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IKT on Nasdaq

Inhibikase Therapeutics, Inc.

American biological products company based in Atlanta, incorporated in Delaware2

In its 2026 annual report the company says: “We are a clinical-stage pharmaceutical company developing therapeutics to modify the course of cardiopulmonary diseases, namely, Pulmonary Arterial Hypertension, in which aberrant signaling through type III receptor tyrosine kinases, including platelet derived growth factor receptors and a stem cell factor receptor, known as “c-Kit”, has been implicated. Our lead product candidate is IKT-001, a prodrug of imatinib mesylate, for PAH which is an orphan indication.”4

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Last updated Oct 21, 2026.

Overview

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  • TickerIKT on Nasdaq2
  • IndustryBiological Products, (No Diagnostic Substances)2
  • HeadquartersAtlanta, United States2
  • Incorporated inDE3
  • Business address1000 N. West Street, Suite 1200, Wilmington, De 198013
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300066CFEWOA17F122
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o THE CORPORATION TRUST COMPANY, CORPORATION TRUST CENTER 1209 ORANGE ST, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 48322442

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We are a clinical-stage pharmaceutical company developing therapeutics to modify the course of cardiopulmonary diseases, namely, Pulmonary Arterial Hypertension (“PAH”), in which aberrant signaling through type III receptor tyrosine kinases, including platelet derived growth factor receptors and a stem cell factor receptor, known as “c-Kit”, has been implicated. Our lead product candidate is IKT-001, a prodrug of imatinib mesylate (“imatinib”), for PAH which is an orphan indication. Imatinib was first approved in the United States in 2001 for various cancers and blood disorders and, following more than 20 years of clinical use, has a well-characterized safety profile with the first reported use of imatinib in PAH occurring in 2005. PAH is a progressive, life-threatening disease characterized by pulmonary vascular remodeling and elevated pulmonary vascular resistance that affects approxim…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 2024

-100.0%Revenue growth, 20245
-29.0%Return on equity6
-$19.1MFree cash flow6

Financial statements

Revenue7895$0 in 2024
0$1.0M$2.0M$3.0M$4.0M2020: $698.5K$698.5K20202021: $3.1M$3.1M2021+344%2022: $123.4K$123.4K2022−96%2023: $260.5K$260.5K2023+111%2024: $0$02024
Operating income78956-$28.6M in 2024+914% since 2020
-$30.0M-$20.0M-$10.0M02020: -$2.8M-$2.8M20202021: -$14.8M-$14.8M2021+424%2022: -$18.1M-$18.1M2022+23%2023: -$20.1M-$20.1M2023+11%2024: -$28.6M-$28.6M2024+42%
Net income78956-$27.5M in 2024+866% since 2020
-$30.0M-$20.0M-$10.0M02020: -$2.8M-$2.8M20202021: -$14.8M-$14.8M2021+419%2022: -$18.1M-$18.1M2022+22%2023: -$19.0M-$19.0M2023+5%2024: -$27.5M-$27.5M2024+45%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Research and development$29.8M$17.2M
Selling, general and administrative$23.6M$11.4M
Change in fair value contingent consideration-$1.4M$0
Total costs and expenses$52.0M$28.6M
Loss from operations-$52.0M-$28.6M
Interest income$3.7M$1.1M
Net loss-$48.3M-$27.5M
Unrealized gain (loss) on marketable securities$59.0K-$38.1K
Comprehensive loss-$48.2M-$27.6M
Net loss per share - basic-$0.49-$1.16
Net loss per share - diluted-$0.49-$1.16
Weighted-average number of shares_basic98.3M shares23.7M shares
Weighted-average number of shares_diluted98.3M shares23.7M shares

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Corporate structure

Inhibikase Therapeutics, 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 Inhibikase Therapeutics, Inc.

  • Inhibikase Therapeutics, Inc. Atlanta, Georgia, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Inhibikase Therapeutics, 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$06 Dec 31, 2025$103.8K6 Dec 31, 2024−100.0%
Property and equipment, net$06 Dec 31, 2025$47.1K6 Dec 31, 2024−100.0%
Operating-lease assets (leased space)$06 Dec 31, 2025$101.4K6 Dec 31, 2024−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$178.8M6 Dec 31, 2025$97.5M6 Dec 31, 2024+83.4%
Marketable securities, current$39.5M6 Dec 31, 2025$41.1M6 Dec 31, 2024−3.7%

Properties, in its own words

Our corporate headquarters is located in Wilmington, Delaware. Additionally, in August 2022 we opened an office, consisting of approximately 4,200 square feet, in Lexington, Massachusetts which we used as office and conference spaces for our Massachusetts based team. The lease ran through September 2025 and we did not renew or continue occupancy of this premises upon lease expiration.

Item 2 of the 10-K filed Mar 26, 2026.4

Leadership

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

Chief executive

  1. Milton H. Werner2020–2025
  2. Mark T. Iwicki2025–now

President

  1. Milton H. Werner2020–2025
  2. Christopher Cabell2025–now

Chief financial officer

  1. Joseph Frattaroli2020–2022
  2. Garth Lees-Rolfe2024–2025
  3. David McIntyre2025–now
2025
Board members and other officers (13)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive Officer, DirectorMilton H. Werner Ph.D named Feb 7, 202329

Timeline

  1. Sep 8, 20268-K Regulation FD disclosure30
  2. Aug 26, 20268-K Change of auditor31
  3. Aug 11, 20268-K Results of operations32
  4. Jul 29, 20268-K Unregistered sale of shares33
  5. Jul 23, 20268-K Regulation FD disclosure34
  6. Jul 14, 20268-K Other events35
  7. Jun 29, 20268-K Executive or director change; Bylaws or fiscal year changed; Shareholder vote36
  8. May 12, 20268-K Results of operations37
  9. Apr 7, 20268-K Regulation FD disclosure38
  10. Mar 26, 20268-K Results of operations39
  11. Dec 19, 20258-K Other events40
  12. Nov 21, 20258-K Entered a material agreement; Other events41
  13. Feb 19, 2025New chief executive Mark T. Iwicki becomes CEO12
  14. Dec 22, 2020New chief executive Milton H. Werner becomes CEO13
  15. Jun 3, 2010Founded Inhibikase Therapeutics, Inc. is founded2

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.13) a share, on Nov 14, 2025.42

When it reported results

  1. Aug 11, 2026Reported quarterly or annual results32
  2. May 12, 2026Reported quarterly or annual results37
  3. Mar 26, 2026Reported quarterly or annual results39
  4. Nov 14, 2025Reported quarterly or annual results43
  5. Aug 14, 2025Reported quarterly or annual results44
  6. May 14, 2025Reported quarterly or annual results45
  7. Mar 27, 2025Reported quarterly or annual results46
  8. Nov 17, 2022Reported quarterly or annual results47

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

Filings

287 filings to the SEC since October 2021: 7 annual reports, 15 quarterly reports, 60 major events, 91 insider forms, 37 large holders, 2 private raises, 75 other. The latest 20:

  1. Sep 8, 20268-K EDGAR
  2. Aug 26, 20268-K EDGAR
  3. Aug 14, 2026SCHEDULE 13G/A EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 13, 2026SCHEDULE 13G/A EDGAR
  6. Aug 11, 2026S-8 EDGAR
  7. Aug 11, 202610-Q EDGAR
  8. Aug 11, 20268-K EDGAR
  9. Jul 31, 2026SCHEDULE 13G/A EDGAR
  10. Jul 31, 20264 EDGAR
  11. Jul 31, 20264 EDGAR
  12. Jul 29, 20268-K EDGAR
  13. Jul 28, 2026SCHEDULE 13G EDGAR
  14. Jul 23, 20268-K EDGAR
  15. Jul 17, 2026SCHEDULE 13G EDGAR
  16. Jul 17, 20263 EDGAR
  17. Jul 14, 20268-K EDGAR
  18. Jun 30, 20264 EDGAR
  19. Jun 30, 20264 EDGAR
  20. Jun 30, 20264 EDGAR

The 287 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

9 open-market trades by officers, directors and large owners since October 2021: 9 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 21, 2025SANDS FRANK M.10% ownerBuy2,068,965$1.45$3.0MForm 4
Oct 21, 2024Bellini RobertoDirectorBuy1,460,000$1.37$2.0MForm 4
Oct 21, 2024Kush ArvindDirectorBuy145,000$1.37$198.7KForm 4
Oct 21, 2024Munshi AmitDirectorBuy365,000$1.37$500.1KForm 4
Aug 16, 2022Werner Milton H.President and CEOBuy5,000$0.80$4.0KForm 4
May 27, 2022Werner Milton H.President and CEOBuy5,000$0.98$4.9KForm 4
May 20, 2022Werner Milton H.President and CEOBuy10,000$0.60$6.0KForm 4
May 19, 2022FRATTAROLI JOSEPHCheif Financial OfficerBuy3,948$0.64$2.5KForm 4
Nov 17, 2021Werner Milton H.President and CEOBuy23,589$1.97$46.6KForm 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
2025Mark Iwicki59$624.2K$30.6M63
2025Chris CabellM.D.57$429.2K$7.5M63
2025David McIntyre55$347.2K$5.5M63
2025Milton H. WernerPh.D.$729.0K$803.1K63
2024Former President and Chief Executive Officer$523.0K$8.0M63

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$4.2M 2023–2023
Money received by yearMoney received by year, 2023–2023: $4.2M in all. Private raises (Form D) $4.2M.$0$2M$4M$6M2023 · Private raises (Form D): $4.2M2023
Figures by year
YearPrivate raises (Form D)Total
2023$4.2M$4.2M

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. May 20, 2024Filed a private offering of equity64 Form D: $8 million offered in all Form D
  2. Jan 27, 2023Raised $4.2 million in a private offering of securities29 Form D: 1 investor 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 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Sands Capital Alternatives, LLC13,018,965$26.4M4.3%No change
Soleus Capital Management, L.P.10,875,000$22.1M0.8%No change
Trails Edge Capital Partners, LP9,051,318$18.4M2.9%+993,973
Fairmount Funds Management LLC8,625,000$17.5M1.2%No change
BlackRock, Inc.7,768,057$15.8M0.0%+1,464,624
Kalehua Capital Management LLC7,643,780$15.5M4.9%+1,149,282
ADAR1 Capital Management, LLC7,387,205$15.0M0.7%+780,633
Blackstone Inc.5,938,276$12.1M0.0%No change
Siren, L.L.C.5,850,000$11.9M0.2%No change
Nantahala Capital Management, LLC5,403,726$11.0M0.3%+2,701,863
Commodore Capital LP5,397,488$11.0M0.7%No change
Vanguard Capital Management LLC4,935,354$10.0M0.0%+484,689
Millennium Management LLC4,028,102$8.2M0.0%+1,100,025
Saturn V Capital Management LP3,869,056$7.9M1.1%+5,611
Spruce Street Capital LP3,581,603$7.3M1.4%No change
Squadron Capital Management LLC3,000,000$6.1M2.1%−500,000
Geode Capital Management, LLC2,607,129$5.3M0.0%+436,943
State Street Corp1,909,101$3.9M0.0%+223,285
SummitTX Capital, L.P.1,780,262$3.6M0.1%+255,726
Integral Health Asset Management, LLC1,350,000$2.7M0.1%No change
Northern Trust Corp878,585$1.8M0.0%+159,785
Vanguard Portfolio Management LLC809,490$1.6M0.0%+191,760
Two Sigma Investments, LP806,264$1.6M0.0%−41,347
Sphera Funds Management Ltd.649,309$1.3M0.2%New
Vanguard Fiduciary Trust Co607,260$1.2M0.0%+40,261

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

SEC filer profile

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

  • Name on EDGARInhibikase Therapeutics, Inc.1
  • CIK0001750149
  • Employer ID (EIN)26-34072494
  • 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)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address1000 N. West Street, Suite 1200, Wilmington, DE 198011
  • Phone(302) 295-38001
  • Shares outstanding139,535,900 as of Aug 4, 202611
  • Public float$127.3M as of Jun 30, 20254
  • AuditorCohnReznick LLP, Holmdel, New Jersey PCAOB ID 596; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 31, 20181
  • Filings365 in all: 4 (84), 8-K (67), CORRESP (22), 3 (19), SCHEDULE 13G/A (18), 10-Q (17), UPLOAD (11), SC 13G (10)1
    All 40 form types

    EFFECT (9), S-1/A (9), 424B5 (8), DEF 14A (8), DEFA14A (8), PRE 14A (7), 10-K (6), S-1 (5), S-8 (5), SC 13D (5), SCHEDULE 13G (5), 4/A (4), 424B3 (4), ARS (4), S-3 (4), 3/A (3), 10-K/A (2), 424B4 (2), 8-K/A (2), D (2), DRS (2), DRSLTR (2), SC 13G/A (2), 8-A12B (1), CERT (1), DEFR14A (1), DRS/A (1), POS AM (1), RW (1), S-1MEF (1), S-3/A (1), SC 14F1 (1)

  • Latest filingsAnnual report (10-K) Mar 26, 2026
    Quarterly report (10-Q) Aug 11, 2026
    Proxy statement (DEF 14A) Apr 30, 2026
    Latest 8-K (8-K) Sep 8, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.001 par valueIKTThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 26, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Inhibikase Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 26, 2026: 74 risks under these headings, as written.4

  • Risks Related to Our Business, Financial Condition and Capital Requirements
  • We are a clinical-stage drug development company with limited resources, no revenue, a limited operating history and have no products approved for commercial sale, which may make it difficult to evaluate our current business and predict our future success and viability.
  • If we are unable to successfully raise additional capital on a timely basis or on acceptable terms, our clinical trials and product development could be limited or delayed and our long-term viability may be threatened.
  • Drug development is a highly uncertain undertaking and involves a substantial degree of risk. We have never generated any revenue from product sales and, we may never gain approval for our product candidates or, even if our product candidates are approved, generate any revenue from product sales, and we may fail to generate further revenue from grants or contracts or to be profitable.
  • Adverse developments affecting financial institutions, companies in the financial services industry or the financial services industry generally, including those we do business with, could adversely affect our operations and liquidity.
  • Our business is affected by macroeconomic conditions, including rising inflation, interest rates and supply chain constraints.
  • We have incurred significant net losses since our inception and anticipate that we will continue to incur net losses for the foreseeable future.
  • If we fail to obtain additional financing on a timely basis or on acceptable terms, we may be unable to complete the development of and, if approved, commercialization of our current and future product candidates.
  • Risks Related to the Discovery, Development and Commercialization of Our Product Candidates
  • Research, development, and commercialization of pharmaceutical products is inherently risky. Our business depends on the successful preclinical and clinical development, regulatory approval and commercialization of our product candidates.
  • We have never completed a registrational clinical trial as a company and may be unable to successfully do so with IKT-001, which may make it difficult to evaluate the prospects for our future viability.
  • Our clinical trials may reveal significant adverse events, toxicities or other side effects not seen in our preclinical or earlier clinical studies and may result in a safety profile that could inhibit regulatory approval or market acceptance of any of our product candidates.
The other 63 risks
  • We may not be successful in our efforts to continue to create a pipeline of product candidates or to develop commercially successful products. If we fail to successfully identify and develop additional product candidates, our commercial opportunity may be limited.
  • We may encounter substantial delays in our current and planned clinical trials, or may not be able to conduct or complete our clinical trials on the timelines we expect, if at all.
  • We may encounter difficulties enrolling patients in our current and planned clinical trials, and our clinical development activities could thereby be delayed or otherwise adversely affected.
  • Our current and planned clinical trials may fail to demonstrate substantial evidence of the safety and efficacy of our product candidates, or may require additional clinical studies to be undertaken, which would prevent, delay or limit the scope of regulatory approval and commercialization.
  • Clinical development is a lengthy and expensive process with an uncertain outcome, and failure can occur at any stage of clinical development. If we are unable to design, conduct and complete our current and planned clinical trials successfully, our product candidates will not be able to receive regulatory approval.
  • We face significant competition in an environment of rapid technological and scientific change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer, more advanced or more effective than ours, which may negatively impact our ability to successfully market or commercialize any product candidates we may develop and ultimately harm our financial condition.
  • We have limited manufacturing experience and the manufacture of our product candidates is complex, reliant on external expertise and capabilities, and difficulties or delays may be encountered in production. If such difficulties are encountered or failure to meet regulatory standards occurs, our ability to provide supply of our product candidates for clinical trials or our products for patients, if approved, could be delayed or stopped, or we may be unable to maintain a commercially viable cost structure.
  • If, in the future, we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market any product candidates we may develop, we may not be successful in commercializing those product candidates if and when they are approved.
  • Even if any product candidates we develop receive marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, healthcare payors, and others in the medical community necessary for commercial success.
  • 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 any of our product candidates obtain regulatory approval, additional competitors could enter the market with generic versions of such drugs, which may result in a material decline in sales of affected products.
  • Conducting any clinical trials of our product candidates and any future commercial sales of a product candidate may expose us to expensive product liability claims, and we may not be able to maintain product liability insurance on reasonable terms or at all and may be required to limit commercialization of our product candidates.
  • Risks Related to Regulatory Approval and Other Legal Compliance Matters
  • The regulatory approval processes of the United States Food and Drug Administration (“FDA”), European Medicines Agency (“EMA”) and comparable foreign regulatory authorities are lengthy, costly, time consuming, and inherently unpredictable. If we are ultimately unable to obtain regulatory approval for our product candidates, we will be unable to generate product revenue and our business will be substantially harmed.
  • If the FDA does not conclude that certain of our product candidates satisfy the requirements for the Section 505(b)(2) regulatory approval pathway, or if the requirements for such product candidates under Section 505(b)(2)are not as we expect, the approval pathway for those product candidates will likely take significantly longer, cost significantly more and entail significantly greater complications and risks than anticipated, and in either case may not be successful.
  • Inadequate funding for the FDA, the SEC and other government agencies, including from government shutdowns, or other disruptions to these agencies’ operations, could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • If we file a Section 505(b)(2) application that references a product marketed by another manufacturer, we may be subject to a patent infringement suit and the approval of our product may be delayed.
  • We may conduct future clinical trials for our product candidates outside the United States, and the FDA, EMA and applicable foreign regulatory authorities may not accept data from such trials.
  • Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Even if we obtain regulatory approval for a product candidate, our products will remain subject to extensive regulatory scrutiny.
  • We may seek orphan drug designation for our product candidates, we may be unable to maintain the benefits associated with orphan drug designation, including market exclusivity, for IKT-001, and may be unable to obtain such a designation for other product candidates. This may cause our revenue, if any, to be reduced.
  • If, in the future, we seek a breakthrough therapy designation by the FDA for our product candidates, we might not receive such designation, and even if we do, such designation may not lead to a faster development of any product candidate or approval process for any product candidate.
  • Healthcare legislative measures aimed at reducing healthcare costs may have a material adverse effect on our business and results of operations.
  • Our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • If we fail to comply with healthcare laws, we could face substantial penalties and our business, operations and financial conditions could be adversely affected.
  • If we or any contract manufacturers and suppliers we engage 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.
  • Data collection is governed by restrictive regulations governing the use, processing and cross-border transfer of personal information.
  • Risks Related to Our Reliance on Third Parties
  • We currently rely on and expect to continue to rely on third parties to conduct our clinical trials and preclinical testing, as well as future research and clinical trials, and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research, or testing.
  • We may depend on collaborations with third parties for the research, development and commercialization of any product candidates we may develop. If any such collaborations are not successful, we may not be able to realize the market potential of those product candidates.
  • Manufacturing issues may arise that could increase product and regulatory approval costs or delay commercialization.
  • We depend on third-party suppliers for key raw materials used in the manufacturing processes for our product candidates, and the loss of these third-party suppliers or their inability to supply us with adequate raw materials could harm our business.
  • We currently rely on a small number of suppliers for manufacturing our product candidates.
  • We are dependent on third-party manufacturers, including manufacturers currently located in China, and any inability to obtain products from any such manufacturers could harm our business.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain patent protection for any product candidates we develop, our competitors could develop and commercialize products or technology similar or identical to ours, and our ability to successfully commercialize any product candidates we may develop, and our technology may be adversely affected.
  • If any of our owned patent applications do not issue as patents in any jurisdiction, we may not be able to compete effectively.
  • If the scope of any patent protection we obtain is not sufficiently broad, or if we lose any of our patent protection, our ability to prevent our competitors from commercializing similar or identical technology and product candidates would be adversely affected.
  • 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.
  • We may not be able to protect our intellectual property and proprietary rights throughout the world.
  • Obtaining and maintaining our 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 for non-compliance with these requirements.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • Issued patents covering our product candidates and other technologies could be found invalid or unenforceable if challenged in court or before administrative bodies in the United States or abroad.
  • If we do not obtain patent term extension and data exclusivity for any product candidates we may develop, our business may be materially harmed.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • Some intellectual property may have been discovered through government funded programs and thus may be subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit our exclusive rights, and limit our ability to contract with non-U.S. manufacturers.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed.
  • We may be subject to claims 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.
  • Third-party claims of intellectual property infringement, misappropriation or other violation against us, our licensors or our collaborators may prevent or delay the development and commercialization of our product candidates and other technologies.
  • We may become involved in lawsuits to protect or enforce our patents and other intellectual property rights, which could be expensive, time consuming, and unsuccessful.
  • 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.
  • Intellectual property rights do not necessarily address all potential threats.
  • The use of new and evolving technologies, such as artificial intelligence, in our offerings may result in spending material resources and presents risks and challenges that can impact our business including by posing security and other risks to our confidential information, proprietary information and personal information, and as a result we may be exposed to reputational harm and liability.
  • Any reduction in our patent rights arising from our co-owned and in-licensed patents and patent applications could have a material adverse effect on our competitive position, including our ability to enforce these patents against third parties, business, financial conditions, results of operations, and prospects.
  • Risks Related to Our Operations
  • We will need to grow the size and capabilities of our organization, and we may experience difficulties in managing this growth.
  • We are highly dependent on our key personnel, and if we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • Cybersecurity breaches could expose us to liability, damage our reputation, compromise our confidential information or otherwise adversely affect our business.
  • Our computer systems, or those used by our third-party research institution collaborators, CROs or other contractors or consultants, may fail or suffer security breaches.
  • Business disruptions could seriously harm our future revenue and financial condition and increase our costs and expenses.
  • Our ability to use our net operating loss carry forwards and certain other tax attributes may be limited.
  • Risks Related to Ownership of Our Common Stock
  • The market price of our common stock may be volatile.
  • Commencing December 31, 2025, we no longer qualify as an “emerging growth company” as defined in the JOBS Act, and the reduced disclosure requirements applicable to emerging growth companies no longer apply to us.
  • We will continue to incur increased costs as a result of operating as a public company, and our management is required to devote substantial time to new compliance initiatives and corporate governance practices.
  • We do not expect to pay any dividends for the foreseeable future. Investors in our common stock may never obtain a return on their investment.
  • Delaware law and provisions in our amended and restated certificate of incorporation and bylaws might discourage, delay, or prevent a change in control of our company or changes in our management and, therefore, depress the trading price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware and the federal district courts of the United States of America will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.

Legal proceedings

From time to time, we may become involved in litigation or other legal proceedings. We are not currently a party to any material litigation or legal proceedings. Regardless of 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.4

Sources

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