Woodpecker3
2 months ago
There is substantial doubt regarding the Companyβs ability to continue as a going concern
The Company has incurred recurring losses since its inception, including net losses of $28.1 million for the six months ended June 30, 2024. As of June 30, 2024, the Company had an accumulated deficit of $87.2 million and for the six months ended June 30, 2024, had negative cash flows from operations of $18.4 million. As of June 30, 2024, cash, cash equivalents and marketable securities totaled $30.9 million. Based on its available cash resources and current operating plan, there is substantial doubt regarding the Companyβs ability to continue as a going concern for a period of one year after the date that its financial statements for the six months ended June 30, 2024 are issued.