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BCDA on Nasdaq

BioCardia, Inc.

American biological products company based in San Carlos2

In its 2026 annual report the company says: “We are a clinical-stage company developing cellular and cell-derived therapeutics for the treatment of cardiovascular and pulmonary diseases with significant unmet medical needs.”13 Its shares trade on Nasdaq under the symbol BCDA.2

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Last updated Oct 21, 2026.

Overview

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  • TickerBCDA on Nasdaq2
  • IndustryBiological Products, (No Diagnostic Substances)2
  • HeadquartersSan Carlos, United States2
  • Incorporated inDE3
  • Business address320 Soquel Way, Sunnyvale, Ca 940853
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI5493003EDBXRQRW22O752
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O The Corporation Trust Company, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 34975572

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Financials

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

Key numbers, fiscal 2025

-100.0%Revenue growth, 20255
-919.3%Return on equity5
-$7.4MFree cash flow5

Financial statements

Revenue6789105$0 in 2025
0$500.0K$1.0M$1.5M2019: $710.0K$710.0K20192020: $145.0K$145.0K2020−80%2021: $1.0M$1.0M2021+600%2022: $1.4M$1.4M2022+33%2023: $477.0K$477.0K2023−65%2024: $58.0K$58.0K2024−88%2025: $0$02025
Operating income6789105-$8.3M in 2025−42% since 2019
-$20.0M-$15.0M-$10.0M-$5.0M02019: -$14.2M-$14.2M20192020: -$15.5M-$15.5M2020+9%2021: -$12.6M-$12.6M2021−19%2022: -$11.9M-$11.9M2022−6%2023: -$11.6M-$11.6M2023−2%2024: -$8.0M-$8.0M2024−31%2025: -$8.3M-$8.3M2025+3%
Net income6789105-$8.2M in 2025−44% since 2019
-$20.0M-$15.0M-$10.0M-$5.0M02019: -$14.7M-$14.7M20192020: -$15.0M-$15.0M2020+2%2021: -$12.6M-$12.6M2021−16%2022: -$11.9M-$11.9M2022−6%2023: -$11.6M-$11.6M2023−3%2024: -$7.9M-$7.9M2024−31%2025: -$8.2M-$8.2M2025+4%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Collaboration agreement revenue$0$58.0K
Research and development$5.0M$4.4M
Selling, general and administrative$3.3M$3.7M
Total costs and expenses$8.3M$8.1M
Operating loss-$8.3M-$8.0M
Total other income, net$50.0K$55.0K
Net loss-$8.2M-$7.9M
Net loss per share, basic and diluted (in dollars per share)-$1.23-$2.90
Weighted-average shares used in computing net loss per share, basic and diluted (in shares)6.7M shares2.7M shares

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Corporate structure

BioCardia, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of BioCardia, Inc.

  • BioCardia, Inc. San Carlos, California, United States
    • BioCardia Lifesciences, Inc. Subsidiary · Delaware, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What BioCardia, 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$801.0K5 Dec 31, 2025$794.0K5 Dec 31, 2024+0.9%
Accumulated depreciation$785.0K5 Dec 31, 2025$761.0K5 Dec 31, 2024+3.2%
Property and equipment, net$16.0K5 Dec 31, 2025$33.0K5 Dec 31, 2024−51.5%
Operating-lease assets (leased space)$494.0K5 Dec 31, 2025$898.0K5 Dec 31, 2024−45.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.5M5 Dec 31, 2025$2.4M5 Dec 31, 2024+5.3%

Properties, in its own words

Our principal executive office is located at 320 Soquel Way, Sunnyvale, CA 94085 in a facility we lease encompassing 9,369 square feet of office, lab, and manufacturing space. The lease for this facility expires in January 2027. We believe that our existing facilities are adequate for our current needs. If we determine that additional or new facilities are needed in the future, we believe that sufficient options would be available to us on commercially reasonable terms.

Item 2 of the 10-K filed Mar 24, 2026.13

Leadership

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

Chief executive

  1. Roy Israel2007
  2. Glenn L. Halpryn2007–2008
  3. Andrew A. Brooks2008–2016
  4. Peter Altman2016–now

Chair

  1. Roy Israel2007
  2. Glenn L. Halpryn2007–2008
  3. Andrew A. Brooks2009

President

  1. Roy Israel2007
  2. Glenn L. Halpryn2007–2008
  3. Mikhail Kvitnitsky2011
  4. Peter Altman2016–now

Chief financial officer

  1. Rheaume Patricia A. Giuliani2007
  2. Alan Jay Weisberg2007–2008
  3. Derrick Romine2008
  4. David McClung2018–now

Chief operating officer

  1. Mikhail Kvitnitsky2008–2011
2010201520202025
Board members and other officers (30)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • BioCardia Lifesciences, Inc. Delaware4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Tiger X Medical, Inc.Feb 25, 2011 to Oct 17, 20163
  • Cardo Medical, Inc.Oct 29, 2008 to May 25, 20113
  • CLICKNSETTLE COM INCNov 7, 2000 to Oct 20, 20083
  • NAM CORPDec 23, 1996 to Mar 29, 20003

Timeline

  1. Oct 7, 20268-K Other events50
  2. Oct 1, 20268-K Other events51
  3. Sep 23, 20268-K Other events52
  4. Sep 21, 20268-K Other events53
  5. Sep 10, 20268-K Other events54
  6. Aug 24, 20268-K Regulation FD disclosure55
  7. Aug 21, 20268-K Listing notice or transfer56
  8. Aug 12, 20268-K Results of operations57
  9. Jun 18, 20268-K Regulation FD disclosure58
  10. Jun 12, 20268-K Listing notice or transfer59
  11. Jun 8, 20268-K Other events60
  12. Jun 5, 20268-K Regulation FD disclosure61
  13. Oct 26, 2016New chief executive Peter Altman becomes CEO14
  14. Sep 8, 2008New chief executive Andrew A. Brooks becomes CEO15
  15. Nov 9, 2007New chief executive Glenn L. Halpryn becomes CEO17
  16. Sep 27, 2007New chief executive Roy Israel becomes CEO16

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.24) a share, on Nov 12, 2025.62

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results57
  2. May 15, 2026Reported quarterly or annual results63
  3. Mar 24, 2026Reported quarterly or annual results64
  4. Nov 12, 2025Reported quarterly or annual results65
  5. Aug 11, 2025Reported quarterly or annual results66
  6. May 14, 2025Reported quarterly or annual results67
  7. Mar 26, 2025Reported quarterly or annual results68
  8. Nov 13, 2024Reported quarterly or annual results69

Drug trials and FDA: coming up

  1. Dec 2026Phase 1/2 trial readout expected Phase 1/2 trial of CardiALLO™ Human Allogenic Culture-expanded Bone marrow-derived Mesenchymal Stem Cells (hMSCs) in Heart Failure, Systolic: primary completion expected Dec 2026 (ClinicalTrials.gov NCT05925608).70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). Trials from ClinicalTrials.gov, as the sponsor registered them (expected dates are the sponsor's own and often move); approvals and advisory committee meetings from the FDA. The FDA does not publish its decision (PDUFA) dates. The full markets calendar

Filings

404 filings to the SEC since October 2021: 6 annual reports, 16 quarterly reports, 147 major events, 154 insider forms, 20 large holders, 61 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Oct 1, 20268-K EDGAR
  3. Sep 30, 20264 EDGAR
  4. Sep 23, 20264 EDGAR
  5. Sep 23, 20268-K EDGAR
  6. Sep 21, 20268-K EDGAR
  7. Sep 10, 20268-K EDGAR
  8. Sep 4, 20264 EDGAR
  9. Aug 24, 20268-K EDGAR
  10. Aug 21, 20268-K EDGAR
  11. Aug 18, 20264 EDGAR
  12. Aug 13, 20264 EDGAR
  13. Aug 12, 20268-K EDGAR
  14. Aug 12, 202610-Q EDGAR
  15. Jul 29, 20264 EDGAR
  16. Jul 20, 20264 EDGAR
  17. Jul 15, 20264 EDGAR
  18. Jul 10, 20264 EDGAR
  19. Jul 8, 20264 EDGAR
  20. Jul 7, 20264 EDGAR

The 404 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

101 open-market trades by officers, directors and large owners since October 2021: 99 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 29, 2026Altman PeterPresident and CEOBuy1,000$1.03$1.0KForm 4
Sep 23, 2026Altman PeterPresident and CEOBuy1,900$1.05$2.0KForm 4
Sep 3, 2026Altman PeterPresident and CEOBuy800$1.09$872Form 4
Aug 17, 2026Altman PeterPresident and CEOBuy5,400$0.93$5.0KForm 4
Aug 13, 2026Altman PeterPresident and CEOBuy1,900$0.92$1.7KForm 4
Jul 29, 2026Altman PeterPresident and CEOBuy5,000$0.78$3.9KForm 4
Jul 17, 2026Altman PeterPresident and CEOBuy500$0.83$415Form 4
Jul 15, 2026Altman PeterPresident and CEOBuy1,500$0.86$1.3KForm 4
Jul 14, 2026Altman PeterPresident and CEOBuy2,800$0.88$2.5KForm 4
Jul 10, 2026Altman PeterPresident and CEOBuy1,000$0.94$940Form 4
Jul 9, 2026Altman PeterPresident and CEOBuy1,000$0.90$900Form 4
Jul 8, 2026Altman PeterPresident and CEOBuy5,500$0.97$5.3KForm 4
Jul 8, 2026Altman PeterPresident and CEOBuy5,400$0.96$5.2KForm 4
Jun 23, 2026STERTZER SIMON HDirectorBuy39,000$1.00$39.0KForm 4
Jun 22, 2026STERTZER SIMON HDirectorBuy70,200$0.92$64.6KForm 4
Jun 18, 2026Altman PeterPresident and CEOBuy800$0.96$768Form 4
Jun 17, 2026Altman PeterPresident and CEOBuy1,500$0.85$1.3KForm 4
Jun 9, 2026Altman PeterPresident and CEOBuy5,000$0.85$4.2KForm 4
May 20, 2026Altman PeterPresident and CEOBuy1,500$0.92$1.4KForm 4
May 19, 2026Altman PeterPresident and CEOBuy200$0.95$190Form 4

All 101 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
2024Peter AltmanPh.D.$493.4K81
2024David McClung62$354.9K81
2024Edward Gillis63$251.8K81
2023PresidentChief Executive Officer, and Director$515.5K$862.8K81
2023Chief Financial Officer$370.9K$533.2K81
2023Senior Vice PresidentDevices$263.1K$368.0K81

Held by these funds

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

FundSharesValueShare of the fundChange
Citigroup Inc397,594$493.0K0.0%New
CM Management, LLC300,000$372.0K0.2%+170,000
Vanguard Capital Management LLC124,591$154.5K0.0%No change
Pingora Partners LLC120,382$149.3K0.1%+84,643
UBS Group AG77,619$96.2K0.0%New
Geode Capital Management, LLC66,664$82.7K0.0%−27,623
Vanguard Fiduciary Trust Co66,270$82.2K0.0%No change
Susquehanna International Group, Llp38,809$48.1K0.0%−18
Brown Advisory Inc35,538$44.1K0.0%No change
Commonwealth Equity Services, LLC23,383$29.0K0.0%+5,100
Citadel Advisors LLC22,956$28.5K0.0%−40,428
StoneX Group Inc.20,020$24.8K0.0%New
Wealth Enhancement Advisory Services, LLC18,500$16.9K0.0%New
Tower Research Capital LLC (TRC)3,187$4.0K0.0%+209
Morgan Stanley3,105$3.9K0.0%No change
Allied Private Wealth LLC1,449$1.4K0.0%New
Global Retirement Partners, LLC411$5100.0%New
Gsa Capital Partners Llp12,862$160.0%New
SBI Securities Co., Ltd.9$110.0%No change
Osaic Holdings, Inc.1$10.0%No change
Caitong International Asset Management Co., Ltd1$10.0%New

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

SEC filer profile

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

  • Name on EDGARBioCardia, Inc.1
  • CIK0000925741
  • Employer ID (EIN)23-275398813
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company13
  • Incorporated inDelaware13
  • Fiscal year endsDecember 311
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address320 Soquel Way, Sunnyvale, CA 940851
  • Phone650-226-01231
  • Shares outstanding15,138,782 as of Aug 11, 202612
  • Public float$9.7M as of Jun 30, 202513
  • AuditorPKF San Diego, LLP, San Diego, California PCAOB ID 27; no auditor attestation of internal control over financial reporting13
  • On EDGAR sinceAug 2, 19961
  • Filings1,156 in all: 4 (383), 8-K (266), 10-Q (57), 3 (38), CORRESP (37), SC 13D/A (35), 10QSB (33), UPLOAD (33)1
    All 64 form types

    10-K (20), SC 13D (19), DEF 14A (18), EFFECT (15), SC 13G (14), SC 13G/A (14), S-8 (13), 4/A (12), 424B5 (11), 10KSB (10), 3/A (8), S-1/A (8), S-3 (8), 10-Q/A (7), 10-K/A (6), PRE 14A (6), 424B4 (5), 8-K/A (5), DEF 14C (5), PRE 14C (5), S-1 (5), D (4), NT 10-K (4), DEFA14A (3), NT 10-Q (3), PRER14C (3), S-3/A (3), SC 14F1 (3), 10QSB/A (2), 25-NSE (2), 424B3 (2), 8-A12G (2), POS AM (2), SB-2 (2), SB-2/A (2), SCHEDULE 13G (2), SCHEDULE 13G/A (2), 144 (1), 424B1 (1), 8-A12B (1), ARS (1), CERT (1), CT ORDER (1), DEFM14C (1), DEFR14A (1), DEFS14A (1), DRS (1), FWP (1), POS EX (1), PREM14C (1), PRES14A (1), REGDEX (1), S-1MEF (1), SC 14F1/A (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 24, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Nov 3, 2025
    Latest 8-K (8-K) Oct 7, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001BCDANasdaq

From the cover page of the 10-K filed Mar 24, 2026 (Section 12(b) of the Exchange Act).13

Risk factors and legal proceedings

The risks BioCardia, Inc. names in Item 1A of its 10-K filed Mar 24, 2026: 69 risks under these headings, as written.13

  • Risks Related to Our Business, Financial Condition and Capital Requirements
  • Risks Related to Development and Commercialization
  • Risks Relating to Government Regulation, Compliance and Litigation
  • Risks Related to the Operation of Our Business
  • Risks Relating to Our Intellectual Property
  • Risks Related to Our Securities
  • General Risks
  • Risks Relating to Our Business, Financial Condition and Capital Requirements
  • We have a history of operating losses, and we may not be able to achieve or sustain profitability.
  • We will require substantial additional financing to achieve our goals, and our failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development or commercialization efforts.
  • Our existing and any future contractual arrangement that we expect will provide us access to capital may provide less capital than expected and on a delayed basis.
  • Our cash and cash equivalents could be adversely affected if the financial institutions in which we hold our cash and cash equivalents fail.
The other 65 risks
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Recent U.S. tax legislation and future changes to applicable U.S. or foreign tax laws and regulations may have a material adverse effect on our business, financial condition and results of operations.
  • Risks Relating to Development and Commercialization
  • Our success depends in large part on our ability to obtain approval for, and successfully commercialize, the CardiAMP Cell Therapy System.
  • Because the CardiAMP Cell Therapy System is, to our knowledge, the first cardiac cell-based therapy with an accepted pivotal trial that is to be regulated by the FDA via the premarket approval pathway, the approval process for the CardiAMP Cell Therapy System is uncertain.
  • Our autologous and allogeneic therapies, delivery systems and other therapeutic candidates are based on novel technology, which makes it difficult to accurately and reliably predict the time and cost of product development and subsequently obtaining regulatory approval. At the moment, no cell-based therapies have been approved in the United States for a cardiac indication.
  • We have encountered, and may in the future encounter, substantial delays in our clinical studies.
  • We may find it difficult to enroll patients in our clinical trials, which could delay or prevent development of our therapeutic candidates.
  • We depend on our license and distribution agreement with Biomet Biologics, LLC, and if we fail to comply with our obligations under this agreement, or if our rights under this agreement are otherwise reduced or terminated, we could lose intellectual property rights that are important to our business.
  • We rely on third parties to conduct some or all aspects of our product manufacturing, diagnostic protocol development, research, and preclinical and clinical testing, and these third parties may not perform satisfactorily.
  • We rely on third parties to conduct, supervise and monitor our clinical trials. If these third parties do not successfully carry out their contractual duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • We depend on third-party vendors to manufacture some of our components and sub-assemblies, which could make us vulnerable to supply shortages and price fluctuations that could harm our business.
  • Our future commercial success depends upon attaining significant market acceptance of our therapeutic candidates, if approved, among physicians, patients and healthcare payors.
  • Our ability to compete is highly dependent on demonstrating the benefits of CardiAMP to physicians, hospitals and patients.
  • We face substantial competition, which may result in others discovering, developing or commercializing products before, or more successfully, than we do.
  • If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to market and sell our therapeutic candidates, if approved, we may be unable to generate any revenues.
  • We have limited experience manufacturing our therapeutic candidates or products in commercial quantities, which could harm our business.
  • If we fail to obtain and sustain an adequate level of reimbursement for our products by third-party payors, sales and profitability would be adversely affected.
  • We work with outside scientists and their institutions in developing therapeutic candidates and products. These scientists may have other commitments or conflicts of interest, which could limit our access to their expertise.
  • If the market opportunities for our therapeutic candidates or products are smaller than we believe they are, our revenues may be adversely affected, and our business may suffer.
  • Even if we obtain regulatory approval for a product candidate, including our autologous CardiAMP Cell Therapy System, CardiALLO allogeneic MSC therapy and other therapeutic candidates, these products or therapies, along with our other regulated products, will be subject to ongoing regulatory scrutiny.
  • We may fail to demonstrate safety and efficacy to the satisfaction of applicable regulatory agencies.
  • If we fail to obtain and maintain necessary regulatory clearances or approvals for our therapeutic candidates or products, or if clearances or approvals for our therapeutic candidates or products in additional indications are delayed or not issued, our commercial operations would be harmed.
  • Serious adverse events or other safety risks could require us to abandon development and preclude, delay or limit approval of our therapeutic candidates or products or limit the scope of any approved indication or market acceptance.
  • Our therapeutic candidates are intended to treat patients who are extremely ill, and patient deaths that occur in our clinical trials could negatively impact our business even if they are not shown to be related to our therapeutic candidates.
  • If we or our suppliers fail to comply with the FDA’s QMSR, our manufacturing operations could be delayed or shut down and product sales could suffer.
  • The requirements to obtain regulatory approval of the FDA and regulators in other jurisdictions can be costly, time-consuming, and unpredictable. If we are unable to obtain timely regulatory approval for our therapeutic candidates, our business may be substantially harmed.
  • Even if we obtain and maintain approval for our therapeutic candidates or products from the FDA, we may never obtain approval for our therapeutic candidates or products outside of the United States, which would limit our market opportunities and adversely affect our business.
  • We may face competition from biosimilars due to changes in the regulatory environment.
  • We are subject to significant regulation and oversight in the United States. Our failure to comply with these laws could harm our results of operations and financial condition.
  • Restrictive laws and regulations govern the collection, use, transfer, and other processing of personal information.
  • A recall of any of our commercialized products, or the discovery of serious safety issues, could have a significant negative impact on us.
  • Modifications to our products may require reclassifications, new regulatory approvals or clearances, or may require us to cease marketing or recall the modified products until new CE marking is obtained.
  • The use, misuse or off-label use of our products or therapies, if approved, may result in injuries that lead to product liability suits, which could be costly to our business.
  • Our employees, principal investigators, consultants and collaboration partners may engage in misconduct or other improper activities, including noncompliance with laws and regulatory standards and requirements and insider trading.
  • Price controls may be imposed in foreign markets, which may adversely affect our future profitability.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our therapeutic candidates or products.
  • If we fail to attract and keep senior management and key scientific personnel, we may be unable to successfully develop our therapeutic candidates, conduct our clinical trials and commercialize our therapeutic candidates.
  • We will need to expand our organization and we may experience difficulties in managing this growth, which could disrupt our operations.
  • Our business and operations would suffer in the event of system failures.
  • Our internal computer systems, or those of any of our CROs, manufacturers, other contractors or consultants or potential future collaborators, may fail or suffer actual or suspected security or privacy breaches or incidents or other unauthorized or improper access to, use of, or destruction of our proprietary or confidential data, employee data, or personal data, which could result in additional costs, loss of revenue, significant liabilities, harm to our brand and material disruption of our operations, and potentially significant delays in our delivery to market.
  • Interruptions in supply or inventory loss may adversely affect our operating results and financial condition.
  • We or the third parties upon whom we depend may be adversely affected by earthquakes or other natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Our financial controls and procedures may not be sufficient to accurately or timely report our financial condition or results of operations, which may adversely affect investor confidence in us and, as a result, the value of our Common Stock.
  • We may not be able to protect our proprietary technology in the marketplace.
  • The patent protection of biotherapeutics is complex and uncertain.
  • We may be unable to adequately prevent disclosure of trade secrets and other proprietary information.
  • We may be forced to litigate to enforce or defend our intellectual property rights, and/or the intellectual property rights of our licensors.
  • Intellectual property disputes could cause us to spend substantial resources and distract our personnel from their normal responsibilities.
  • Patent reform legislation and recent court decisions could increase the uncertainties and costs surrounding the prosecution of our patent applications and the enforcement or defense of our issued patents.
  • If third parties claim that our therapeutic candidates or other products infringe upon their intellectual property, commercialization of our therapeutic candidates or products and our operating profits could be adversely affected.
  • If we do not obtain patent term extension in the United States under the Hatch-Waxman Act and in foreign countries under similar legislation, thereby potentially extending the term of our marketing exclusivity of our therapeutic candidates or products, our business may be materially harmed.
  • Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • Our failure to meet the continued listing requirements of the Nasdaq could result in a de-listing of our common stock.
  • The market price and trading volume of our securities may be volatile and may be affected by economic conditions beyond our control.
  • If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, the price and trading volume of our securities could decline.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • As a smaller reporting company, we are subject to scaled disclosure requirements that may make it more challenging for investors to analyze our results of operations and financial prospects.
  • We may be exposed to additional risks as a result of our reverse merger transaction.
  • Our annual and 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.
  • Raising additional funds through debt or equity financing could be highly dilutive and may cause the market price of our common stock to decline.
  • Sales of a substantial number of shares of our common stock or rights to purchase our common stock could cause our stock price to fall.
  • Future sales and issuances of our common stock or rights to purchase our common stock, including pursuant to the HCW Sales Agreement or under our equity incentive plans, could result in additional dilution of the percentage ownership of our existing stockholders and could cause our stock price to fall.
  • We do not intend to pay dividends on our common stock so any returns will be limited to the value of our stock.
  • 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.
  • We are at risk of securities class action litigation.

Legal proceedings

The Company may be subject to various claims, complaints, and legal actions that arise from time to time in the normal course of business. Management does not believe that the Company is party to any current pending legal proceedings as of the date of filing this Annual Report on Form 10-K. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on the Company’s business, financial position, results of operations, or cash flows.

The opening of Item 3, Legal Proceedings.13

Sources

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  29. 29
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  31. 31
  32. 32
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  46. 46
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  48. 48
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  50. 50
    SEC EDGAROther events
  51. 51
    SEC EDGAROther events
  52. 52
    SEC EDGAROther events
  53. 53
    SEC EDGAROther events
  54. 54
    SEC EDGAROther events
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
    SEC EDGAROther events
  61. 61
  62. 62
  63. 63
  64. 64
  65. 65
  66. 66
  67. 67
  68. 68
  69. 69
  70. 70
  71. 71
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  75. 75
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  80. 80
  81. 81