Immuneering Corp
For the period ended Sep 30, 2024. Filed Nov 13, 2024.
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.
Sep 30, 2024 · Filed Nov 13, 2024
IMRX$3.68+9.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-06.
0001790340-24-000066
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-13.
0001790340-24-000080
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 143 previous paragraphs and 149 current paragraphs.
115 unchanged; 25 reworded; 8 added; 1 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 7 previous and 7 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 (8)
Current report
In September 2024, we announced initial response data for the first five patients treated with IMM-1-104 at 240mg administered orally once a day, in combination with modified gemcitabine/nab-paclitaxel in first-line pancreatic cancer, part of the Phase 2a portion of our Phase 1/2a clinical trial. Of the five initial patients evaluated, the first patient had achieved a complete response, the second patient had achieved an unconfirmed partial response, the third and fourth patients had achieved stable disease, and the fifth patient showed equivocal progressive disease, collectively representing an initial 80% disease control rate (DCR) and an initial 40% overall response rate (ORR), in each case as measured by RECIST. As of September 12, 2024, the date of the announcement, all five patients remained on treatment, and the combination of IMM-1-104 plus modified gemcitabine/nab-paclitaxel was observed to be well tolerated. Additionally, the clinical trial’s Data and Safety Monitoring Board approved enrolling, and we began dosing, additional patients in this combination arm at 320mg administered orally once daily.
Current report
In October 2024, we announced that the FDA granted orphan drug designation for IMM-1-104 for the treatment of pancreatic cancer.
Current report
During the three and nine months ended September 30, 2024, we sold 1,318,752 shares of common stock under the ATM Program, at an average price per share of $3.27, for aggregate gross proceeds of $4.5 million ($4.2 million net of offering expenses).
Current report
As of November 4, 2024, the issuance date of the interim condensed consolidated financial statements for the three- and nine-months ended September 30, 2024 included elsewhere in this Quarterly Report on Form 10-Q, based on our recurring losses from operations incurred since inception, expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance future operations, our management has concluded that there is substantial doubt about our ability to continue as a going concern for a period of one year from the date that these condensed consolidated financial statements were issued. See Note 1 - Organization to our unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q and “Liquidity and Capital Resources” below for additional information on our assessment.
Current report
Comparison of the Nine Months Ended September 30, 2024 and 2023
Current report
Going Concern Assessment
Current report
Based on our current operating plan, we believe that we do not have sufficient cash and cash equivalents on hand to support current operations for at least one year from the date of issuance of the financial statements appearing within this Quarterly Report on Form 10-Q. To finance our operations beyond that point, we will need to raise additional capital. There can be no assurance that we will be able to obtain additional funding on acceptable terms, if at all. We have concluded that this circumstance raises substantial doubt about our ability to continue as a going concern for at least one year from the date of the issuance of our unaudited condensed consolidated financial statements for the period ended September 30, 2024. We intend to obtain additional funding through available financing sources which may include additional public offerings of common stock, private financing of debt or equity, and / or the pursuit of strategic partnerships, licensing arrangements or collaborations to fund our future operations and remain as a going concern. To the extent that we raise additional capital through future equity offerings, the ownership interest of common stockholders will be diluted, which may be significant. See Note 1 - Organization to our unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q for additional information on our assessment. Until such time as we can generate revenue from product sales, if ever, we expect to finance our cash needs through a combination of equity offerings, debt financings, and potential collaborations, license and development agreements.
Current report
As of September 30, 2024, we had an accumulated deficit of $206.2 million. During the nine months ended September 30, 2024, we recorded a net loss of $43.0 million. In addition, during the nine months ended September 30, 2024 we used $40.5 million in operating activities resulting in a cash, cash equivalents and marketable securities balance of $50.7 million as of September 30, 2024. We expect that our operating losses and negative cash flows will continue for the foreseeable future. Based on our currently forecasted operating plan, we believe that our existing cash, cash equivalents and marketable securities will enable us to fund our operating expenses and capital expenditure requirements into the fourth quarter of 2025. Therefore, based on our recurring losses from operations incurred since inception, expectation of continuing operating losses for the foreseeable future and the need to raise additional capital to finance future operations, as of November 13, 2024, the issuance date of the interim condensed consolidated financial statements for the three and nine ended September 30, 2024 included elsewhere in this Quarterly Report on Form 10-Q, management has concluded that there is substantial doubt about our ability to continue as a going concern for a period of one year from the date that these condensed consolidated financial statements are issued. We are developing plans to mitigate this risk, which primarily consist of raising additional capital through some combination of equity or debt financings, and/or potentially new collaborations, business transactions, and reducing cash expenditures. If we are not able to secure adequate additional funding, we plan to make significant reductions in spending. In that event, we may have to delay, scale back, or eliminate some or all of our research and development programs which could adversely affect our business prospects, or we may be unable to continue operations.
Removed paragraphs (1)
Previous report
Comparison of the Six Months Ended June 30, 2024 and 2023
Reworded paragraphs (25)
Previous wording
In September 2022, the FDA cleared our IND application for IMM-1-104. In November 2022, we commenced dosing in the Phase 1 portion of our Phase 1/2a clinical trial of IMM-1-104 for the potential treatment of patients with advanced RAS mutant solid tumors, and in March 2024 we commenced dosing in the Phase 2a portion. The Phase 1/2a clinical trial is designed to assess the safety, tolerability, pharmacokinetics ("PK"), pharmacodynamics ("PD"), and preliminary anti-tumor activity of IMM-1-104. The Phase 1 portion of the clinical trial includes dose escalation and dose exploration utilizing a Bayesian modified toxicity probability interval ("mTPI-2") statistical design to establish an optimized recommended Phase 2 dose ("RP2D") in solid tumor patients with evidence of any RAS mutation. The Phase 2a portion includes evaluating IMM-1-104 in multiple dose expansion arms. In November 2023 we announced that we had expanded the IMM-1-104 Phase 1/2a clinical trial design by increasing the number of Phase 2a expansion arms to five, including two combination therapy arms and three monotherapy arms.
Current wording
In September 2022, the FDA cleared our IND application for IMM-1-104. In November 2022, we commenced dosing in the Phase 1 portion of our Phase 1/2a clinical trial of IMM-1-104 for the potential treatment of patients with advanced solid tumors, including those harboring RAS mutations, and in March 2024 we commenced dosing in the Phase 2a portion. The Phase 1/2a clinical trial is designed to assess the safety, tolerability, pharmacokinetics ("PK"), pharmacodynamics ("PD"), and preliminary anti-tumor activity of IMM-1-104. The Phase 1 portion of the clinical trial includes dose escalation and dose exploration utilizing a Bayesian modified toxicity probability interval ("mTPI-2") statistical design to establish an optimized recommended Phase 2 dose ("RP2D") in solid tumor patients with evidence of any RAS mutation. The Phase 2a portion includes evaluating IMM-1-104 in multiple dose expansion arms. In November 2023 we announced that we had expanded the IMM-1-104 Phase 1/2a clinical trial design by increasing the number of Phase 2a expansion arms to five, including two combination therapy arms and three monotherapy arms.
Previous wording
We plan to announce initial data from multiple arms of the Phase 2a portion of the trial in the second half of 2024.
Current wording
We plan to announce initial data from at least one additional arm of the Phase 2a portion of our Phase 1/2a clinical trial of IMM-1-104 by the end of 2024.
Previous wording
We plan to provide initial PK, PD and safety data from the Phase 1 portion of our Phase 1/2a clinical trial of IMM-6-415 in the second half of 2024.
Current wording
We plan to provide initial PK, PD and safety data from the Phase 1 portion of our Phase 1/2a clinical trial of IMM-6-415 by the end of 2024.
Previous wording
Since inception, we have had significant annual operating losses. Our net loss was approximately $28.4 million for the six months ended June 30, 2024 and approximately $53.5 million for the year ended December 31, 2023. As of June 30, 2024, we had an accumulated deficit of approximately $191.6 million and approximately $59.7 million in cash and cash equivalents.
Current wording
Since inception, we have had significant annual operating losses. Our net loss was approximately $43.0 million for the nine months ended September 30, 2024 and approximately $53.5 million for the year ended December 31, 2023. As of September 30, 2024, we had an accumulated deficit of approximately $206.2 million and approximately $50.7 million in cash, cash equivalents and marketable securities.
Previous wording
Based on our current business plans, we believe that our existing cash and cash equivalents will enable us to fund our development activities and other operations into the second half of 2025. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.
Current wording
Based on our current business plans, we believe that our existing cash, cash equivalents and marketable securities will enable us to fund our development activities and other operations into the fourth quarter of 2025. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. To finance our operations beyond that point we will need to raise additional capital, which cannot be assured.
Previous wording
Our direct research and development expenses are tracked on a program-by-program basis once they are in Phase 1 clinical trials and consist of external costs and fees paid to contract manufacturing organizations, or CMOs, and CROs in connection with our preclinical and clinical development and manufacturing activities. Such program costs also include the external costs of laboratory and consumable materials and costs of raw materials that are directly attributable to and incurred for any single program. We do not allocate employee costs, contractor/consultant fees, costs associated with our platform development and discovery efforts, payments made under third-party licensing agreements, costs of laboratory supplies and consumable materials that are not directly attributable to any single program, and facilities expenses, including rent, depreciation and other indirect costs, to specific product development programs because these costs are deployed across multiple programs and our platform technology and, as such, are not separately classified.
Current wording
Our direct research and development expenses are tracked on a program-by-program basis once they are in Phase 1 clinical trials and consist of external costs and fees paid to CMOs and CROs in connection with our preclinical and clinical development and manufacturing activities. Such program costs also include the external costs of laboratory and consumable materials and costs of raw materials that are directly attributable to and incurred for any single program. We do not allocate employee costs, contractor/consultant fees, costs associated with our platform development and discovery efforts, payments made under third-party licensing agreements, costs of laboratory supplies and consumable materials that are not directly attributable to any single program, and facilities expenses, including rent, depreciation and other indirect costs, to specific product development programs because these costs are deployed across multiple programs and our platform technology and, as such, are not separately classified.
Previous wording
We also expect to continue to incur expenses associated with operating as a public company, including costs related to accounting, audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and rules and regulations of the Securities and Exchange Commission (“SEC”), Sarbanes-Oxley Act, director and officer insurance costs, and investor and public relations costs.
Current wording
We expect our general and administrative expenses may increase for the foreseeable future if and as we continue to increase our general and administrative headcount to support our continued research and development activities and, if any product candidates receive marketing approval, commercialization activities, as well as to support our operations generally. We also expect to continue to incur expenses associated with operating as a public company, including costs related to accounting, audit, legal, regulatory, and tax-related services associated with maintaining compliance with exchange listing and rules and regulations of the Securities and Exchange Commission (“SEC”), Sarbanes-Oxley Act, director and officer insurance costs, and investor and public relations costs.
Previous wording
Research and development expenses increased by approximately $1.2 million, or 12.7%, to approximately $10.7 million for the three months ended June 30, 2024 as compared to approximately $9.5 million for the three months ended June 30, 2023. The increase of approximately $1.2 million was primarily due to an increase of approximately $1.0 million related to direct research and development expenses, including a $2.8 million increase in expenses related to IMM-1-104, offset by an approximately $1.0 million decrease in expenses related to IMM-6-415 driven by decreased manufacturing and preclinical spend, offset by increased clinical spend. Additionally, there was a decrease of approximately $0.7 million in expenses for earlier stage programs. The remaining variance was driven by an increase in unallocated research and development expenses of approximately $0.2 million, which was primarily driven by increased employee-related costs of $0.1 million, in addition to increased stock-based compensation expense of $0.1 million.
Current wording
Research and development expenses increased by approximately $1.2 million, or 12.0%, to approximately $11.3 million for the three months ended September 30, 2024 as compared to approximately $10.1 million for the three months ended September 30, 2023. The increase of approximately $1.2 million was primarily due to an increase of approximately $1.0 million related to direct research and development expenses, including a $2.4 million increase in expenses related to IMM-1-104, offset by an approximately $0.2 million decrease in expenses related to IMM-6-415 driven by decreased manufacturing and preclinical spend, offset by increased clinical spend. The increase was additionally offset by a decrease of approximately $1.2 million in expenses for earlier stage programs. The remaining variance was driven by an increase in unallocated research and development expenses of approximately $0.2 million, which was primarily driven by increased employee-related costs of $0.1 million, in addition to increased facilities and other expenses and depreciation/amortization of $0.1 million, in aggregate.
Previous wording
General and administrative expenses increased by approximately $0.2 million, or 5.2%, to approximately $4.3 million for the three months ended June 30, 2024 compared to approximately $4.0 million for the three months ended June 30, 2023. The increase of approximately $0.2 million was primarily due to increased stock-based compensation expense of approximately $0.3 million and a $0.1 million increase in facilities and other expenses in the aggregate. This is primarily offset by decreased professional fees for accounting, auditing and legal services of approximately $0.2 million.
Current wording
General and administrative expenses increased by approximately $0.1 million, or 3.7%, to approximately $4.0 million for the three months ended September 30, 2024 compared to approximately $3.9 million for the three months ended September 30, 2023. The increase of approximately $0.1 million was primarily due to increased stock-based compensation expense of approximately $0.1 million as well as an increase in employee-related costs of $0.1 million, offset by minor decreases in professional fees for accounting, auditing and legal services and facilities and other allocated expenses, in the aggregate.
Previous wording
Interest income decreased by approximately $340 thousand for the three months ended June 30, 2024 as compared to the three months ended June 30, 2023. While the interest rates on our cash and cash equivalents balances increased, we had a lower total cash balance leading to an overall decrease in interest income.
Current wording
Interest income decreased by approximately $309 thousand for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, driven by lower interest rates as of September 2024 and a lower total cash balance leading to an overall decrease in interest income.
Previous wording
Other income was approximately $8 thousand for the three months ended June 30, 2024, compared to $150 thousand for the three months ended June 30, 2023. This is primarily as a result of the increase in the accretion of premiums related to our marketable securities.
Current wording
Other income was approximately $129 thousand for the three months ended September 30, 2024, compared to $476 thousand for the three months ended September 30, 2023. This is primarily as a result of the increase in the accretion of premiums related to our marketable securities.
Previous wording
Research and development expenses increased by approximately $2.2 million, or 11.1%, to approximately $21.9 million for the six months ended June 30, 2024 as compared to approximately $19.7 million for the six months ended June 30, 2023. The increase of approximately $2.2 million was primarily due to an increase of approximately $2.4 million related to direct research and development expenses, of which there was a $4.4 million increase in expenses related to IMM-1-104, offset by a $0.7 million decrease in expenses related to IMM-6-415 driven by decreased manufacturing and preclinical spend, offset by increased clinical activity. Additionally, there was a $1.2 million decrease for earlier stage programs. The remaining offset was driven by decreased unallocated research and development costs of approximately $0.3 million, of which $0.3 million was associated with employee-related costs. The remaining decrease is attributable to a minor increase in stock-based compensation expense and depreciation/amortization costs, in the aggregate.
Current wording
Research and development expenses increased by approximately $3.4 million, or 11.4%, to approximately $33.1 million for the nine months ended September 30, 2024 as compared to approximately $29.7 million for the nine months ended September 30, 2023. The increase of approximately $3.4 million was primarily due to an increase of approximately $3.4 million related to direct research and development expenses, of which there was a $6.8 million increase in expenses related to IMM-1-104, offset by a $0.9 million decrease in expenses related to IMM-6-415 driven by decreased manufacturing and preclinical spend, and by a $2.5 million decrease in spend for earlier stage programs. The remaining variance was driven by decreased unallocated research and development costs of approximately $34 thousand. This decrease in indirect research and development cost was driven by a $0.2 million decrease associated with employee-related costs, offset by minor increases in stock-based compensation expense, facilities and other expenses, and depreciation/amortization, in the aggregate.
Previous wording
General and administrative expenses decreased by approximately $0.1 million, or 1.6%, to approximately $8.4 million for the six months ended June 30, 2024 compared to approximately $8.5 million for the six months ended June 30, 2023. The decrease of approximately $0.1 million was primarily due to a decrease in professional fees incurred for accounting, auditing, legal and tax services of approximately $0.5 million, a decrease in employee-related costs of $0.2 million, and a decrease of $0.1 million for facilities and other allocated expense. This is offset by increased stock-based compensation expense of approximately $0.5 million, along with increased other expenses of $0.1 million.
Current wording
General and administrative expenses increased by approximately $9 thousand, or 0.1%, to approximately $12.4 million for the nine months ended September 30, 2024 compared to approximately $12.4 million for the nine months ended September 30, 2023. The increase of approximately $9 thousand was primarily due to increased stock-based compensation expense of approximately $0.6 million, along with increased other expenses of $0.1 million, offset by a decrease in professional fees incurred for accounting, auditing, legal and tax services of approximately $0.5 million, a decrease of $0.1 million for facilities and other allocated expenses, and a decrease in employee-related costs of $45 thousand.
Previous wording
Amortization of intangible asset was $14,633 in the six months ended June 30, 2024, and 2023. This amortization is related to the technology acquired for the BioArkive acquisition completed in December 2021.
Current wording
Amortization of intangible asset was $21,950 in the nine months ended September 30, 2024, and 2023. This amortization is related to the technology acquired for the BioArkive acquisition completed in December 2021.
Previous wording
Interest income decreased by approximately $0.4 million for the six months ended June 30, 2024, compared to the six months ended June 30, 2023. While the interest rates on our cash and cash equivalents balances increased, we had a lower total cash balance leading to an overall decrease in interest income.
Current wording
Interest income decreased by approximately $0.7 million for the nine months ended September 30, 2024, compared to the nine months ended September 30, 2023, driven by lower interest rates as of September 2024 and a lower total cash balance leading to an overall decrease in interest income.
Previous wording
Other income was approximately $0.2 million for the six months ended June 30, 2024, compared to $0.4 million for the six months ended June 30, 2023. This is primarily a result of the increase in the accretion of premiums related to our marketable securities.
Current wording
Other income was approximately $0.4 million for the nine months ended September 30, 2024, compared to $0.9 million for the nine months ended September 30, 2023. This is primarily a result of the increase in the accretion of premiums related to our marketable securities.
Previous wording
We finance our operations through the issuance of convertible notes payable, convertible preferred stock, common stock, and the exercise of stock options. As of June 30, 2024, we had an accumulated deficit of $191.6 million and $59.7 million in cash and cash equivalents. Cash and cash equivalents are comprised of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, reflected in the change in our outstanding accounts payable and accrued expenses.
Current wording
As of September 30, 2024, we had an accumulated deficit of $206.2 million and $50.7 million in cash, cash equivalents and marketable securities. Cash and cash equivalents are comprised of deposits at major financial banking institutions and highly liquid investments with an original maturity of three months or less at the date of purchase. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures. Cash used to fund operating expenses is impacted by the timing of when we pay these expenses, reflected in the change in our outstanding accounts payable and accrued expenses.
Previous wording
On August 10, 2022, we entered into an Equity Distribution Agreement (the "Sales Agreement") with Piper Sandler & Co (the "Sales Agent"), to sell shares of our common stock with aggregate gross proceeds of up to $50 million, from time to time, through an “at the market” equity offering program ("ATM Program"). During the six months ended June 30, 2024, we did not sell any shares of common stock pursuant to the Sales Agreement under the ATM Program.
Current wording
On August 10, 2022, we entered into the Sales Agreement with the Sales Agent to sell shares of our common stock with aggregate gross proceeds of up to $50 million, from time to time, through the ATM Program. The Company sold 1,318,752 shares of common stock under the ATM Program, at an average price per share of $3.27, for aggregate gross proceeds of $4.5 million ($4.2 million net of offering expenses) during the three- and nine-months ended September 30, 2024.
Previous wording
As of June 30, 2024, we have contractual obligations related to various leases of $0.4 million for 2024, $0.7 million for 2025, $0.8 million for 2026, $0.8 million for 2027, $0.8 million for 2028 and $2.9 million for the periods thereafter.
Current wording
As of September 30, 2024, we have contractual obligations related to various leases of $0.2 million for 2024, $0.7 million for 2025, $0.8 million for 2026, $0.8 million for 2027, $0.8 million for 2028 and $2.9 million for the periods thereafter.
Previous wording
During the six months ended June 30, 2023, operating activities used approximately $25.2 million of cash, primarily resulting from our net loss of approximately $25.8 million and changes in assets and liabilities of $2.0 million, partially offset by stock-based compensation expense of approximately $2.6 million and the reduction in carrying amount of right-of-use assets of $0.2 million.
Current wording
During the nine months ended September 30, 2024, operating activities used approximately $40.5 million of cash, primarily resulting from our net loss of approximately $43.0 million and changes in assets and liabilities of $2.6 million, partially offset by stock-based compensation expense of approximately $4.8 million and the reduction in carrying amount of right-of-use assets of approximately $0.2 million.
Previous wording
During the six months ended June 30, 2024, operating activities used approximately $27.0 million of cash, primarily resulting from our net loss of approximately $28.4 million and changes in assets and liabilities of $1.9 million, partially offset by stock-based compensation expense of approximately $3.1 million and the reduction in carrying amount of right-of-use assets of approximately $0.2 million.
Current wording
During the nine months ended September 30, 2023, operating activities used approximately $37.2 million of cash, primarily resulting from our net loss of approximately $38.4 million and changes in assets and liabilities of $2.9 million, partially offset by stock-based compensation expense of approximately $4.1 million and the reduction in carrying amount of right-of-use assets of $0.3 million.
Previous wording
During the six months ended June 30, 2024, investing activities provided approximately $26.4 million of cash, primarily resulting from the maturities of marketable securities of approximately $26.4 million, partially offset by purchases of property and equipment of approximately $70 thousand.
Current wording
During the nine months ended September 30, 2024, investing activities provided approximately $20.9 million of cash, primarily resulting from the maturities of marketable securities of approximately $26.4 million, partially offset by purchases of marketable securities of $5.4 million and property and equipment of approximately $76 thousand.
Previous wording
During the six months ended June 30, 2023, investing activities provided approximately $28.1 million, primarily resulting from the maturities of marketable securities of approximately $28.3 million, partially offset by purchases of property and equipment of $0.1 million.
Current wording
During the nine months ended September 30, 2023, investing activities provided approximately $4.2 million, primarily resulting from the maturities of marketable securities of approximately $33.3 million, partially offset by purchases of marketable securities of $28.9 million and purchases of property and equipment of $0.2 million.
Previous wording
During the six months ended June 30, 2024, net cash provided by financing activities was approximately $1.0 million, primarily driven by proceeds of approximately $0.7 million from the exercise of stock options and approximately $0.2 million from the Company's employee stock purchase plan.
Current wording
During the nine months ended September 30, 2024, net cash provided by financing activities was approximately $5.3 million, primarily driven by proceeds of approximately $4.2 million from the issuance of common stock under the Company's ATM program, net of offering expenses, in addition to $0.7 million from the exercise of stock options and approximately $0.4 million from the Company's employee stock purchase plan.
Previous wording
During the six months ended June 30, 2023, net cash provided by financing activities was approximately $28.4 million, primarily driven by net proceeds of approximately $28.2 million from the Company's underwritten follow-on equity offering, after deducting commissions and underwriting fees, in addition to $0.4 million from the exercise of stock options. This was partially offset by $0.2 million in payments of costs related to the public offering.
Current wording
During the nine months ended September 30, 2023, net cash provided by financing activities was approximately $28.4 million, primarily driven by net proceeds of approximately $28.2 million from the Company's underwritten follow-on equity offering, after deducting commissions and underwriting fees, in addition to $0.4 million from the exercise of stock options. This was partially offset by $0.2 million in payments of costs related to the public offering.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
We finance our operations through the issuance of convertible notes payable, convertible preferred stock, common stock, and the exercise of stock options.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
We expect our general and administrative expenses may increase for the foreseeable future if and as we continue to increase our general and administrative headcount to support our continued research and development activities and, if any product candidates receive marketing approval, commercialization activities, as well as to support our operations generally.
Previous report — wording carried elsewhere
Based on our current business plans, we believe that our existing cash and cash equivalents will enable us to fund our development activities and other operations into the second half of 2025. We have based this estimate on assumptions that may prove to be wrong, and we could utilize our available capital resources sooner than we expect.