Aptevo Therapeutics Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 11, 2025
APVO$1.24-2.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-15.
0000950170-25-072622
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-11.
0000950170-25-106247
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 94 previous paragraphs and 92 current paragraphs.
52 unchanged; 18 reworded; 22 added; 24 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 5 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Pipeline Expansion — Introduced APVO455, a Nectin-4 x CD3 bispecific for solid tumors, expanding the Company’s suite of differentiated CRIS-7–derived CD3-engaging molecules in development, including lead candidate, mipletamig.
Current report
Mipletamig for acute myeloid leukemia (AML) — Achieved 85% remission*rate (11/13 patients) in frontline AML patients across two trials in combination therapy.
Current report
Increased Liquidity — Completed financings that raised a total of $15.9 million, extending cash runway into late 4Q25.
Current report
Secured an equity line of credit for up to an additional $25 million in capital.
Current report
General and administrative expenses increased by $0.5 million, from $2.4 million for the three months ended June 30, 2024 to $2.9 million for the three months ended June 30, 2025. General and administrative expenses increased by $0.1 million, from $5.6 million for the six months ended June 30, 2024 to $5.7 million for the six months ended June 30, 2025. The increase is primarily due to higher consulting costs.
Current report
Net cash provided by financing activities of $14.4 million and $4.0 million for the three and six months ended June 30, 2025 and 2024, respectively, were primarily due to issuance of common stock.
Current report
Standby Equity Purchase Agreement
Current report
On June 16, 2025, we entered into a Standby Equity Purchase Agreement (the “SEPA”) with YA II PN, LTD., a Cayman Islands exempt limited company (“Yorkville”). Pursuant to the SEPA, the Company has the right, but not the obligation, to issue and sell to Yorkville from time to time up to $25.0 million (the “Commitment Amount”) of the Company’s common stock during the 36 months following the execution of the SEPA, subject to the restrictions and satisfaction of the conditions in the SEPA. As consideration for Yorkville’s irrevocable commitment to purchase the shares of common stock up to the Commitment Amount, the Company paid a structuring fee in the amount of $25,000 to Yorkville, and the Company has agreed to pay a commitment fee to Yorkville in an amount equal to 2.00% of the Commitment Amount in five equal installments. Pursuant to the SEPA, we will not sell shares of our common stock to Yorkville that would result in the beneficial ownership of Yorkville and its affiliates (on an aggregated basis) exceeding 9.99% of our then outstanding common stock. We did not issue any shares under the SEPA in the six months ended June 30, 2025 and 2024.
Current report
At The Market Offering Agreement
Current report
Registration Statement
Current report
On February 14, 2025, we filed a Registration Statement on Form S-3 covering the offering, issuance, and sale up to $100 million in common stock, preferred stock, and various series of debt securities and/or warrants to purchase any of such securities, which included the unsold securities from the prior registration statement. On June 20, 2025, we filed the latest amendment to the prospectus supplement to the Registration Statement on Form S-3 filed on February 14, 2025 pursuant to General Instruction I.B.6 of Form S-3 (General Instruction I.B.6), which updates the amount of shares that we are eligible to sell under the ATM Agreement to $8.0 million. So long as the aggregate market value of our common stock held by non-affiliates is less than $75 million, we will not sell shares under the ATM Agreement with a value of more than one-third of the aggregate market value of our common stock held by non-affiliates in any 12-month period due to the limitations of General Instruction I.B.6 of Form S-3 and the current public float of our common stock. If our public float increases such that we may sell additional amounts under the ATM Agreement and the prospectus, we will file another amendment to the prospectus supplement prior to making additional sales. The limitations of General Instruction I.B.6 do not apply to sales of our shares under our SEPA with Yorkville as the sales of such shares were registered under a separate registration statement on Form S-1.
Current report
For the six months ended June 30, 2025, we received $15.9 million in proceeds through various equity offerings as follows:
Current report
Additionally, on June 20, 2025, we completed an offering priced at-the-market with certain institutional investors, in which we received gross proceeds of $8.0 million, which included 2,465,000 shares of common stock (or pre-funded warrants in lieu thereof, all of which have been exercised as of June 30, 2025) and accompanying common warrants to purchase up to 12,325,000 shares of common stock at an exercise price of $3.25 per share for a combined purchase price of $3.25 per share and accompanying common warrants.
Current report
For the six months ended June 30, 2025, we issued 481,829 shares of our common stock at an average price of $7.81 per share under the ATM Agreement and received $3.8 million in proceeds from the issuance of such shares.
Current report
Supplemental Cash Payments
Current report
On August 6, 2025, the Compensation Committee of the Board (the “Compensation Committee”) approved a one-time supplemental cash payment, minus applicable deductions and withholdings, to each of its executive officers in the aggregate amount of $1.2 million allocated as set forth below to narrow the gap between target long-term incentives and market competitive equity values due to the volatility in the Company’s stock price and share constraints. The one-time supplemental cash payments will be paid in accordance with the Company’s regular pay schedule.
Current report
Base Compensation Changes
Current report
In approving the compensation changes for the executive officers, the Compensation Committee considered, among other factors, the compensation practices, trends and data from comparable companies as identified by the Compensation Committee and an independent compensation consultant engaged by the Compensation Committee and adjusted the executive officer compensation to target the 75th percentile of public company peers.
Current report
Salary Increases
Current report
The Compensation Committee approved the following salary increases to each of the Company’s executive officers:
Current report
Bonus Target Increases
Current report
The Compensation Committee approved the following target cash bonuses for 2025 based on the above salary increases. The total 2025 Target Bonus amount increased by $352,000 in the aggregate.
Removed paragraphs (24)
Previous report
On April 4, 2025, Aptevo closed a registered direct offering with certain institutional investors for 1,764,710 shares of our common stock, and in a concurrent private placement we also sold common warrants to purchase up to 3,529,420 shares of common stock for a combined purchase price of $1.19 per share and accompanying common warrants. We received $2.1 million in gross proceeds from the offering, less $0.2 million in issuance costs that included placement agent, legal and other fees.
Previous report
On April 22, 2025, Aptevo closed a registered direct offering with certain institutional investors for 2,324,000 shares of our common stock for a purchase price of $0.862 per shares. We received $2.0 million in gross proceeds from the offering, less $0.2 million in issuance costs that included placement agent, legal and other fees.
Previous report
On April 28, 2025, Aptevo entered into an At The Market Offering Agreement (the "Sales Agreement") to offer and sell shares of our common stock, having an aggregate offering price of up to $50,000,000 from time to time through Roth Capital Partners ("Roth"), as sales agent. As a result of the limitations of General Instruction I.B.6 of Form S-3, and in accordance with the terms of the Sales Agreement, we may currently offer and sell shares of our common stock having an aggregate offering price of up to $2,141,945 from time to time through Roth as sales agent.
Previous report
Enrollment continues in the RAINIER dose optimization trial. This is a Phase 1b/2 study evaluating mipletamig in combination with venetoclax and azacitidine, the standard of care for frontline acute myeloid leukemia (AML) patients who are unfit to receive intensive high dose chemotherapy. Cohort 2 enrollment is now complete, and Cohort 3 is now open and enrolling.
Previous report
Mipletamig has been evaluated in more than 100 patients across three clinical studies, thus far, in both combination and monotherapy settings. Outcomes have consistently demonstrated a growing body of evidence that supports its potential role in the treatment of frontline AML. Data highlights include:
Previous report
Efficacy
Previous report
To date, six frontline AML patients have been reported on in the ongoing RAINIER Phase 1b/2 trial evaluating mipletamig in combination with venetoclax and azacitidine. Of these, five of six (5/6) patients have achieved remission within 30 days of being dosed.
Previous report
One patient progressed after the first cycle and passed away due to reasons unrelated to the study drugs.
Previous report
In total, 9 of 10 (90%) frontline patients across two trials have achieved remission with mipletamig in combination with standard of care therapy.
Previous report
Safety
Previous report
No cytokine release syndrome ("CRS") has been observed in the ongoing RAINIER trial to date.
Previous report
This favorable profile is consistent with earlier trials, where CRS was generally minimal and manageable.
Previous report
The company attributes this safety profile, a key differentiator, to the engineered CD3 domain (Cris7) and its ADAPTIR™ format, which are designed to reduce cytokine release without compromising T-cell activation or anti-leukemic activity.
Previous report
Additional details
Previous report
RAINIER Cohort 1 data (included in the total patient outcomes above) in which 100% of patients achieved remission within the first 30 days.
Previous report
One patient experienced complete remission with minimal residual disease ("MRD")-negative status (100% elimination of cancer cells).
Previous report
MRD-negative status is a critical outcome indicating that even the most sensitive diagnostic methods detect no remaining cancer cells. This result is strongly associated with longer-lasting remissions and improved survival rates.
Previous report
Phase 1b dose expansion combination therapy (included in the total patient outcomes above) trial in which 100% of frontline patients achieved remission.
Previous report
Phase 1a dose escalation monotherapy trial in which 36% of evaluable patients who failed prior regimens experienced substantial leukemic blast reduction to a clinical meaningful degree compared to baseline (range of 17% to 88% reduction), providing evidence of the pharmacodynamic effect of the drug – and efficacy contribution to the triplet combination.
Previous report
General and administrative expenses decreased by $0.4 million, from $3.2 million for the three months ended March 31, 2024 to $2.8 million for the three months ended March 31, 2025. The decrease is primarily due to lower stock-based compensation costs.
Previous report
We did not use cash in financing activities for the three months ended March 31, 2025. Net cash used in financing activities of $3 thousand for the three months ended March 31, 2024 was primarily due to payments in lieu of fractional shares.
Previous report
Sales Agreement
Previous report
At a special meeting of the stockholders on May 14, 2025, stockholders approved a proposal in which the exercise price of December 2024 Common Warrants was amended to $1.19 per share.
Previous report
Collectively, we received $3.7 million in proceeds from the offerings after deducting placement agent expenses payable by us. The common warrants have an exercise price of $1.19 per share and are exercisable upon and will expire five years after obtaining stockholder approval. If the common warrants are exercised, we may receive up to an additional $4.2 million in proceeds. In the event that we are unable to obtain such stockholder approval, the Common Warrants will not be exercisable and therefore have no value.
Reworded paragraphs (18)
Previous wording
We are a clinical-stage, research and development biotechnology company focused on developing novel immunotherapy candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs and have two clinical candidates and three preclinical candidates currently in development. Clinical candidate mipletamig is a CD123xCD3 T cell engager currently being evaluated in the RAINIER clinical trial, part one of a Phase 1b/2 program initiated in August 2024 for the treatment of frontline acute myelogenous leukemia (AML) in combination with standard of care venetoclax + azacitidine. Clinical candidate ALG.APV-527 targets 4-1BB (co-stimulatory receptor) and 5T4 (tumor antigen). The compound is designed to reactivate antigen-primed T cells to specifically kill tumor cells and is currently being evaluated for the treatment of multiple solid tumor types in a dose escalation trial.
Current wording
We are a clinical-stage, research and development biotechnology company focused on developing novel immunotherapy candidates for the treatment of different forms of cancer. We have developed two versatile and enabling platform technologies for rational design of precision immune modulatory drugs and have two clinical candidates and four preclinical candidates currently in development. Clinical candidate mipletamig is a CD123xCD3 T cell engager that is currently being evaluated in the RAINIER study, a Phase 1b/2 program evaluating mipletamig in combination with standard of care venetoclax + azacitidine for the treatment of frontline acute myelogenous leukemia (AML) patients who are unfit for intensive chemotherapy. The ongoing Phase 1b trial was initiated in August 2024. Results from cohorts 1 and 2 to date were highly favorable for both safety and efficacy. Clinical candidate ALG.APV-527 targets 4-1BB (co-stimulatory receptor) and 5T4 (tumor antigen). The compound is designed to reactivate antigen-primed T cells to specifically kill tumor cells and is currently being evaluated for the treatment of multiple solid tumor types in a dose escalation trial.
Previous wording
Preclinical candidates, APVO603 and APVO711, were also developed using our ADAPTIR modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX heterodimer protein technology platform. We wholly own both platforms which enable us to efficiently design and create new molecules, supporting our pipeline growth.
Current wording
Preclinical candidates, APVO603, a dual agonist bispecific designed to simultaneously target 4-1BB (CD137) and OX40 (CD134), and APVO711, a bispecific checkpoint inhibitor with added functionality that targets PD-L1 and CD40, were also developed using our ADAPTIR modular protein technology platform. Our preclinical candidate APVO442 was developed using our ADAPTIR-FLEX heterodimer protein technology platform and is engineered to address treatment challenges associated with later stage and castration resistant prostate cancer with its unique design that enables precise tumor targeting while activating the immune system in a controlled manner. We wholly own both platforms which enable us to efficiently design and create new molecules, supporting our pipeline growth. Our recently announced preclinical candidate, APVO455, is a Nectin-4 x CD3 bispecific developed to address multiple solid tumor types. With the addition of APVO455 to the pipeline, Aptevo now has a suite of three CD3-engaging molecules in development. The portfolio includes mipletamig for AML, APVO442 for prostate cancer and APVO455 for multiple solid tumor types. All three molecules share the same CRIS-7 derived binding domain with a low cytokine release profile. In addition, APVO455 and APVO442 contain CD3 binding domains that are optimized for targeting solid tumors. All three molecules are designed to drive tumor-specific immune activation while limiting systemic toxicity.
Previous wording
These results build on data from a prior expansion study, in which four additional frontline patients treated with the same triplet combination also achieved remission (complete remission ("CR"), and complete remission with blood markers that have not yet recovered ("CRi")).
Current wording
*Remission = complete remission (CR) and, complete remission with blood markers that have not yet recovered (CRi).
Previous wording
Comparison of the three months ended March 31, 2025 and 2024
Current wording
Comparison of the three and six months ended June 30, 2025 and 2024
Previous wording
Our research and development expenses by program for the three months ended March 31, 2025 and 2024 are shown in the following table:
Current wording
Our research and development expenses by program for the three and six months ended June 30, 2025 and 2024 are shown in the following table:
Previous wording
The total ALG.APV-527 project costs of $0.2 million are presented in the table above net of $0.1 million expense reimbursement pursuant to the collaboration agreement detailed in Note 2 - Collaboration Agreements.
Current wording
The total ALG.APV-527 project costs presented in the table above are net of expense reimbursement pursuant to the collaboration agreement detailed in Note 2 - Collaboration Agreements.
Previous wording
Research and development expenses decreased by $0.2 million, from $3.8 million for the three months ended March 31, 2024 to $3.6 million for the three months ended March 31, 2025. The decrease was primarily due to lower preclinical and ALG.APV-527 spending due to escalation phase ramping down and was offset by higher mipletamig trial costs from clinical trial patient enrollment.
Current wording
Research and development expenses decreased by $0.3 million, from $3.6 million for the three months ended June 30, 2024 to $3.3 million for the three months ended June 30, 2025. Research and development expenses decreased by $0.4 million, from $7.4 million for the six months ended June 30, 2024 to $7.0 million for the six months ended June 30, 2025. The decrease was primarily due to lower preclinical and ALG.APV-527 spending due to escalation phase ramping down and was offset by higher mipletamig trial costs from clinical trial patient enrollment.
Previous wording
Other income, net consists primarily of interest income from our cash equivalents and short term rental income. Other income, net was $0.1 million for the three months ended March 31, 2025 and 2024.
Current wording
Other income, net consists primarily of interest income from our cash equivalents and short term rental income. Other income, net was $0.02 million and $0.1 million for the three and six months ended June 30, 2025, respectively. Other income, net was $0.1 million and $0.3 million for the three and six months ended June 30, 2024, respectively. The change in other income, net is primarily due to lower interest income from our money market accounts.
Previous wording
The following table provides information regarding our cash flows for the three months ended March 31, 2025 and 2024:
Current wording
The following table provides information regarding our cash flows for the six months ended June 30, 2025 and 2024:
Previous wording
Net cash used in operating activities of $6.6 million for the three months ended March 31, 2025 was primarily due to our net loss of $6.4 million for the period and changes in working capital accounts. Net cash used in operating activities of $6.7 million for the three months ended March 31, 2024 was primarily due to our net loss of $6.8 million for the period and changes in working capital accounts
Current wording
Net cash used in operating activities of $13.7 million for the six months ended June 30, 2025 was primarily due to our net loss of $12.6 million for the period and changes in working capital accounts. Net cash used in operating activities of $12.8 million for the six months ended June 30, 2024 was primarily due to our net loss of $12.7 million for the period and changes in working capital accounts.
Previous wording
On April 28, 2025, we entered into the Sales Agreement with Roth. The Sales Agreement provides that, upon the terms and subject to the conditions set forth therein, we may issue and sell through Roth, acting as sales agent, shares of our common stock having an aggregate offering price of up to $50 million. We have no obligation to sell any such shares under the Sales Agreement. The sale of the shares of our common stock by Roth will be effected pursuant to a Registration Statement on Form S-3 which we filed on February 14, 2025, and subsequently amended and supplemented on April 28 and April 29, 2025. As of May 14, 2025, we had issued and sold 2,749,351 shares of our common stock at an aggregate gross offering price of $0.4392 pursuant to the Sales Agreement and the Registration Statement and Accompanying prospectus for aggregate gross sale proceeds of approximately $1.2 million. In accordance with the terms of the Sales Agreement, we may currently offer and sell shares of our common stock having an aggregate offering price of up to $2,141,945 from time to time through Roth as sales agent.
Current wording
On April 28, 2025, we entered into an At The Market Offering Agreement (the “ATM Agreement”) with Roth Capital Partners, LLC, as sales agent (“Roth”) for an aggregate offering price of $50 million, pursuant to which the Company may offer and sell shares of its common stock from time to time through Roth. The compensation to Roth for the shares sold pursuant to the ATM Agreement will be an amount equal to 3.0% of the gross sales price of the shares sold under the ATM Agreement. The sale of such shares of common stock by Roth will be effected under the Company’s existing shelf Registration Statement on Form S-3, which was declared effective on February 26, 2025 (the “Registration Statement”). For the six months ended June 30, 2025, we issued 481,829 shares of our common stock at an average price of $7.81 per share under the ATM Agreement. We received $3.8 million in proceeds from the issuance of these shares.
Previous wording
On February 28, 2020, Aptevo entered into an LLC Purchase Agreement with Medexus, pursuant to which we sold all of the issued and outstanding limited liability company interests of Aptevo BioTherapeutics LLC, a wholly owned subsidiary of Aptevo. On March 29, 2023, we entered into and closed a Purchase Agreement with XOMA pursuant to which we sold to XOMA our right, title, and interest to all future deferred payments from Medexus and a portion of potential milestones. As consideration, we received $9.6 million at closing from XOMA and an additional $0.05 million post-closing payment. Aptevo continues to be eligible to receive up to $5.8 million in milestone payments from Medexus upon achievement of certain regulatory and IXINITY net sales threshold. For the nine months ended September 30, 2023, Aptevo received $0.5 million in deferred payments from Medexus related to IXINITY sales for the fourth quarter of 2022.
Current wording
On February 28, 2020, Aptevo entered into an LLC Purchase Agreement with Medexus, pursuant to which we sold all of the issued and outstanding limited liability company interests of Aptevo BioTherapeutics LLC, a wholly owned subsidiary of Aptevo. On March 29, 2023, we entered into and closed a Purchase Agreement with XOMA pursuant to which we sold to XOMA our right, title, and interest to all future deferred payments from Medexus and a portion of potential milestones. As consideration, we received $9.6 million at closing from XOMA and an additional $0.05 million post-closing payment. Aptevo continues to be eligible to receive up to $5.8 million in milestone payments from Medexus upon achievement of certain regulatory and IXINITY net sales threshold.
Previous wording
We have an aggregate of 5,200,561 common warrants outstanding for which we may receive up to an additional $6.8 million in gross proceeds if exercised. The following is a summary of our currently outstanding common warrants:
Current wording
We have an aggregate of 12,585,033 common warrants outstanding for which we may receive up to an additional $46.9 million in gross proceeds if exercised. The following is a summary of our currently outstanding common warrants:
Previous wording
We have financed our operations to date primarily through royalty and purchase agreements with various partners, sale of business products and segments, public offerings of our common stock, loan proceeds, milestone payments, research and development funding from strategic partners, revenue generated from our previously owned commercial products, and funds received at the date of our spin-off from Emergent. We had cash and cash equivalents of $2.1 million and an accumulated deficit of $254.0 million as of March 31, 2025.
Current wording
We have financed our operations to date primarily through royalty and purchase agreements with various partners, sale of business products and segments, public offerings of our common stock, loan proceeds, milestone payments, research and development funding from strategic partners, revenue generated from our previously owned commercial products, and funds received at the date of our spin-off from Emergent. We had cash and cash equivalents of $9.4 million and an accumulated deficit of $260.2 million as of June 30, 2025.
Previous wording
For the three months ended March 31, 2025, net cash used in our operating activities was $6.6 million.
Current wording
For the six months ended June 30, 2025, net cash used in our operating activities was $13.7 million.
Previous wording
On April 4, 2025, we completed a registered direct offering with certain institutional investors (the "Investors") for 1,764,710 shares of our common stock, and in a concurrent private placement we also sold to Investors common warrants to purchase up to 3,529,420 shares of common stock for a combined purchase price of $1.19 for one share of our common stock and accompanying common warrants. On April 22, 2025, we completed a registered direct offering with certain investors for 2,324,000 shares of our common stock for a purchase price of $0.862 per share.
Current wording
On April 4, 2025, we completed a registered direct offering with certain institutional investors for 88,235 shares of our common stock, and in a concurrent private placement we also sold to the investors common warrants to purchase up to 176,470 shares of common stock for a combined purchase price of $23.80 for one share of our common stock and accompanying common warrants. On April 22, 2025, we completed another registered direct offering with certain investors for 116,200 shares of our common stock for a purchase price of $17.24 per share. Collectively, we received a combined $4.1 million in gross proceeds from the April 2025 Offerings.
Previous wording
Our future success is dependent on our ability to develop our product candidates. We anticipate that we will continue to incur significant operating losses for the next several years as we incur expenses to continue to execute on our development strategy to advance our preclinical and clinical stage assets. We will not generate revenues from our development stage product candidates unless and/or until we or our collaborators successfully complete development and obtain regulatory approval for such product candidates, which we expect will take a number of years and is subject to significant uncertainty. If we obtain regulatory approval for one of our development stage product candidates, we expect to incur significant commercialization expenses related to sales, marketing, manufacturing and distribution, to the extent that such costs are not paid by collaborators. We do not have sufficient cash to complete the clinical development of any of our development stage product candidates and will require additional funding in order to complete the development activities required for regulatory approval of such product candidates. We will require substantial additional funds to continue our development programs and to fulfill our planned operating goals.
Current wording
Our future success is dependent on our ability to fund and develop our product candidates. We anticipate that we will continue to incur significant operating losses for the next several years as we incur expenses to continue to execute on our development strategy to advance our preclinical and clinical stage assets. We will not generate revenues from our development stage product candidates unless and/or until we or our collaborators successfully complete development and obtain regulatory approval for such product candidates, which we expect will take a number of years and is subject to significant uncertainty. If we obtain regulatory approval for one of our development stage product candidates, we expect to incur significant commercialization expenses related to sales, marketing, manufacturing and distribution, to the extent that such costs are not paid by collaborators. We do not have sufficient cash to complete the clinical development of any of our development stage product candidates and will require additional funding in order to complete the development activities required for regulatory approval of such product candidates. We will require substantial additional funds to continue our development programs and to fulfill our planned operating goals.
Previous wording
Our common stock may be at risk for delisting from the Nasdaq Capital Market in the future if we do not maintain compliance with Nasdaq’s continued listing requirements. Delisting could adversely affect the liquidity of our common stock and the market price of our common stock could decrease;
Current wording
our ability to maintain compliance with Nasdaq’s continued listing requirements;