

Chief operating officer

  1. Melanie Gloria2023–now
2025
Board members and other officers (15)

Timeline

  1. May 21, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer27
  2. May 19, 20258-K Shareholder vote28
  3. Apr 21, 20258-K Entered a material agreement; Regulation FD disclosure29
  4. Mar 13, 20258-K Entered a material agreement; Change to shareholders' rights; Bylaws or fiscal year changed30
  5. Mar 6, 20258-K Regulation FD disclosure31
  6. Feb 6, 20258-K Entered a material agreement; Results of operations; Regulation FD disclosure32
  7. Jan 31, 20258-K Ended a material agreement33
  8. Jan 6, 20258-K Other events34
  9. Dec 10, 20248-K Executive or director change; Other events35
  10. Nov 13, 20248-K Results of operations36
  11. Nov 13, 20248-K Financial statements and exhibits37
  12. Nov 4, 20248-K Exit or restructuring costs38
  13. May 4, 2023New chief executive Shao-Lee Lin becomes CEO9

Calendar

When it reported results

  1. Feb 6, 2025Reported quarterly or annual results32
  2. Nov 13, 2024Reported quarterly or annual results36
  3. Aug 13, 2024Reported quarterly or annual results39
  4. May 9, 2024Reported quarterly or annual results40
  5. Mar 28, 2024Reported quarterly or annual results41
  6. Nov 7, 2023Reported quarterly or annual results42
  7. Aug 14, 2023Reported quarterly or annual results43
  8. Jun 15, 2023Reported quarterly or annual results44

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

224 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 27 major events, 100 insider forms, 32 large holders, 56 other. The latest 20:

  1. Jun 9, 202515-12G EDGAR
  2. May 27, 2025SCHEDULE 13D/A EDGAR
  3. May 23, 20254 EDGAR
  4. May 23, 20254 EDGAR
  5. May 23, 20254 EDGAR
  6. May 23, 20254 EDGAR
  7. May 23, 20254 EDGAR
  8. May 23, 20254 EDGAR
  9. May 23, 20254 EDGAR
  10. May 23, 20254 EDGAR
  11. May 23, 20254 EDGAR
  12. May 23, 20254 EDGAR
  13. May 23, 2025SCHEDULE 13D/A EDGAR
  14. May 23, 2025SCHEDULE 13D/A EDGAR
  15. May 23, 20254 EDGAR
  16. May 23, 2025SCHEDULE 13G/A EDGAR
  17. May 22, 2025EFFECT EDGAR
  18. May 22, 2025S-8 POS EDGAR
  19. May 22, 2025S-8 POS EDGAR
  20. May 22, 2025S-8 POS EDGAR

The 224 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

16 open-market trades by officers, directors and large owners since October 2021: 9 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 17, 2025Kim MinaChief Executive OfficerSale17,986$2.74$49.3KForm 4
Mar 17, 2025Murugan AmarChief Legal OfficerSale3,913$2.74$10.7KForm 4
Mar 17, 2025Mpofu ShephardChief Medical OfficerSale3,211$2.74$8.8KForm 4
Jul 17, 2024Becker Daniel J.DirectorSale1$6.86$7Form 4
Apr 1, 2024Lin Shao-LeeChief Executive OfficerSale9,961$6.63$66.0KForm 4
Feb 20, 2024Lin Shao-LeeChief Executive OfficerSale15,701$7.60$119.3KForm 4
Jan 2, 2024Lin Shao-LeeChief Executive OfficerSale10,691$7.41$79.2KForm 4
May 9, 2023Harper Sean E10% ownerBuy1,250,000$18.00$22.5MForm 4
May 9, 2023SEIDENBERG BETH CDirectorBuy1,310,000$18.00$23.6MForm 4
May 9, 2023Svoronos DawnDirectorBuy15,000$18.00$270.0KForm 4
May 9, 2023Gosebruch Henry ODirectorBuy50,000$18.00$900.0KForm 4
May 9, 2023Becker Daniel J.DirectorBuy3,000$18.00$54.0KForm 4
May 9, 2023Oyston RonaldChief People OfficerBuy1,026$18.00$18.5KForm 4
May 9, 2023Kim MinaChief Executive OfficerBuy5,000$18.00$90.0KForm 4
May 9, 2023Peloso PaulChief Medical OfficerBuy6,000$18.00$108.0KForm 4
May 9, 2023Dier MardiCFO and CBOBuy7,306$18.00$131.5KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How ACELYRIN, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARACELYRIN, Inc.1
  • CIK0001962918
  • Employer ID (EIN)85-24067353
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address4149 Liberty Canyon Rd., Agoura Hills, CA 913011
  • Phone805-456-43931
  • Shares outstanding100,953,651 as of May 9, 20258
  • Public float$322.6M as of Jun 30, 20243
  • AuditorPricewaterhouseCoopers LLP, San Diego, California PCAOB ID 238; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceFeb 10, 20231
  • Filings240 in all: 4 (80), 425 (28), 8-K (25), 3 (20), SC 13G (10), 10-Q (7), SCHEDULE 13D/A (7), CORRESP (5)1
    All 38 form types

    SC 13G/A (5), SCHEDULE 13G/A (5), DEFA14A (4), EFFECT (3), S-8 (3), S-8 POS (3), SCHEDULE 13D (3), UPLOAD (3), 10-K (2), 144 (2), 8-A12B (2), 8-K/A (2), S-1/A (2), SC 13D (2), SEC STAFF LETTER (2), 15-12G (1), 25-NSE (1), 424B4 (1), ARS (1), CERT (1), DEF 14A (1), DEFM14A (1), DEFR14A (1), DRS (1), DRS/A (1), DRSLTR (1), POS AM (1), S-1 (1), S-1MEF (1), S-3 (1)

  • Latest filingsAnnual report (10-K) Mar 19, 2025
    Quarterly report (10-Q) May 14, 2025
    Proxy statement (DEF 14A) Apr 22, 2024
    Latest 8-K (8-K) May 21, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareSLRNThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 19, 2025 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks ACELYRIN, Inc. names in Item 1A of its 10-K filed Mar 19, 2025: 72 risks under these headings, as written.3

  • Risks Related to the Merger
  • The Merger is subject to various closing conditions, including governmental approvals, and other uncertainties and there can be no assurances as to whether or when it may be completed.
  • If the Merger Agreement is terminated, we may, under certain circumstances, be obligated to pay a termination fee to Alumis and these costs could require us to use available cash that would have otherwise been available for general corporate purposes.
  • While the Merger is pending, we are subject to business uncertainties and contractual restrictions that could materially adversely affect our operations, the development of our product candidates and the future of our business or result in a loss of employees.
  • Risks Related to Our Financial Position and Need for Capital
  • We are a clinical stage biopharma company with a limited operating history, no products approved for commercial sale, have incurred substantial losses since our inception and anticipate incurring substantial and increasing losses for the foreseeable future.
  • Preclinical and clinical development involves a lengthy and expensive process, with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results. We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our current product candidates or any future product candidates.
  • We will require substantial additional financing to achieve our goals and failure to obtain additional capital when needed, or on acceptable terms to us, could cause us to delay, limit, reduce, or terminate our product development or commercialization efforts.
  • Risks Related to Product Candidate Development and Commercialization
  • Our clinical trials may reveal significant adverse events not seen in our preclinical studies or prior clinical trials and may result in a safety or tolerability profile that could delay or prevent regulatory approval or market acceptance of our product candidates.
  • Interim, initial, “top-line” and preliminary data from our clinical trials that we announce or publish from time to time may change as more patient data become available and are subject to audit and verification procedures that could result in material changes in the final data.
  • We may expend our limited resources to pursue a particular product candidate in specific indications and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
The other 63 risks
  • We face competition from entities that have made substantial investments into the rapid development of novel treatments for immunological indications, including large and specialty pharmaceutical and biotechnology companies, many of which already have approved therapies in our current indications.
  • We conduct, and may in the future conduct, clinical trials for product candidates outside the United States, and the FDA and comparable foreign regulatory authorities may not accept data from such trials.
  • Even if we receive marketing approval for our current or future product candidates in the U.S., we may never receive regulatory approval to market outside of the U.S.
  • The successful commercialization of our product candidates, if approved, will depend in part on the extent to which governmental authorities and health insurers establish coverage, adequate reimbursement levels and favorable pricing policies. Failure to obtain or maintain coverage and adequate reimbursement for our product candidates could limit our ability to market those products and decrease our ability to generate revenue.
  • Risks Related to Our Business and Operations
  • Our business depends entirely on the success of our product candidates and we cannot guarantee that any or all of our product candidates will successfully complete development, receive regulatory approval, or be successfully commercialized. If we are unable to develop, receive regulatory approval for, and ultimately successfully commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.
  • Our ongoing and planned clinical trials, even if successfully completed, may not be sufficient for approval of our product candidate for the applicable indication.
  • The implementation of our Restructuring Plan may not be successful.
  • If our product candidates, if approved, do not achieve broad market acceptance, the revenue that we generate from their sales will be limited.
  • We will need to grow our organization, and we may experience difficulties in managing our growth and expanding our operations, which could adversely affect our business.
  • We are dependent on the services of our management and other clinical and scientific personnel, and if we are not able to retain these individuals or recruit additional management or clinical and scientific personnel, our business will suffer.
  • Our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • Our future growth may depend, in part, on our ability to operate in foreign markets, where we would be subject to additional regulatory burdens and other risks and uncertainties.
  • Our business entails a significant risk of product liability and our ability to obtain sufficient insurance coverage could adversely affect our business, financial condition, results of operations and prospects.
  • Our insurance policies are expensive and only protect us from some business risks, which will leave us exposed to significant uninsured liabilities.
  • If the Merger is not completed, we may engage in strategic transactions in the future, which could impact our liquidity, increase our expenses and present significant distractions to our management.
  • Our ability to use our net operating loss (“NOL”) carryforwards and certain other tax attributes to offset taxable income or taxes may be limited.
  • Recent and future changes to tax laws could materially adversely affect our company.
  • Our operations are concentrated in one location, and we or the third parties upon whom we depend may be adversely affected by a wildfire and earthquake or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Our projections regarding the market opportunities for our product candidates may not be accurate, and the actual market for our products may be smaller than we estimate.
  • Our business could be adversely affected by the effects of health pandemics or other health crises, which could cause significant disruptions in our operations and those of our CMOs, CROs and other third parties upon whom we rely.
  • Our cash, cash equivalents and restricted cash may be exposed to failure of our banking institutions.
  • Public opinion and scrutiny of immunology treatments may impact public perception of our company and product candidates, or may adversely affect our ability to conduct our business and our business plans.
  • Risks Related to Intellectual Property
  • If we are unable to obtain and maintain sufficient intellectual property protection for our product candidates and any future product candidates we may develop, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors or other third parties could develop and commercialize products similar or identical to ours, and our ability to successfully develop and commercialize our product candidates may be adversely affected.
  • We have in-licensed issued patents, but we do not currently own any issued patents relating to our technology, products and product candidates.
  • Our rights to develop and commercialize our product candidates are subject, in large part, to the terms and conditions of licenses granted to us by others, such as Pierre Fabre. If we fail to comply with our obligations in the agreements under which we in-license or acquire development or commercialization rights to product candidates, or data from third parties, we could lose such rights that are important to our business.
  • We may not be successful in obtaining or maintaining necessary rights to our product candidates through acquisitions and in-licenses.
  • We may form or seek collaborations or strategic alliances or enter into additional licensing arrangements in the future, and we may not realize the benefits of such alliances or licensing arrangements.
  • We cannot ensure that patent rights relating to inventions described and claimed in our or our licensors’ pending patent applications will issue or that patents based on our or our licensors’ patent applications will not be challenged and rendered invalid and/or unenforceable.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Intellectual property rights do not necessarily address all potential threats to our competitive advantage.
  • We may not identify relevant third-party patents or may incorrectly interpret the relevance, scope or expiration of a third-party patent, which might adversely affect our ability to develop and market our product candidates.
  • We may be involved in lawsuits to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful.
  • Our product candidates licensed from various third parties may be subject to retained rights.
  • Changes in patent law in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • We may become subject to claims challenging the inventorship or ownership of our or our licensors’ patents and other intellectual property.
  • Patent terms may be inadequate to protect our competitive position on products or product candidates for an adequate amount of time.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by government patent agencies, and our patent protection could be reduced or eliminated as a result of noncompliance with these requirements.
  • If we do not obtain patent term extension for our product candidate, our business may be materially harmed.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • We may be subject to claims asserting that our employees, consultants or advisors have wrongfully used or disclosed alleged trade secrets of their current or former employers or claims asserting ownership of what we regard as our own intellectual property.
  • Risks Related to Government Regulation
  • The regulatory approval process is highly uncertain, and we may be unable to obtain, or may be delayed in obtaining, U.S. or foreign regulatory approval and, as a result, unable to commercialize lonigutamab and any future product candidates. Even if we believe our current, or planned clinical trials are successful, regulatory authorities may not agree that they provide adequate data on safety or efficacy.
  • Even if we receive regulatory approval for any of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense. Additionally, our product candidates, if approved, could be subject to labeling and other restrictions and market withdrawal. We may also be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • Recently enacted legislation, future legislation and other healthcare reform measures may increase the difficulty and cost for us to obtain marketing approval for and commercialize our product candidates and may affect the prices we may set.
  • Our current product candidates and any of our future product candidates regulated as biologics in the United States may face competition sooner than anticipated from biosimilars approved through an abbreviated regulatory pathway.
  • Our operations and relationships with healthcare providers, healthcare organizations, customers and third-party payors will be subject to applicable anti-bribery, anti-kickback, fraud and abuse, transparency and other healthcare and privacy laws and regulations, which could expose us to, among other things, enforcement actions, criminal sanctions, civil penalties, contractual damages, reputational harm, administrative burdens and diminished profits and future earnings.
  • Governments outside the United States tend to impose strict price controls, which may adversely affect our revenue, if any.
  • We are subject to stringent and evolving U.S. and foreign laws, regulations and rules, contractual obligations, industry standards, policies, and other obligations related to data privacy and security. Our actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class claims); fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.
  • Risks Related to Our Reliance on Third Parties
  • We may have conflicts with our current or future licensors or collaborators that could delay or prevent the development or commercialization of our product candidates.
  • We have relied and expect to continue to rely on third parties to conduct our preclinical studies and clinical trials. If those third parties do not perform as contractually required, fail to satisfy legal or regulatory requirements, miss expected deadlines or terminate the relationship, our development programs could be delayed, more costly or unsuccessful, and we may never be able to seek or obtain regulatory approval for or commercialize our product candidates.
  • We rely on third-party manufacturers and suppliers to supply our product candidates. The loss of our third-party manufacturers or suppliers, or their failure to comply with applicable regulatory requirements or to supply sufficient quantities at acceptable quality levels or prices, within acceptable timeframes, or at all, would materially and adversely affect our business.
  • We depend on sole source and limited source suppliers for certain drug substances, drug products, raw materials, samples, components, and other materials used in our product candidates. If we are unable to source these supplies on a timely basis, or establish longer-term contracts with our CMOs, we will not be able to complete our clinical trials on time and the development of our product candidates may be delayed.
  • The operations of our suppliers, most of which are located outside of the United States, are subject to additional risks that are beyond our control and that could harm our business, financial condition, results of operations and prospects.
  • The manufacturing of our product candidates is complex, and our third-party manufacturers may encounter difficulties in production. If our third-party manufacturers encounter such difficulties, our ability to provide supply of our product candidates for clinical trials, our ability to obtain marketing approval, or provide supply of our products for participants, if approved, could be delayed or halted.
  • Risks Related to Ownership of Our Common Stock
  • Our quarterly and annual operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts or any guidance we may publicly provide, each of which may cause our stock price to fluctuate or decline.
  • Our stock price is likely to continue to be volatile, which could result in substantial losses for investors.
  • We are an “emerging growth company” and we cannot be certain if the reduced reporting requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • Anti-takeover provisions in our charter documents and under Delaware law could prevent or delay an acquisition of us that may be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management.
  • Actions of activist stockholders could be disruptive to the Merger and our operations, and divert the attention of management.
  • We have implemented a Rights Plan that could discourage a takeover or other transaction that stockholders may consider favorable.
  • The exclusive forum provisions in our organizational documents may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, or employees, or the underwriters of any offering giving rise to such claim, which may discourage lawsuits with respect to such claims.
  • Our board of directors are authorized to issue and designate shares of our preferred stock without stockholder approval.
  • Because we do not anticipate paying any dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be our stockholders’ sole source of gain.

Legal proceedings

On November 15, 2023, a purported federal securities class action lawsuit was commenced in the United States District Court for the Central District of California. On February 15, 2024, the Court appointed joint lead plaintiffs and lead counsel. An amended complaint was filed on March 26, 2024 (Boukadoum v. Acelyrin, Inc. et al., No. 2:23-cv-09672-FMO-MAA), naming us and current and former executive officers and directors as defendants. The complaint alleges that the defendants violated the Exchange Act and Securities Act by misleading investors about the Phase 2b trial of izokibep in HS. The original complaint was filed following our announcement of the week 16 results from the Part B portion of such Phase 2b trial. The amended complaint seeks damages and an award of reasonable costs and expenses, including attorneys' fees, expert fees and other costs, as well as such other and further relief as the court may deem just and proper. On May 3, 2024, defendants filed their motion to dismiss the amended complaint, which remains pending. It is possible that additional suits will be filed, or allegations made by stockholders, with respect to these same or other matters and also naming us and/

or our officers and directors as defendants. This lawsuit and any other potential lawsuits are subject to inherent uncertainties, and the actual defense and disposition costs will depend upon many unknown factors. We could be forced to expend significant resources in the defense against this and any other related lawsuits and we may not prevail.

From time to time, we may become involved in additional legal proceedings or be subject to claims arising in the ordinary course of our business. Regardless of outcome, such additional proceedings or claims could have an adverse impact on us because of defense and settlement costs, diversion of resources, and other factors, and there can be no assurances that favorable outcomes will be obtained.

The opening of Item 3, Legal Proceedings.3

Sources

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