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CYPH on Nasdaq

CYPHERPUNK TECHNOLOGIES INC.

CYPHERPUNK TECHNOLOGIES INC. is an American pharmaceutical preparations company based in Cambridge.1

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Last updated Oct 21, 2026.

Overview

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  • TickerCYPH on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersCambridge, Massachusetts1
  • Incorporated inDE2
  • Business address47 Thorndike Street, Suite B1-1, Cambridge, Ma 021422
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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We were incorporated in the state of Delaware on January 3, 2011. Our wholly owned subsidiaries as of December 31, 2025 include HealthCare Pharmaceuticals Pty Ltd. (“HCP Australia”), Leap Securities Corp., Flame Biosciences LLC, and Leap Therapeutics, Inc. (“Leap”).4 From its latest annual report

Financials

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

Key numbers, fiscal 2021

-2761.7%Operating margin5
-2705.8%Net margin5
0.0%Revenue growth, 20215
-37.6%Return on equity6

Where the money goes

Where each dollar of revenue went, fiscal 2021

  • Research and development100¢$32.2M
  • Interest0¢$41.0K
  • Income tax0¢$24.0K

Out of $1.5M in revenue.5 The company lost money this year.

Financial statements

Revenue75$1.5M in 2021+0% since 2020
0$500.0K$1.0M$1.5M2020: $1.5M$1.5M20202021: $1.5M$1.5M2021+0%
Operating income875-$41.4M in 2021+24% since 2019
-$60.0M-$40.0M-$20.0M02019: -$33.5M-$33.5M20192020: -$28.5M-$28.5M2020−15%2021: -$41.4M-$41.4M2021+45%
Net income875-$40.6M in 2021+23% since 2019
-$60.0M-$40.0M-$20.0M02019: -$32.9M-$32.9M20192020: -$27.5M-$27.5M2020−16%2021: -$40.6M-$40.6M2021+48%

Every line of the income statement as filed: the last 2 fiscal years, latest first.11

Period ending2025-12-312024-12-31
Research and development$25.7M$57.2M
General and administrative$10.9M$12.8M
Restructuring charges$4.5M
Total operating expenses$41.1M$70.1M
Loss from operations-$41.1M-$70.1M
Interest income$916.0K$3.1M
Interest expense-$24.0K
Australian research and development incentives-$157.0K
Change in fair value of embedded derivative$50.4M
Foreign currency gain (loss)$5.0K-$42.0K
Income (loss) before income taxes$10.1M-$67.0M
Provision for income taxes-$5.3M-$585.0K
Net income (loss)$4.8M-$67.6M
Dividend attributable to down round feature of warrants-$234.0K
Net income (loss) attributable to common stockholders$4.8M-$67.8M
Basic (in dollars per share)$0.07-$1.81
Diluted (in dollars per share)$0.07-$1.81
Basic (in shares)66.1M shares37.6M shares
Diluted (in shares)70.7M shares37.6M shares

Compare CYPHERPUNK TECHNOLOGIES INC. with another company

Corporate structure

CYPHERPUNK TECHNOLOGIES INC. sits at the top of its group. 5 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of CYPHERPUNK TECHNOLOGIES INC.

  • Winklevoss Capital Fund, LLC Filed SCHEDULE 13D/A on CYPHERPUNK TECHNOLOGIES INC., latest Aug 19, 2026 (3 filings since Oct 16, 2025)
  • Gilead Sciences Filed SCHEDULE 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Feb 12, 2026 (2 filings since Apr 19, 2024)
  • Sean Michael Severns Filed SCHEDULE 13G on CYPHERPUNK TECHNOLOGIES INC., latest Nov 18, 2025
  • Samsara BioCapital, L.P. Filed SCHEDULE 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Aug 14, 2025 (2 filings since Apr 25, 2024)
  • BALYASNY ASSET MANAGEMENT L.P. Filed SCHEDULE 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Feb 14, 2025 (2 filings since Nov 14, 2024)
  • BeOne Medicines Ltd. Filed SC 13D/A on CYPHERPUNK TECHNOLOGIES INC., latest Oct 31, 2024 (2 filings since Oct 31, 2024)
  • PERCEPTIVE ADVISORS LLC Filed SC 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Feb 14, 2024 (3 filings since Feb 15, 2022)
  • HHLR ADVISORS, LTD. Filed SC 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Feb 14, 2022
  • Artal International S.C.A. Filed SC 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Feb 11, 2022
  • Eli Lilly and Company Filed SC 13G/A on CYPHERPUNK TECHNOLOGIES INC., latest Feb 10, 2022
  • CYPHERPUNK TECHNOLOGIES INC. Cambridge, Massachusetts
    • Flame Biosciences LLC Subsidiary · Delaware, United States
    • HealthCare Pharmaceuticals Pty Ltd. Subsidiary · Australia
    • Leap Securities Corp. Subsidiary · Massachusetts, United States
    • Leap Therapeutics, Inc. Subsidiary · Delaware, United States

Built from 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 CYPHERPUNK TECHNOLOGIES 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$226.0K11 Dec 31, 2025$226.0K11 Dec 31, 20240%
Accumulated depreciation$226.0K11 Dec 31, 2025$221.0K11 Dec 31, 2024+2.3%
Property and equipment, net$5.0K11 Dec 31, 2024$5.0K12 Dec 31, 20230%
Operating-lease assets (leased space)$38.0K11 Dec 31, 2025$262.0K11 Dec 31, 2024−85.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$14.0M11 Dec 31, 2025$47.2M11 Dec 31, 2024−70.3%

Properties, in its own words

We have leased our principal offices in Cambridge, Massachusetts covering approximately 7,667 square feet of space. In November 2018, we entered into a lease through April 30, 2022. On May 16, 2022, we entered into a Third Amendment to Lease and extended the lease through July 31, 2024. On January 3, 2024, we entered into a Fourth Amendment to Lease and extended the lease through July 31, 2025. On July 1, 2025 we entered into a Fifth Amendment to Lease (“Fifth Amendment”), extending the 47 Thorndike Street Lease as a tenancy-at will. The term of the Lease expires on the last day of any month identified by notice by the Company or the landlord to the other, not less than sixty (60) days in advance.

Item 2 of the 10-K filed Mar 16, 2026.4

Leadership

Who has led CYPHERPUNK TECHNOLOGIES INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher Mirabelli2017–2019
  2. Douglas E. Onsi2020–now

Chair

  1. Christopher Mirabelli2017–now

President

  1. Christopher Mirabelli2017–2019

Chief financial officer

  1. Douglas E. Onsi2017–now

Chief operating officer

  1. Augustine Lawlor2017–now
20202025
Board members and other officers (17)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Mr. O'Mahony is the Chief Manufacturing Officer of the Issuer.Mark K. O'Mahony named Mar 13, 202333
  • DirectorRichard K. Schilsky named Mar 13, 202333
  • DirectorThomas K. Dietz named Mar 13, 202333
  • DirectorWilliam K. Li named Mar 13, 202333

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Flame Biosciences LLC Delaware3
  • HealthCare Pharmaceuticals Pty Ltd. Australia3
  • Leap Securities Corp. Massachusetts3
  • Leap Therapeutics, Inc. Delaware3

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

Former names

  • LEAP THERAPEUTICS, INC.Aug 29, 2016 to Nov 12, 20252
  • Dekkun CorpJan 7, 2011 to Jan 7, 20112

Timeline

  1. Sep 22, 20268-K Executive or director change; Regulation FD disclosure34
  2. Sep 2, 20268-K Other events35
  3. Aug 18, 20268-K Entered a material agreement; Unregistered sale of shares; Other events36
  4. Aug 12, 20268-K Results of operations; Other events37
  5. Jul 21, 20268-K Listing notice or transfer38
  6. Jun 22, 20268-K Shareholder vote39
  7. May 26, 20268-K Other events40
  8. May 14, 20268-K Results of operations41
  9. Apr 10, 20268-K Executive or director change42
  10. Mar 16, 20268-K Results of operations43
  11. Mar 9, 20268-K Listing notice or transfer44
  12. Dec 30, 20258-K Regulation FD disclosure; Other events45
  13. Aug 12, 2020New chief executive Douglas E. Onsi becomes CEO13
  14. Jan 23, 2017New chief executive Christopher Mirabelli becomes CEO14

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202646

When it reported results

  1. Aug 12, 2026Reported quarterly or annual results37
  2. May 14, 2026Reported quarterly or annual results41
  3. Mar 16, 2026Reported quarterly or annual results43
  4. Nov 12, 2025Reported quarterly or annual results47
  5. Aug 14, 2025Reported quarterly or annual results48
  6. May 13, 2025Reported quarterly or annual results49
  7. Mar 26, 2025Reported quarterly or annual results50
  8. Nov 13, 2024Reported 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

321 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 65 major events, 167 insider forms, 18 large holders, 1 private raises, 50 other. The latest 20:

  1. Oct 14, 20264 EDGAR
  2. Oct 14, 20264 EDGAR
  3. Sep 25, 20263 OWNERSHIP DOCUMENT EDGAR
  4. Sep 25, 20264 OWNERSHIP DOCUMENT EDGAR
  5. Sep 25, 20264 OWNERSHIP DOCUMENT EDGAR
  6. Sep 22, 20268-K EDGAR
  7. Sep 2, 20268-K EDGAR
  8. Aug 27, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Aug 26, 2026144 EDGAR
  10. Aug 24, 20264 OWNERSHIP DOCUMENT EDGAR
  11. Aug 24, 20263 OWNERSHIP DOCUMENT EDGAR
  12. Aug 19, 20264 EDGAR
  13. Aug 19, 2026SCHEDULE 13D/A EDGAR
  14. Aug 19, 20264 EDGAR
  15. Aug 18, 20268-K EDGAR
  16. Aug 12, 202610-Q EDGAR
  17. Aug 12, 20268-K EDGAR
  18. Jul 21, 20268-K EDGAR
  19. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR
  20. Jul 2, 20264 OWNERSHIP DOCUMENT EDGAR

The 321 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

7 open-market trades by officers, directors and large owners since October 2021: 0 buys and 7 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 25, 2026Oei Khing DjienDirectorSale168,750$3.92$661.5KForm 4
Sep 23, 2026Martin Patricia A.DirectorSale50,000$3.86$193.0KForm 4
Aug 26, 2026Dietz Thomas JohnDirectorSale20,000$1.72$34.4KForm 4
Mar 26, 2026Mirabelli ChristopherDirectorSale60,000$0.71$42.6KForm 4
Nov 17, 2025Mirabelli ChristopherDirectorSale676,319$3.14$2.1MForm 4
Nov 17, 2025CAVANAUGH JAMES HDirectorSale261,840$3.14$822.2KForm 4
Nov 17, 2025ONSI DOUGLAS ECEO,CFO,Pres.,GC,Treas.&Sec.Sale676,319$3.14$2.1MForm 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.

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
2025William McEvoyChief Investment Officer30$35.4K$6.7M62
2025Douglas E. OnsiChief Executive Officer, Chief Financial Officer, Treasurer and Secretary57$708.8K$4.7M62
2025Cynthia SirardFormer Chief Medical Officer$306.2K$637.7K62
2024Douglas E. OnsiChief Executive Officer, Chief Financial Officer, Treasurer and Secretary57$703.1K$1.5M62
2024Cynthia SirardFormer Chief Medical Officer$520.8K$1.1M62

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$77.2M 2023–2023
Money received by yearMoney received by year, 2023–2023: $77.2M in all. Private raises (Form D) $77.2M.$0$20M$40M$60M$80M2023 · Private raises (Form D): $77.2M2023
Figures by year
YearPrivate raises (Form D)Total
2023$77.2M$77.2M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Jan 17, 2023Raised $77.2 million in a private offering of equity33 Form D: 121 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 47. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Vanguard Capital Management LLC3,887,574$2.4M0.0%+2,069,160
BlackRock, Inc.2,622,823$1.6M0.0%+280,649
Jane Street Group, LLC1,701,926$1.0M0.0%New
Geode Capital Management, LLC1,173,737$718.8K0.0%+602,669
UBS Group AG1,127,366$689.9K0.0%+956,298
Citadel Advisors LLC836,153$512.0K0.0%New
XTX Topco Ltd638,329$390.8K0.0%+607,671
Vanguard Fiduciary Trust Co571,345$349.7K0.0%+274,259
State Street Corp516,113$316.0K0.0%+376,000
Northern Trust Corp222,031$135.9K0.0%+134,469
Susquehanna International Group, Llp217,997$133.5K0.0%−44,956
Morgan Stanley174,586$106.9K0.0%+137,081
LPL Financial LLC159,194$97.5K0.0%−3,300
Sequoia Financial Advisors, LLC152,500$93.4K0.0%+104,500
HighTower Advisors, LLC100,580$61.6K0.0%+40,080
Two Sigma Investments, LP80,411$49.2K0.0%+13,839
Key Client Fiduciary Advisors, LLC75,102$46.0K0.0%−5,322
Farther Finance Advisors, LLC44,844$27.5K0.0%+42,786
Texas Capital Bank Wealth Management Services Inc37,600$23.0K0.0%−66,600
Simplify Asset Management Inc.27,979$17.1K0.0%+6,840
Spark Investment Management LLC25,900$15.9K0.0%New
Gerber Kawasaki Wealth & Investment Management22,000$13.5K0.0%No change
Group One Trading LLC21,444$13.1K0.0%−85,972
Qube Research & Technologies Ltd15,742$9.6K0.0%New
Tower Research Capital LLC (TRC)14,653$9.0K0.0%New

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

SEC filer profile

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

  • Name on EDGARCYPHERPUNK TECHNOLOGIES INC.1
  • CIK0001509745
  • Employer ID (EIN)27-44125754
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address47 Thorndike Street, Suite B1-1, Cambridge, MA 021421
  • Phone617 252 43431
  • Shares outstanding107,764,382 as of Aug 10, 202610
  • Public float$12.1M as of Jun 30, 20254
  • AuditorEisnerAmper LLP, Philadelphia, Pennsylvania PCAOB ID 274; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJan 7, 20111
  • Filings623 in all: 4 (262), 8-K (135), 10-Q (29), 3 (28), DEFA14A (14), S-8 (14), 424B5 (12), DEF 14A (12)1
    All 37 form types

    CORRESP (11), SC 13G/A (11), 10-K (10), UPLOAD (10), EFFECT (8), SC 13G (8), S-3 (6), SC 13D/A (6), 424B3 (5), ARS (4), PRE 14A (4), 425 (3), D (3), S-3/A (3), S-4/A (3), SC 13D (3), SCHEDULE 13D/A (3), SCHEDULE 13G/A (3), 144 (2), 8-K/A (2), 10-Q/A (1), 3/A (1), 8-A12B (1), CERTNAS (1), CT ORDER (1), S-1 (1), S-4 (1), SCHEDULE 13D (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 16, 2026
    Quarterly report (10-Q) Aug 12, 2026
    Proxy statement (DEF 14A) Apr 29, 2026
    Latest 8-K (8-K) Sep 22, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001CYPHNasdaq

From the cover page of the 10-K filed Mar 16, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks CYPHERPUNK TECHNOLOGIES INC. names in Item 1A of its 10-K filed Mar 16, 2026: 41 risks under these headings, as written.4

  • Risks Related to the Company’s Strategy and Industry
  • Risks Related to Leap
  • Risks Related to our Common Stock
  • We have recently shifted a significant portion of our business strategy towards a focus on our digital asset treasury strategy, and we may be unable to successfully execute this new strategy.
  • ZEC is a highly volatile digital asset, and fluctuations in the price of ZEC may adversely influence our financial results and the market price of our listed securities.
  • We have limited experience in investing in and managing the ownership of digital assets, and we rely on an affiliate of Winklevoss Capital, Gemini Space Sciences LLC, for the trading execution and custody of our ZEC, and we will not have direct control over our digital assets held through such custodian.
  • Because of the pseudonymous nature of blockchain transactions, we may inadvertently and without knowledge, directly or indirectly, engage in transactions with or for the benefit of prohibited persons under U.S. or foreign sanctions laws.
  • The cryptography used to enhance the privacy of transactions on the Zcash Network could ultimately fail or could be used to facilitate illicit activities, and businesses that facilitate transactions in ZEC may be at increased risk of criminal or civil lawsuits, or of having services cut off, which could negatively affect the price of ZEC and the value of our listed securities.
  • If we, Gemini or our respective third-party service providers experience a security breach or cyberattack and unauthorized parties obtain access to our ZEC, or if our access to our wallets holding ZEC is lost or destroyed, or other similar circumstances or events occur, we may lose some or all of our ZEC and our financial condition and results of operations could be materially adversely affected.
  • We face significant risks relating to disruptions, forks, 51% attacks, hacks, network disruptions, or other adverse events or other compromises to blockchain networks, which could materially and adversely impact our business, financial condition and results of operations.
  • We face risks relating to the potential compromise of the Zcash Network security by emerging technologies, including artificial intelligence and quantum computing, which may materially and adversely impact our operations and financial condition.
  • ZEC and other digital assets are novel assets and are subject to significant legal, commercial, tax, technical and regulatory uncertainty, which could materially adversely affect our financial position, operations and prospects.
The other 32 risks
  • ZEC does not pay interest or dividends and our ability to generate a return on investment from our purchases of ZEC is dependent on an appreciation in value of ZEC.
  • Digital asset holdings are less liquid than cash and cash equivalents and may not be able to serve as a source of liquidity for us to the same extent as cash and cash equivalents.
  • The concentration of our ZEC holdings could enhance the risks inherent in our digital asset treasury strategy.
  • The concentration of our expected digital asset holdings relative to non-digital assets enhances the risks inherent in our digital asset treasury strategy.
  • If we are unable to raise additional capital on acceptable terms, our ability to implement and sustain a digital asset treasury strategy may be compromised.
  • Our ability to time the price of our purchases of ZEC pursuant to our digital asset treasury strategy will be limited.
  • A significant decrease in the market value of our digital asset holdings could adversely affect our ability to satisfy financial obligations, including any debt financings.
  • Our common stock may trade at a substantial premium or discount to the value of ZEC we hold, and our stock price may be more volatile than the price of ZEC.
  • Our ZEC treasury strategy subjects us to enhanced regulatory oversight.
  • Absent federal regulations, there is a possibility that ZEC may be classified as a “security.” Any classification of ZEC as a “security” could lead to our falling under the definition of “investment company” under the Investment Act of 1940, as amended, and would subject us to additional regulation and could materially impact the operation of our business.
  • We may be deemed to be a “commodity pool” under CEA and CFTC Rules as a result of our commodity interest trading, which could have a material adverse effect on our business, financial condition and results of operations.
  • We are not subject to legal and regulatory obligations that apply to investment companies such as mutual funds and ETPs, or to obligations applicable to investment advisers.
  • Changes in regulatory interpretations could require us to register as a money services business or money transmitter, leading to increased compliance costs or operational shutdowns.
  • The availability of spot ETPs for digital assets may adversely affect the demand for our common stock, which could result in a decrease in the market price of our listed securities.
  • Although we currently are not considered to be a “controlled company” under Nasdaq corporate governance rules, we may in the future become a controlled company due to the concentration of voting power among Winklevoss Capital and their affiliates.
  • We have a history of losses, have no source of product revenue, and may never become profitable.
  • We will require additional capital to fund our operations which may not be available on acceptable terms, or at all. Failure to obtain financing when needed may force us to delay, limit or terminate our product development efforts or other operations which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our product candidates.
  • Clinical testing is expensive and can take many years to complete, and its outcome is inherently uncertain. Failure can occur at any time during the clinical trial process.
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming and inherently unpredictable, especially for an early-stage company such as ours. If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals, we may not be able to commercialize our product candidates as expected, and our ability to generate revenue could be materially impaired.
  • The therapeutic safety and efficacy of sirexatamab is unproven, and we may not be able to successfully develop and commercialize any of our products.
  • We face substantial competition from much larger competitors, which may result in others discovering, developing or commercializing products before, or more successfully than, we do.
  • We may acquire other assets, form collaborations or make investments in other companies or technologies, that could harm our operating results, dilute our stockholders’ ownership, or cause us to incur significant expense.
  • We rely, and expect to continue to rely, on third parties to conduct, supervise, and monitor our preclinical studies and clinical trials. If these third parties do not carry out their contractual duties or do not perform satisfactorily, including failing to meet deadlines for the completion of such trials or failing to comply with regulatory requirements, our business could be substantially harmed.
  • If the contract manufacturers upon whom we rely fail to produce our product candidates or components in the volumes that we require on a timely basis, or to comply with stringent regulations applicable to biopharmaceutical manufacturers, we may face delays in the development and commercialization of, or be unable to meet demand for, our product candidates and may lose potential revenues.
  • If we are unable to protect our intellectual property rights or if our intellectual property rights are inadequate to protect our technology and product candidates, our competitive position could be harmed.
  • Our share price has been low and volatile. If our share price continues to be low and volatile, we could be subject to securities class action litigation and our stockholders could incur substantial losses.
  • We are a “smaller reporting company,” and we take advantage of reduced disclosure and governance requirements applicable to smaller reporting companies, which could result in our common stock being less attractive to investors.
  • If we fail to maintain an effective system of disclosure controls and internal controls over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be adversely affected.
  • Sales of a substantial number of shares of our common stock in the public market by our stockholders could cause our stock price to fall.
  • 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.
  • Our failure to maintain compliance with Nasdaq’s continued listing requirements could result in the delisting of our Common Stock.

Legal proceedings

From time to time we may become involved in legal proceedings or be subject to claims that arise in the ordinary course of business. As of the date of this report, we are not currently a party to any material legal proceedings.

The opening of Item 3, Legal Proceedings.4

Sources

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