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AURA on Nasdaq

Aura Investments Ltd.

Logo: auraisrael.co.il3

In its 2026 annual report the company says: “We are a clinical-stage biotechnology company developing precision therapies to treat solid tumors designed to preserve organ function. Our lead candidate bel-sar is in late-stage clinical development for the treatment of patients with early choroidal melanoma (defined as small choroidal melanoma and/or indeterminate lesions) and is also in clinical development for other ocular oncology indications and bladder cancer.”6 It was founded in 1992 in Israel by Boaz Misholi.1 It is headquartered in Tel Aviv.1 Its shares trade on Nasdaq under the symbol AURA.1

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Last updated Oct 21, 2026.

Overview

1992Founded1

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  • TickerAURA on Nasdaq1
  • Industryconstruction1
  • HeadquartersTel Aviv1
  • Founded inIsrael1
  • Websitewww.auraisrael.co.il
  • Legal formlimited company1
  • Incorporated inDE4
  • Business address80 Guest Street, Boston, Ma 021354
  • Filer categoryNon-accelerated filer, Smaller reporting company, Emerging growth company4

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Aura Investments Ltd. image from its website
Image: auraisrael.co.il5

We are a clinical-stage biotechnology company developing precision therapies to treat solid tumors designed to preserve organ function. Our lead candidate bel-sar is in late-stage clinical development for the treatment of patients with early choroidal melanoma (defined as small choroidal melanoma and/or indeterminate lesions) and is also in clinical development for other ocular oncology indications and bladder cancer.6 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 income7891011-$112.8M in 2025+408% since 2020
-$150.0M-$100.0M-$50.0M02020: -$22.2M-$22.2M20202021: -$35.2M-$35.2M2021+59%2022: -$60.3M-$60.3M2022+71%2023: -$85.0M-$85.0M2023+41%2024: -$96.1M-$96.1M2024+13%2025: -$112.8M-$112.8M2025+17%
Net income7891011-$106.2M in 2025+378% since 2020
-$150.0M-$100.0M-$50.0M02020: -$22.2M-$22.2M20202021: -$35.3M-$35.3M2021+59%2022: -$58.8M-$58.8M2022+67%2023: -$76.4M-$76.4M2023+30%2024: -$86.9M-$86.9M2024+14%2025: -$106.2M-$106.2M2025+22%
Fiscal year20192020202120222023202420252026
Research and development$18.0M7$25.2M8$42.2M9$65.2M10$73.3M11$90.3M11
Operating income-$22.2M7-$35.2M8-$60.3M9-$85.0M10-$96.1M11-$112.8M11
Income before tax-$58.8M9-$76.3M10-$86.8M11-$106.1M11
Income tax$07$08$09$137.0K10$112.0K11$108.0K11
Net income-$22.2M7-$35.3M8-$58.8M9-$76.4M10-$86.9M11-$106.2M11
Earnings per share-$8.958-$1.969-$1.9310-$1.7511-$1.7611
Earnings per share (diluted)-$8.958-$1.969-$1.9310-$1.7511-$1.7611
Shares (weighted, basic)5.2M shares829.9M shares939.6M shares1049.7M shares1160.3M shares11
Shares (weighted, diluted)5.2M shares829.9M shares939.6M shares1049.7M shares1160.3M shares11

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Corporate structure

Aura Investments Ltd. 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 Aura Investments Ltd.

  • Aura Investments Ltd. Tel Aviv

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

What it owns

What Aura Investments Ltd. 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$9.7M11 Dec 31, 2025$9.2M11 Dec 31, 2024+5.2%
Accumulated depreciation$7.1M11 Dec 31, 2025$6.0M11 Dec 31, 2024+17.8%
Property and equipment, net$2.6M11 Dec 31, 2025$3.2M11 Dec 31, 2024−18.4%
Operating-lease assets (leased space)$15.8M11 Dec 31, 2025$17.4M11 Dec 31, 2024−8.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$59.5M11 Dec 31, 2025$31.7M11 Dec 31, 2024+87.8%
Debt securities available for sale$84.7M11 Dec 31, 2025$119.4M11 Dec 31, 2024−29.0%

Properties, in its own words

Our corporate headquarters are located in Boston, Massachusetts, where we lease and occupy approximately 29,836 square feet of office and laboratory space at 80 Guest Street, Boston, MA 02135. The current term of our Boston lease expires in August 2032.

We believe that our facilities are adequate for our current needs and for the foreseeable future. To meet the future needs of our business, we may lease additional or alternate space. We believe that suitable additional or substitute space at commercially reasonable terms will be available as needed to accommodate any future expansion of our operations.

Item 2 of the 10-K filed Mar 30, 2026.6

The story

Founded by Boaz Misholi in 1992, in Israel.1

Leadership

Who has led Aura Investments Ltd., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Los Pinos Elisabet De2021

Chief financial officer

  1. Julie B. Feder2021–2024

Chief operating officer

  1. Rosch Mark De2021–2023
  2. Susan Abu-Absi2026–now
1995200020052010201520202025
Board members and other officers (21)

Timeline

  1. Aug 11, 20268-K Results of operations; Exit or restructuring costs; Executive or director change37
  2. Aug 5, 20268-K Shareholder vote38
  3. Jul 8, 20268-K Executive or director change39
  4. Jun 11, 20268-K Shareholder vote40
  5. May 11, 20268-K Results of operations; Other events41
  6. May 5, 20268-K Entered a material agreement42
  7. May 4, 20268-K Executive or director change; Regulation FD disclosure; Other events43
  8. May 4, 20268-K Entered a material agreement; Results of operations; Other events44
  9. Mar 30, 20268-K Results of operations; Other events45
  10. Nov 13, 20258-K Results of operations; Other events46
  11. Aug 13, 20258-K Results of operations; Other events47
  12. Jun 18, 20258-K Shareholder vote48
  13. Oct 28, 2021New chief executive Los Pinos Elisabet De becomes CEO14
  14. 1992Founded Founded in Israel1

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.40) a share, on Nov 13, 2025.49

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results37
  2. May 11, 2026Reported quarterly or annual results41
  3. May 4, 2026Reported quarterly or annual results44
  4. Mar 30, 2026Reported quarterly or annual results45
  5. Nov 13, 2025Reported quarterly or annual results46
  6. Aug 13, 2025Reported quarterly or annual results47
  7. May 15, 2025Reported quarterly or annual results50
  8. Mar 24, 2025Reported quarterly or annual results51

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

Filings

359 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 52 major events, 136 insider forms, 47 large holders, 103 other. The latest 20:

  1. Oct 1, 2026SCHEDULE 13G EDGAR
  2. Sep 1, 20264 EDGAR
  3. Sep 1, 20264 EDGAR
  4. Sep 1, 20264 EDGAR
  5. Sep 1, 20264 EDGAR
  6. Sep 1, 20264 EDGAR
  7. Sep 1, 2026S-8 EDGAR
  8. Aug 20, 2026EFFECT EDGAR
  9. Aug 14, 2026SCHEDULE 13G/A EDGAR
  10. Aug 14, 2026SCHEDULE 13G EDGAR
  11. Aug 12, 20263 EDGAR
  12. Aug 12, 20263 EDGAR
  13. Aug 12, 20263 EDGAR
  14. Aug 12, 2026SCHEDULE 13G/A EDGAR
  15. Aug 11, 2026S-3 EDGAR
  16. Aug 11, 202610-Q EDGAR
  17. Aug 11, 20268-K EDGAR
  18. Aug 5, 20268-K EDGAR
  19. Jul 27, 2026SCHEDULE 13G/A EDGAR
  20. Jul 8, 20264 EDGAR

The 359 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

56 open-market trades by officers, directors and large owners since October 2021: 16 buys and 40 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 16, 2026Gibney Anthony SSee RemarksSale12,824$6.42$82.3KForm 4
May 7, 2026Matrix Capital Management Company, LP10% ownerSale6,922,870$5.64$39.0MForm 4
Apr 16, 2026Kilroy ConorSee RemarksSale11,738$7.02$82.4KForm 4
Feb 17, 2026Kilroy ConorSee RemarksSale12,079$5.05$61.0KForm 4
Feb 17, 2026Plavsic MarkChief Technology OfficerSale15,890$5.05$80.2KForm 4
Feb 17, 2026Hopkins Janet JillChief Medical OfficerSale20,401$5.06$103.2KForm 4
Feb 17, 2026Elazzouzi AmySVP, Finance & PAOSale8,549$5.06$43.3KForm 4
Feb 17, 2026de los Pinos ElisabetSee RemarksSale47,648$5.06$241.1KForm 4
Jan 20, 2026Elazzouzi AmySVP, Finance & PAOSale1,581$4.86$7.7KForm 4
Jan 20, 2026de los Pinos ElisabetSee RemarksSale16,928$4.86$82.3KForm 4
Nov 17, 2025Hopkins Janet JillChief Medical OfficerSale17,109$5.42$92.7KForm 4
Oct 29, 2025Elazzouzi AmySVP, Finance & PAOSale896$6.35$5.7KForm 4
Oct 29, 2025de los Pinos ElisabetSee RemarksSale9,049$6.35$57.5KForm 4
Oct 16, 2025Plavsic MarkChief Technology OfficerSale12,169$6.35$77.3KForm 4
Aug 18, 2025Elazzouzi AmySVP, Finance & PAOSale7,722$6.70$51.7KForm 4
May 16, 2025Johnson David MichaelDirectorBuy20,000$4.90$98.0KForm 4
May 16, 2025Gibney Anthony SSee RemarksBuy50,000$4.90$245.0KForm 4
May 16, 2025Gibney Anthony SSee RemarksSale1,519$5.15$7.8KForm 4
Apr 16, 2025Elazzouzi AmySVP, Finance & PAOSale897$5.49$4.9KForm 4
Apr 16, 2025Kilroy ConorSee RemarksSale7,162$5.49$39.3KForm 4

All 56 trades can be filtered by person here when JavaScript is on.

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.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Elisabet de los Pinos, Ph.D.Former President, Chief Executive Officer and Director$645.5K$4.0M68
2025Anthony GibneyChief Financial and Business Officer$345.9K$2.8M68
2025J. Jill Hopkins, M.D.Chief Medical Officer and President of Research and Development$551.2K$2.2M68
2024Elisabet de los Pinos, Ph.D.Former President, Chief Executive Officer and Director$620.7K$3.6M68
2024J. Jill Hopkins, M.D.Chief Medical Officer and President of Research and Development$525.0K$1.2M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
TCG Crossover Management, LLC9,533,333$67.7M1.6%New
Montanova Capital, LLC7,206,217$51.2M1.1%+2,833,333
Frazier Life Sciences Management, L.P.7,100,000$50.4M1.1%+2,000,000
Nantahala Capital Management, LLC5,902,060$41.9M1.3%+3,784,363
Long Focus Capital Management, LLC5,119,582$36.3M1.5%+500,000
BlackRock, Inc.4,707,674$33.4M0.0%+1,121,034
Adage Capital Partners Gp, L.l.c.4,640,000$32.9M0.0%−241,125
Caligan Partners LP4,298,248$30.5M1.5%+4,068,384
Vanguard Capital Management LLC4,100,342$29.1M0.0%+1,856,514
Fcpm III Services B.v.4,053,775$28.8M3.8%New
Orbimed Advisors LLC3,333,333$23.7M0.4%New
Medicxi Ventures Management (Jersey) Ltd3,039,892$21.6M12.2%No change
Jupiter Topco LLC2,500,000$17.8M0.0%New
Ra Capital Management, L.P.2,500,000$17.8M0.2%New
Balyasny Asset Management L.P.2,354,619$16.7M0.0%+1,796,965
Franklin Resources Inc2,072,726$14.7M0.0%No change
Geode Capital Management, LLC1,754,721$12.5M0.0%+443,859
Redmile Group, LLC1,666,667$11.8M0.8%New
EcoR1 Capital, LLC1,666,667$11.8M0.6%New
Trails Edge Capital Partners, LP1,443,333$10.2M1.6%New
Foresite Capital Management VI LLC1,333,334$9.5M1.5%New
State Street Corp1,222,984$8.7M0.0%+258,314
Woodline Partners LP1,210,183$8.6M0.0%New
Bellevue Group AG1,166,667$8.3M0.2%New
Vivo Capital, LLC1,166,667$8.3M0.8%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

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

  • Name on EDGARAura Biosciences, Inc.2
  • CIK0001501796
  • Employer ID (EIN)32-02719706
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company6
  • Incorporated inDelaware6
  • Fiscal year endsDecember 312
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)2
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance2
  • Business address80 Guest Street, Boston, MA 021352
  • Phone(617)500-88642
  • Shares outstanding103,704,809 as of Aug 6, 202613
  • Public float$321.0M as of Jun 30, 20256
  • AuditorErnst & Young LLP, Boston, Massachusetts PCAOB ID 42; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceSep 21, 20102
  • Filings378 in all: 4 (112), 8-K (52), 144 (44), 3 (24), 10-Q (15), SCHEDULE 13G/A (13), SC 13G/A (12), D (11)2
    All 37 form types

    SC 13G (9), 424B5 (8), S-8 (8), DEFA14A (7), SCHEDULE 13G (7), CORRESP (6), DEF 14A (6), 10-K (5), UPLOAD (5), ARS (4), EFFECT (4), S-3 (3), D/A (2), PRE 14A (2), SC 13D (2), SC 13D/A (2), SCHEDULE 13D/A (2), SEC STAFF LETTER (2), 10-K/A (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), S-1 (1), S-1/A (1), S-1MEF (1), S-3MEF (1)

  • Latest filingsAnnual report (10-K) Mar 30, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Jun 29, 2026
    Latest 8-K (8-K) Aug 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.00001 per shareAURANasdaq Global Market LLC

From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).6

Risk factors and legal proceedings

The risks Aura Investments Ltd. names in Item 1A of its 10-K filed Mar 30, 2026: 69 risks under these headings, as written.6

  • Risks Related to Our Financial Position, and Additional Capital Needs
  • We have incurred significant net losses since our inception and anticipate that we will continue to incur losses for the foreseeable future, which raises a risk regarding our ability to continue as a going concern.
  • We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, our ability to continue as a going concern may be negatively impacted and we may be forced to delay, reduce or terminate one or more of our research and development programs, future commercialization efforts, product development or other operations.
  • Our auditors have issued a “going concern” audit opinion.
  • Recent volatility in capital markets may affect our ability to access new capital through sales of shares of our common stock or issuance of indebtedness.
  • Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish proprietary rights to our technologies or product candidates.
  • Our ability to generate revenue and achieve profitability depends significantly on our ability to achieve our objectives relating to the discovery, development, regulatory approval and commercialization of our product candidates.
  • Risks Related to the Discovery and Development of our Product Candidates
  • We are heavily dependent on the success of bel-sar, our only product candidate to date.
  • If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals for bel-sar, we will not be able to commercialize, or will be delayed in commercializing, our product candidates, and our ability to generate revenue will be materially impaired.
  • We have initiated but not yet completed a pivotal clinical trial nor have we commercialized any pharmaceutical products, which may make it difficult to evaluate our future prospects.
  • If we fail to develop additional product candidates, or obtain additional indications of our first product candidate, our commercial opportunity could be limited.
The other 59 risks
  • Bel-sar is a biologic that requires the use of multiple medical devices, which may result in additional regulatory risks.
  • Changes in methods of product candidate manufacturing or formulation may result in additional costs or delay.
  • If we experience delays or difficulties in the enrollment of patients in clinical trials, our receipt of necessary regulatory approvals could be delayed or prevented.
  • We are conducting a clinical trial outside the United States, and we may in the future conduct additional clinical trials for current or future 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 United States, we may never receive regulatory approval to market our current or future product candidates outside of the United States.
  • The results of preclinical studies and early clinical trials may not be predictive of future results.
  • Interim, “top-line,” and preliminary or early 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.
  • Bel-sar or any future product candidates may cause or reveal significant adverse events, toxicities or other undesirable side effects which may delay or prevent marketing approval. In addition, if we obtain approval for any of our product candidates, significant adverse events, toxicities or other undesirable side effects may be identified during post-marketing surveillance, which could result in regulatory action or negatively affect our ability to market the product.
  • We may incur additional costs or experience delays in initiating or completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
  • 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 expenses. Additionally, our product candidates, if approved, could be subject to post-marketing commitments/requirements, marketing and labeling restrictions, and even recall or market withdrawal if unanticipated safety issues are discovered following approval. In addition, we may be subject to penalties or other enforcement action if we fail to comply with regulatory requirements.
  • We may be unable to obtain ODD for additional indications, or to maintain the benefits associated with orphan drug status, including market exclusivity, which may cause our revenue, if any, to be reduced.
  • A breakthrough therapy designation or Fast Track designation by the FDA, even if granted for any of our product candidates, may not lead to a faster development, regulatory review or approval process, and each designation does not increase the likelihood that any of our product candidates will receive regulatory approval in the United States.
  • Accelerated approval by the FDA, even if granted for bel-sar or any other future product candidates, may not lead to a faster development or regulatory review or approval process and it does not increase the likelihood that our product candidates will receive regulatory approval.
  • The FDA’s agreement to a Special Protocol Assessment, or SPA, with respect to the study design of our global Phase 3 trial of bel-sar for the treatment of early choroidal melanoma does not guarantee any particular outcome from regulatory review, including ultimate approval, and may not lead to a successful review or approval process.
  • Risks Related to Our Reliance on Third Parties
  • We rely on third parties to conduct our clinical trials and some aspects of our research and preclinical testing, and expect to continue to do so, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research or testing.
  • We currently rely on third-party CDMOs for the production of clinical supply of bel-sar and may continue to rely on CDMOs for the production of commercial supply of bel-sar, if approved. This reliance on CDMOs increases the risk that we will not have sufficient quantities of such materials, product candidates, or any therapies that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost, which could delay, prevent, or impair our development or commercialization efforts.
  • Risks Related to Commercialization
  • If bel-sar or any future product candidates do not achieve broad market acceptance, the revenue that we generate from their sales may be limited, and we may never become profitable.
  • We currently have no marketing and sales organization and have no experience in marketing products. If we are unable to establish marketing and sales capabilities or enter into agreements with third parties to market and sell our product candidates, we may not be able to generate product revenue.
  • We may face competition, which may result in others discovering, developing or commercializing drugs before or more successfully than we do.
  • Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, which would harm our business.
  • If the market opportunity for bel-sar is smaller than we estimate or if any regulatory approval that we obtain is based on a narrower definition of the patient population, our revenue and ability to achieve profitability will be adversely affected, possibly materially.
  • Our business operations and current and future relationships with investigators, healthcare professionals, consultants, third-party payors, patient organizations and customers will be subject to applicable healthcare regulatory laws, which could expose us to penalties.
  • Current and future healthcare legislative reform measures may have a material adverse effect on our business and results of operations.
  • Risks Related to Our Intellectual Property
  • Our ability to compete may decline if we do not adequately protect our proprietary rights, and our proprietary rights do not necessarily address all potential threats to our competitive advantage.
  • We may need to license intellectual property from third parties, and such licenses may not be available or may not be available on commercially reasonable terms.
  • We rely on intellectual property licensed from third parties. We face risks with respect to such reliance, including the risk that, if we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • If we do not obtain patent term extension in the United States under the Hatch-Waxman Act and in foreign countries under similar legislation with respect to bel-sar or a future product candidate, thereby potentially extending the term of marketing exclusivity for such product, our business may be harmed.
  • Patents and patent applications involve highly complex legal and factual questions, which, if determined adversely to us, could negatively impact our patent position.
  • Third parties may assert claims against us alleging infringement of their patents and proprietary rights, or we may need to become involved in lawsuits to defend or enforce our patents, either of which could result in substantial costs or loss of productivity, delay or prevent the development and commercialization of product candidates, prohibit our use of proprietary technology or sale of potential products or put our patents and other proprietary rights at risk.
  • We will not seek to protect our intellectual property rights in all jurisdictions throughout the world, and we may not be able to adequately enforce our intellectual property rights even in the jurisdictions where we seek protection.
  • If we or our licensors are unable to protect the confidentiality of the proprietary information related to our product or process, our business and competitive position would be harmed.
  • Risks Related to our Business and Industry
  • If we lose key management personnel, or if we fail to recruit additional highly skilled personnel, our ability to pursue our business strategy and continue as a going concern will be impaired, could result in loss of markets or market share and could make us less competitive.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Changes in tax laws or in their implementation or interpretation may adversely affect us or our investors.
  • Our internal information technology systems, or those of our third-party CROs, contractors, consultants or others who process sensitive information on our behalf, may fail or suffer cybersecurity incidents or breaches, loss or leakage of data and other compromises, any of which could result in a material disruption of our product candidates’ development programs, compromise sensitive information related to our business or prevent us from accessing such information, expose us to liability or otherwise adversely affect our business.
  • AI presents risks and challenges that can impact our business including by posing security risks to our confidential information, proprietary information, and personal data.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • Any future acquisitions, in-licensing or strategic partnerships may increase our capital requirements, dilute our stockholders, divert our management’s attention, cause us to incur debt or assume contingent liabilities and subject us to other risks.
  • We or the third parties upon whom we depend on may be adversely affected by natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • We expect to significantly expand our organization, including building sales and marketing capability and creating additional infrastructure to support our operations as a public company, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and could limit commercialization of any current or future product candidates that we may develop.
  • Our employees and independent contractors, including principal investigators, consultants, commercial collaborators, service providers and other vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could have an adverse effect on our results of operations.
  • Risks Related to Our Common Stock
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant influence over matters subject to stockholder approval.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • We may be subject to securities litigation, which is expensive and could divert management attention.
  • Our quarterly operating results may fluctuate significantly or may fall below the expectations of investors or securities analysts, each of which may cause our stock price to fluctuate or decline.
  • Our amended and restated bylaws designate specific courts as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us.
  • Anti-takeover provisions in our amended and restated certificate of incorporation and amended and restated bylaws and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may prevent attempts by our stockholders to replace or remove our current management and, therefore, decrease the trading price of our common stock.
  • Future sales and issuances of our common stock or rights to acquire shares of our common stock, could result in additional dilution to the ownership of our stockholders and cause the market price of our common stock to decline significantly.
  • General Risk Factors
  • We are subject to certain U.S. and foreign anti-corruption, anti-money laundering, export control, sanctions, and other trade laws and regulations. We can face serious consequences for violations.
  • Adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties, could adversely affect our company’s current and projected business operations and its financial condition and results of operations.
  • Our employees, independent contractors, consultants, academic collaborators, partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements.
  • We are an “emerging growth company” and a “smaller reporting company” and we cannot be certain if the reduced reporting requirements applicable to “emerging growth companies” and “smaller reporting companies” will make our common stock less attractive to investors.
  • The market price of our stock may be volatile, and you could lose all or part of your investment.
  • We have incurred and will continue to incur increased costs as a result of operating as a public company, and our management devotes substantial time to compliance initiatives.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.
  • Global economic uncertainty and unfavorable global economic conditions caused by political instability, changes in trade agreements and conflicts, such as the Russia-Ukraine conflict and the conflict in the Middle East, could adversely affect our business, financial condition, results of operations or prospects.

Legal proceedings

From time to time, we may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Although the results of litigation and claims cannot be predicted with certainty, as of December 31, 2025, we do not believe we are party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.6

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