Overview
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- TickerUNCY on Nasdaq1
- IndustryPharmaceutical Preparations1
- HeadquartersMountain View, California1
- Incorporated inDE2
- Business address1975 W. El Camino Real, Suite 204, Mountain View, Ca 940402
- Filer category, Emerging growth company2
- Legal formCorporation
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2,100 highest prescribers are responsible for half of the prescriptions written for PLTs annually.3 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 2023
Where the money goes
Where each dollar of revenue went, fiscal 2023
- Research and development99¢$12.9M
- Interest1¢$82.0K
Out of $675.0K in revenue.4 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.10
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Research and development | $9.1M | $20.0M |
| General and administrative | $20.4M | $12.1M |
| Total operating expenses | $29.5M | $32.1M |
| Loss from operations | -$29.5M | -$32.1M |
| Interest income | $1.0M | $1.3M |
| Interest expense | -$71.0K | -$71.0K |
| Change in fair value of warrant liability | $2.0M | -$5.8M |
| Total other income (expenses) | $3.0M | -$4.6M |
| Net loss | -$26.6M | -$36.7M |
| Unrealized loss on marketable securities, net | -$1.0K | |
| Net comprehensive loss | -$26.6M | -$36.7M |
| Dividend to Series B-1 preferred stockholders | -$1.1M | |
| Net loss attributable to common stockholders | -$26.6M | -$37.8M |
| Net loss per share attributable to common stockholders, basic (in Dollars per share) | -$1.67 | -$5.65 |
| Net loss per share attributable to common stockholders, diluted (in Dollars per share) | -$1.67 | -$5.65 |
| Weighted-average shares outstanding used in computing net loss per share, basic (in Shares) | 15.9M shares | 6.7M shares |
| Weighted-average shares outstanding used in computing net loss per share, diluted (in Shares) | 15.9M shares | 6.7M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.10
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $29.2M | $26.1M | |
| Prepaid expenses and other current assets | $7.7M | $4.8M | |
| Marketable securities | $12.1M | ||
| Total current assets | $49.0M | $30.9M | |
| Right of use asset, net | $108.0K | $645.0K | |
| Property and equipment, net | $66.0K | $75.0K | |
| Total assets | $49.1M | $31.7M | |
| Accounts payable | $383.0K | $1.1M | |
| Accrued liabilities | $1.5M | $3.6M | |
| Warrant liability | $16.9M | $18.9M | |
| Operating lease liability - current | $117.0K | $564.0K | |
| Total current liabilities | $18.9M | $24.1M | |
| Operating lease liability long term | $117.0K | ||
| Total liabilities | $18.9M | $24.2M | |
| Common stock, $0.001 par value per share 400,000,000 shares authorized at December 31, 2024, and December 31, 2025; 11,384,236 and 22,114,245 shares issued and outstanding at December 31, 2024, and December 31, 2025, respectively | $22.0K | $11.0K | |
| Accumulated other comprehensive loss | -$1.0K | ||
| Additional paid-in capital | $158.0M | $108.7M | |
| Accumulated deficit | -$127.8M | -$101.3M | |
| Total stockholders equity | $30.2M | $7.4M | -$3.8M |
| Total liabilities and stockholders equity | $49.1M | $31.7M | |
| Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in Shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares outstanding (in Shares) | 0 shares | 0 shares | |
| Preferred stock, shares issued (in Shares) | 0 shares | 0 shares | |
| Common stock, par value (in Dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in Shares) | 400.0M shares | 400.0M shares | |
| Common stock, shares issued (in Shares) | 22.1M shares | 11.4M shares | |
| Common stock, shares outstanding (in Shares) | 22.1M shares | 11.4M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $29.2M | $26.1M | |
| Prepaid expenses and other current assets | $7.7M | $4.8M | |
| Marketable securities | $12.1M | ||
| Total current assets | $49.0M | $30.9M | |
| Right of use asset, net | $108.0K | $645.0K | |
| Property and equipment, net | $66.0K | $75.0K | |
| Total assets | $49.1M | $31.7M | |
| Accounts payable | $383.0K | $1.1M | |
| Accrued liabilities | $1.5M | $3.6M | |
| Warrant liability | $16.9M | $18.9M | |
| Operating lease liability - current | $117.0K | $564.0K | |
| Total current liabilities | $18.9M | $24.1M | |
| Operating lease liability long term | $117.0K | ||
| Total liabilities | $18.9M | $24.2M | |
| Common stock, $0.001 par value per share 400,000,000 shares authorized at December 31, 2024, and December 31, 2025; 11,384,236 and 22,114,245 shares issued and outstanding at December 31, 2024, and December 31, 2025, respectively | $22.0K | $11.0K | |
| Accumulated other comprehensive loss | -$1.0K | ||
| Additional paid-in capital | $158.0M | $108.7M | |
| Accumulated deficit | -$127.8M | -$101.3M | |
| Total stockholders equity | $30.2M | $7.4M | -$3.8M |
| Total liabilities and stockholders equity | $49.1M | $31.7M | |
| Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 | |
| Preferred stock, shares authorized (in Shares) | 10.0M shares | 10.0M shares | |
| Preferred stock, shares outstanding (in Shares) | 0 shares | 0 shares | |
| Preferred stock, shares issued (in Shares) | 0 shares | 0 shares | |
| Common stock, par value (in Dollars per share) | $0.00 | $0.00 | |
| Common stock, shares authorized (in Shares) | 400.0M shares | 400.0M shares | |
| Common stock, shares issued (in Shares) | 22.1M shares | 11.4M shares | |
| Common stock, shares outstanding (in Shares) | 22.1M shares | 11.4M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.10
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$26.6M | -$36.7M |
| Depreciation expense | $34.0K | $22.0K |
| Stock-based compensation expense | $2.6M | $2.4M |
| Change in fair value of warrant liability | -$2.0M | $5.8M |
| Amortization of operating lease right of use asset | $538.0K | $406.0K |
| Prepaid expense and other current assets | -$2.9M | -$820.0K |
| Accounts payable and accrued liabilities | -$2.5M | $790.0K |
| Operating lease liability | -$565.0K | -$397.0K |
| Net cash used in operating activities | -$31.3M | -$28.6M |
| Purchases of marketable securities | -$12.1M | |
| Purchases of property and equipment | -$24.0K | -$72.0K |
| Net cash used in investing activities | -$12.1M | -$72.0K |
| Gross proceeds from secondary public offering | $46.6M | $683.0K |
| Commissions paid on secondary public offering | -$1.4M | |
| Deferred cost of at the market offering | -$160.0K | |
| Payments on financed insurance policies | -$212.0K | -$527.0K |
| Issuance costs related to issuance of Series B-1 preferred stock | -$3.8M | |
| Proceeds from issuance of Series B-1 preferred stock | $50.0M | |
| Proceeds from exercise of warrants | $1.5M | |
| Dividends on preferred stock | -$1.1M | |
| Net cash provided by financing activities | $46.5M | $45.1M |
| Net increase in cash and cash equivalents | $3.1M | $16.4M |
| Issuance of Series B-2 preferred stock and common stock upon conversion of Series B-1 preferred stock | $46.2M | |
| Deferred insurance charges included in prepaid expenses and other current assets | $332.0K | $267.0K |
| Cash paid for interest | $12.0K |
No quarter-by-quarter statement was filed.
Corporate structure
Unicycive 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 Unicycive Therapeutics, Inc.
- Nantahala Capital Management, LLC Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Aug 14, 2026 (10 filings since Feb 14, 2022)
- Vivo Opportunity Fund Holdings, L.P. Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Aug 14, 2026 (5 filings since Jul 14, 2023)
- BlackRock Filed SCHEDULE 13G on Unicycive Therapeutics, Inc., latest Jul 30, 2026
- INTEGRATED CORE STRATEGIES (US) LLC Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Jul 8, 2026 (2 filings since Jan 23, 2026)
- RA CAPITAL MANAGEMENT, L.P. Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest May 15, 2026 (8 filings since Jul 6, 2023)
- Octagon Capital Advisors LP Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Feb 10, 2026 (4 filings since Oct 11, 2024)
- GREAT POINT PARTNERS LLC Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Nov 14, 2025 (5 filings since Jul 18, 2024)
- BIOTECHNOLOGY VALUE FUND L P Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Aug 14, 2025 (3 filings since Jul 6, 2023)
- Walleye Capital LLC Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Feb 6, 2025 (2 filings since Nov 13, 2024)
- Nantahala Capital Partners Limited Partnership Filed SCHEDULE 13G/A on Unicycive Therapeutics, Inc., latest Dec 20, 2024 (3 filings since Feb 5, 2024)
- Logos Global Management LP Filed SC 13G/A on Unicycive Therapeutics, Inc., latest Nov 14, 2024 (2 filings since Jan 22, 2024)
- ARMISTICE CAPITAL, LLC Filed SC 13G/A on Unicycive Therapeutics, Inc., latest Feb 14, 2024 (3 filings since Feb 15, 2022)
- Unicycive Therapeutics, Inc. Mountain View, California
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Unicycive 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
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $138.0K10 Dec 31, 2025 | $114.0K10 Dec 31, 2024 | +21.1% |
| Accumulated depreciation | $72.0K10 Dec 31, 2025 | $39.0K10 Dec 31, 2024 | +84.6% |
| Property and equipment, net | $66.0K10 Dec 31, 2025 | $75.0K10 Dec 31, 2024 | −12.0% |
| Operating-lease assets (leased space) | $108.0K10 Dec 31, 2025 | $645.0K10 Dec 31, 2024 | −83.3% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Area of land | 10,734 sq ft10 Nov 30, 2025 | 2,581 sq ft10 Jun 28, 2024 | +315.9% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $29.2M10 Dec 31, 2025 | $26.1M10 Dec 31, 2024 | +11.7% |
| Marketable securities, current | $12.1M10 Dec 31, 2025 |
Properties, in its own words
Our principal address is 4300 El Camino Real, Suite 210, Los Altos, CA 94022. We believe our facilities are adequate to meet our current needs, although we may seek to negotiate new leases or evaluate additional or alternate space for our operations. We believe appropriate alternative space would be readily available on commercially reasonable terms.
Item 2 of the 10-K filed Mar 30, 2026.3
Leadership
Who has led Unicycive Therapeutics, Inc., and when. Pick a name to see everywhere that person has worked.
Board members and other officers (6)
- EVP of Corporate StrategyDouglas Jermasek Nov 23, 2022 to now11
- EVP, Pharma and Business OpsPramod Gupta Jul 12, 2021 to now12
- Board memberGaurav Aggarwal Mar 8, 2023 to now13
- Board memberSara Kenkare-Mitra Sep 7, 2023 to now14
- Board memberBrigitte Schiller Jul 12, 2021 to Apr 18, 202315
- Board memberSandeep Laumas Jul 12, 2021 to now16
Named in SEC Form D filings
People the company listed in its private-offering notices.
Timeline
- Sep 29, 20268-K Executive or director change; Other events18
- Sep 28, 20268-K Other events19
- Aug 12, 20268-K Results of operations20
- Jul 2, 20268-K Other events21
- Jun 22, 20268-K Shareholder vote22
- Jun 5, 20268-K Entered a material agreement23
- May 12, 20268-K Results of operations24
- Apr 6, 20268-K Executive or director change25
- Mar 30, 20268-K Results of operations26
- Nov 14, 20258-K Other events27
- Nov 12, 20258-K Results of operations28
- Oct 28, 20258-K Results of operations; Other events29
Calendar
Coming up
- Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.39) a share, on Nov 12, 2025.30
When it reported results
- Aug 12, 2026Reported quarterly or annual results20
- May 12, 2026Reported quarterly or annual results24
- Mar 30, 2026Reported quarterly or annual results26
- Nov 12, 2025Reported quarterly or annual results28
- Oct 28, 2025Reported quarterly or annual results29
- Aug 14, 2025Reported quarterly or annual results31
- Jun 30, 2025Reported quarterly or annual results32
- May 14, 2025Reported quarterly or annual results33
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
254 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 70 major events, 59 insider forms, 50 large holders, 2 private raises, 53 other. The latest 20:
- Oct 1, 20263 EDGAR
- Sep 29, 20268-K CURRENT REPORT EDGAR
- Sep 28, 20268-K CURRENT REPORT EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 14, 2026SCHEDULE 13G/A EDGAR
- Aug 12, 20268-K CURRENT REPORT EDGAR
- Aug 12, 202610-Q QUARTERLY REPORT EDGAR
- Jul 30, 2026SCHEDULE 13G EDGAR
- Jul 28, 20264/A EDGAR
- Jul 28, 20264/A EDGAR
- Jul 8, 2026SCHEDULE 13G/A EDGAR
- Jul 2, 20268-K CURRENT REPORT EDGAR
- Jul 1, 2026144 EDGAR
- Jun 22, 2026DEFA14A CURRENT REPORT EDGAR
- Jun 22, 20268-K CURRENT REPORT EDGAR
- Jun 15, 2026EFFECT EDGAR
- Jun 15, 20264/A EDGAR
- Jun 15, 20264/A EDGAR
- Jun 15, 20264/A EDGAR
- Jun 15, 20264/A EDGAR
The 254 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
1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 16, 2022 | Schiller BrigitteDirector | Buy | 15,000 | $0.83 | $12.4K | Form 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.
- Nantahala Capital Management, LLCSCHEDULE 13G/A, 10 filings Feb 14, 2022 to Aug 14, 202634
- Vivo Opportunity Fund Holdings, L.P.SCHEDULE 13G/A, 5 filings Jul 14, 2023 to Aug 14, 202635
- BlackRockSCHEDULE 13G, 1 filing Jul 30, 202636
- INTEGRATED CORE STRATEGIES (US) LLCSCHEDULE 13G/A, 2 filings Jan 23, 2026 to Jul 8, 202637
- RA CAPITAL MANAGEMENT, L.P.SCHEDULE 13G/A, 8 filings Jul 6, 2023 to May 15, 202638
- Octagon Capital Advisors LPSCHEDULE 13G/A, 4 filings Oct 11, 2024 to Feb 10, 202639
- GREAT POINT PARTNERS LLCSCHEDULE 13G/A, 5 filings Jul 18, 2024 to Nov 14, 202540
- BIOTECHNOLOGY VALUE FUND L PSCHEDULE 13G/A, 3 filings Jul 6, 2023 to Aug 14, 202541
- Walleye Capital LLCSCHEDULE 13G/A, 2 filings Nov 13, 2024 to Feb 6, 202542
- Nantahala Capital Partners Limited PartnershipSCHEDULE 13G/A, 3 filings Feb 5, 2024 to Dec 20, 202443
- Logos Global Management LPSC 13G/A, 2 filings Jan 22, 2024 to Nov 14, 202444
- ARMISTICE CAPITAL, LLCSC 13G/A, 3 filings Feb 15, 2022 to Feb 14, 202445
- Altium Capital Management LLCSC 13G/A, 1 filing Feb 14, 202246
- Rosalind Advisors, Inc.SC 13G/A, 1 filing Jan 20, 202247
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.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Shalabh GuptaM.D., | 53 | $572.0K | $2.4M48 |
| 2025 | Pramod GuptaPh.D., | $468.0K | $1.0M48 | |
| 2025 | Doug Jermasek, | 65 | $363.0K | $481.2K48 |
| 2024 | Chief Executive Officer | $572.0K | $2.4M48 | |
| 2024 | Executive VP Pharmaceutical and Business Operations | $468.0K | $1.2M48 | |
| 2024 | Executive VPCorporate Strategy | $363.0K | $873.3K48 |
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.
- Private raises (Form D) $80.2M
Figures by year
| Year | Private raises (Form D) | Total |
|---|---|---|
| 2024 | $50.0M | $50.0M |
| 2023 | $30.2M | $30.2M |
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.
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 80. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Nantahala Capital Management, LLC | 2,802,894 | $13.1M | 0.4% | +1,863,692 |
| BlackRock, Inc. | 1,413,381 | $6.6M | 0.0% | +1,377,478 |
| Vanguard Capital Management LLC | 1,071,481 | $5.0M | 0.0% | +260,051 |
| Octagon Capital Advisors LP | 1,000,000 | $4.7M | 0.4% | No change |
| Geode Capital Management, LLC | 564,019 | $2.6M | 0.0% | +360,275 |
| Vivo Capital, LLC | 550,000 | $2.6M | 0.2% | −1,239,916 |
| Marshall Wace, Llp | 547,862 | $2.6M | 0.0% | +392,924 |
| Logos Global Management LP | 473,563 | $2.2M | 0.1% | No change |
| State Street Corp | 450,162 | $2.1M | 0.0% | +370,135 |
| Diametric Capital, LP | 374,132 | $1.8M | 0.2% | +293,770 |
| J. Goldman & Co LP | 327,345 | $1.5M | 0.1% | New |
| Diadema Partners LP | 303,676 | $1.4M | 0.5% | +197,593 |
| Millennium Management LLC | 271,456 | $1.3M | 0.0% | −1,127,892 |
| Dauntless Investment Group, LLC | 214,000 | $1.0M | 1.7% | +66,913 |
| Citigroup Inc | 182,654 | $856.6K | 0.0% | +182,653 |
| Northern Trust Corp | 181,930 | $853.3K | 0.0% | +145,993 |
| Vanguard Portfolio Management LLC | 169,196 | $793.5K | 0.0% | New |
| Susquehanna International Group, Llp | 160,039 | $750.6K | 0.0% | −39,180 |
| Jump Financial, LLC | 153,000 | $717.6K | 0.0% | New |
| Vanguard Fiduciary Trust Co | 148,965 | $698.6K | 0.0% | +47,891 |
| Goldman Sachs Group Inc | 145,304 | $681.5K | 0.0% | +118,211 |
| Dimensional Fund Advisors LP | 143,052 | $678.0K | 0.0% | No change |
| Seven Fleet Capital Management LP | 103,400 | $521.1K | 0.1% | +47,700 |
| Caption Management, LLC | 110,000 | $515.9K | 0.0% | New |
| Morgan Stanley | 109,645 | $514.2K | 0.0% | −78,537 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Unicycive 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 EDGARUnicycive Therapeutics, Inc.1
- CIK0001766140
- Employer ID (EIN)81-36386923
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company3
- Incorporated inDelaware3
- Fiscal year endsDecember 311
- Industry code (SIC)2834 Pharmaceutical Preparations1
- SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
- Business address1975 W. El Camino Real, Suite 204, Mountain View, CA 940401
- Phone650-384-06421
- Shares outstanding27,855,257 as of Aug 12, 20269
- Public float$64.3M as of Jun 30, 20253
- AuditorGRASSI & CO., CPAs, P.C., Jericho, New York PCAOB ID 606; no auditor attestation of internal control over financial reporting3
- On EDGAR sinceMar 4, 20191
- Filings306 in all: 8-K (70), 4 (49), SCHEDULE 13G/A (26), 10-Q (16), CORRESP (16), SC 13G/A (12), DEFA14A (11), SC 13G (11)1
All 35 form types
3 (10), UPLOAD (10), 4/A (9), EFFECT (7), 10-K (5), D (5), DEF 14A (5), S-1/A (5), S-3 (5), ARS (4), DRSLTR (4), S-8 (4), DRS/A (3), PRE 14A (3), 424B5 (2), SCHEDULE 13G (2), SEC STAFF LETTER (2), 144 (1), 424B3 (1), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), DRS (1), NT 10-Q (1), POS AM (1), S-1 (1)
- Latest filingsAnnual report (10-K) Mar 30, 2026
Quarterly report (10-Q) Aug 12, 2026
Proxy statement (DEF 14A) Apr 30, 2026
Latest 8-K (8-K) Sep 29, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common stock, par value $0.001 per share | UNCY | Nasdaq |
From the cover page of the 10-K filed Mar 30, 2026 (Section 12(b) of the Exchange Act).3
Risk factors and legal proceedings
The risks Unicycive Therapeutics, Inc. names in Item 1A of its 10-K filed Mar 30, 2026: 55 risks under these headings, as written.3
- Risks Related to our Financial Position and Need for Capital
- We have generated no product revenue to date and our future profitability is uncertain.
- If we fail to obtain the capital necessary to fund our operations, we will be unable to continue or complete our product development and you will likely lose your entire investment.
- We may consider strategic alternatives in order to maximize stockholder value, including financings, strategic alliances, acquisitions or the possible sale of our business. We may not be able to identify or consummate any suitable strategic alternatives.
- Raising additional capital may cause dilution to our existing stockholders, restrict our operations or require us to relinquish rights to our product candidates on unfavorable terms to us.
- You will experience dilution, subordination of stockholder rights, preferences, and privileges, and decrease in market price of our common stock as a result of our private placement financing in March 2023
- Our cash could be adversely impacted if a financial institution with which we have deposits or other accounts fails.
- Risks Related to Our Business
- The marketing approval process of the FDA is lengthy, time consuming and inherently unpredictable, and if we are ultimately unable to obtain marketing approval for our current product candidates and future product candidates we intend to develop, our business will be substantially harmed.
- We may encounter substantial delays in completing our clinical studies which in turn will require additional costs, or we may fail to demonstrate adequate safety and efficacy to the satisfaction of applicable regulatory authorities.
- If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals, we will not be able to commercialize, or will be delayed in commercializing, our product candidates and our ability to generate revenue will be impaired.
- Modifications to our products may require new NDA approvals.
The other 45 risks
- Additional delays to the completion of clinical studies may result from modifications being made to the protocol during the clinical trial, if such modifications are warranted and/or required by the occurrences in the given trial.
- There can be no assurance that the data generated from our clinical trials using modified protocols will be acceptable to the FDA or other regulatory authorities.
- Conducting successful clinical studies may require the enrollment of large numbers of patients, and suitable patients may be difficult to identify and recruit.
- The future results of our current or future clinical trials may not support our product candidates claims or may result in the discovery of unexpected adverse side effects.
- Adverse events involving our products may lead the FDA or other regulatory authorities to delay or deny clearance for our products or result in product recalls that could harm our reputation, business and financial results.
- Even if our product candidates receive marketing approval, they may fail to achieve the degree of market acceptance by physicians, patients, third-party payors and others in the medical community necessary for commercial success.
- Even if we are able to commercialize our product candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, which would harm our business.
- Any product candidate for which we obtain marketing approval could be subject to marketing restrictions or withdrawal from the market and we may be subject to penalties if we fail to comply with regulatory requirements or if we experience unanticipated problems with our products.
- We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
- Our reliance on third parties heightens the risks faced by our business.
- We intend to rely on third parties to conduct our clinical trials and to conduct some aspects of our research and pre-clinical testing and those third parties may not perform satisfactorily, including failing to meet deadlines for the completion of such trials, research or testing.
- Upon commercialization of our products, we may be dependent on third parties to market, distribute and sell our products.
- We have no experience manufacturing product candidates on a clinical or commercial scale and will be dependent on third parties for the manufacture of our product candidates. If we experience problems with any of these third parties or their subcontractors or vendors, they could delay clinical development or marketing approval of our product candidates or our ability to sell any approved products.
- We may have conflicts with our partners that could delay or prevent the development or commercialization of our current and future product candidates.
- Our products will face significant competition, and if they are unable to compete successfully, our business will suffer.
- Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
- We may engage in acquisitions that could disrupt our business, cause dilution to our stockholders or reduce our financial resources.
- Security threats to our information technology infrastructure and/or our physical buildings could expose us to liability and damage our reputation and business.
- We will need to grow the size of our organization in the future, and we may experience difficulties in managing this growth.
- Our future success depends on our ability to retain our executive officers and to attract, retain and motivate qualified personnel.
- Inadequate funding for the FDA, the U.S. Securities and Exchange Commission (“SEC”) and other government agencies 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.
- Risks Related to Our Intellectual Property
- Our UNI 494 product candidate is subject to an exclusive license agreement. If we fail to meet our obligations and the license is terminated, we may not be able to continue to develop our product candidates.
- It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position does not adequately protect our product candidates, others could compete against us more directly, which would harm our business, possibly materially.
- If we fail to comply with our obligations in the agreements under which we may license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose rights that are important to our business.
- We may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from commercializing or increase the costs of commercializing our product candidates.
- If we are not able to adequately prevent disclosure of trade secrets and other proprietary information, the value of our technology and product could be significantly diminished.
- We may be subject to claims that our employees or consultants have wrongfully used or disclosed alleged trade secrets.
- Our intellectual property may not be sufficient to protect our product candidates from competition, which may negatively affect our business as well as limit our partnership or acquisition appeal.
- Risks Related to Healthcare Compliance and Other Regulations
- If we fail to comply with healthcare regulations, we could face substantial enforcement actions, including civil and criminal penalties and our business, operations and financial condition could be adversely affected.
- Our, or our partners’, failure to obtain or maintain adequate coverage, pricing and reimbursement for oxylanthanum carbonate (OLC), if approved, or any other future approved products, could have a material adverse effect on our or our collaboration partners’ ability to sell such approved products profitably and otherwise have a material adverse impact on our business.
- Healthcare Reform in the United States.
- Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements, which could cause significant liability for us and harm our reputation.
- We are subject to U.S. and certain foreign export and import controls, sanctions, embargoes, anti-corruption laws and anti-money laundering laws and regulations. Compliance with these legal standards could impair our ability to compete in domestic and international markets. We can face criminal liability and other serious consequences for violations, which can harm our business.
- Risks Related to Owning our Common Stock
- The price of our common stock may fluctuate substantially.
- We do not intend to pay cash dividends on our shares of common stock so any returns will be limited to the value of our shares, except we have agreed to pay cash dividends in the event oxylanthanum carbonate is approved by the FDA and commercial sales is commenced.
- Market and economic conditions may negatively impact our business, financial condition and share price.
- If securities or industry analysts do not publish research or reports, or publish unfavorable research or reports about our business, our stock price and trading volume may decline.
- If we fail to comply with the continued listing requirements of the Nasdaq Capital Market, our common stock may be delisted and the price of our common stock and our ability to access the capital markets could be negatively impacted.
- Because certain of our stockholders control a significant number of shares of our common stock, they may have effective control over actions requiring stockholder approval.
- We are an “emerging growth company” and will be able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies, which could make our common stock less attractive to investors.
- We may be at risk of securities class action litigation.
- Our amended and restated certificate of incorporation (“Amended and Restated Certificate of Incorporation”) and our amended and restated bylaws (the “Amended and Restated Bylaws”), and Delaware law may have anti-takeover effects that could discourage, delay or prevent a change in control, which may cause our stock price to decline.
- Financial reporting obligations of being a public company in the U.S. are expensive and time-consuming, and our management will be required to devote substantial time to compliance matters.
- Our Amended and Restated Certificate of Incorporation, provides that the Court of Chancery of the State of Delaware will be the sole and exclusive forum for substantially all disputes between the Company and its stockholders, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with the Company or its directors, officers or employees.
- Failure to maintain effective internal controls could cause our investors to lose confidence in us and adversely affect the market price of our common stock. If our internal controls are not effective, we may not be able to accurately report our financial results or prevent fraud.
Legal proceedings
On August 15, 2025, a putative shareholder class action complaint captioned Elkhodari v. Unicycive Therapeutics, Inc., et al., Case No. 3:25-cv-06923-JD (the “Securities Class Action”), was filed in the U.S. District Court for the Northern District of California (“Northern District of California”), naming the Company and certain current officers and/or directors of the Company as defendants. The lawsuit generally alleges that the Company made material misrepresentations and/or omissions of material fact relating to the Company’s manufacturing of oxylanthanum carbonate (“OLC”) and the approval prospects of its New Drug Application for OLC for the treatment of hyperphosphatemia in CKD patients on dialysis in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder. The putative class action is brought on behalf of persons or entities who purchased or otherwise acquired the Company’s securities between March 29, 2024, and June 27, 2025, inclusive, and seeks unspecified monetary damages on behalf of the putative class and an award of costs and expenses, including attorneys’ fees. On January 27, 2026, Plaintiff filed an amended complaint. On March 13, 2026, defendants filed their motion to dismiss the amended complaint. . At this early stage of the proceedings, the Company is unable to make any prediction regarding the outcome of the Securities Class Action.
The opening of Item 3, Legal Proceedings.3
Sources
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- 13SEC EDGARGaurav Aggarwal, Board member
- 14SEC EDGARSara Kenkare-Mitra, Board member
- 15SEC EDGARBrigitte Schiller, Board member
- 16SEC EDGARSandeep Laumas, Board member
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- 19SEC EDGAROther events
- 20SEC EDGARResults of operations
- 21SEC EDGAROther events
- 22SEC EDGARShareholder vote
- 23SEC EDGAREntered a material agreement
- 24SEC EDGARResults of operations
- 25SEC EDGARExecutive or director change
- 26SEC EDGARResults of operations
- 27SEC EDGAROther events
- 28SEC EDGARResults of operations
- 29SEC EDGARResults of operations; Other events
- 30NasdaqNasdaq calendar
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