Inhibikase Therapeutics Inc

Current report

In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023. Other than as set forth below, there have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.

Current report

We have identified a material weakness in our internal control over financial reporting, as of June 30, 2024, which if not remediated, could adversely affect our business.

Current report

During the quarter ended June 30, 2024, we identified a material weakness in our internal control over financial reporting. We identified an error in management's conclusions regarding a certain non-routine transaction. Specifically, we did not appropriately include pre-funded warrants in our net loss per share calculation.

Current report

Our management is responsible for establishing and maintaining adequate internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the control system’s objectives will be met. We determined that our internal control over financial reporting and disclosure controls and procedures were not effective as a result of the material weakness related to an immaterial error in the determination of the weighted-average number of common shares used in the calculation of net loss per share in the previously reported Condensed Consolidated Financial Statements, as discussed in Part I, Item 4 of this Form 10-Q.

Current report

As such, if we do not remediate this material weakness in a timely manner, or if additional material weaknesses in our internal control over financial reporting are discovered, they may adversely affect our ability to record, process, summarize and report financial information timely and accurately and our financial statements may contain material misstatements or omissions. Additionally, our internal control environment and remediation efforts do not provide absolute assurance with regard to timely detecting or preventing control deficiencies and thus do not insulate us from any failure to meet our financial reporting obligations.

Current report

It is possible that additional control deficiencies could be identified by our management or by our independent registered public accounting firm in the future or may occur without being identified. Such a failure could require us to incur the expense of remediation, result in regulatory scrutiny, investigations or enforcement actions, cause investors to lose confidence in our reported financial condition and have a negative effect on the trading price of our common stock, lead to a default under our indebtedness, and otherwise have a material adverse effect on our business, financial condition, results of operations, and cash flows.

Previous report

Not applicable as we are a smaller reporting company.