Private company

Elevation Oncology, Inc.

In its 2025 annual report the company says: “We are an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. We are leveraging our antibody-drug conjugate expertise to advance a novel pipeline, initially targeting two validated targets in oncology, Claudin 18.2 and HER3.”4 It is headquartered in Boston, Massachusetts.1

Last updated Oct 20, 2026.

Overview

  • IndustryBiological Products, (No Diagnostic Substances)1
  • HeadquartersBoston, Massachusetts1
  • Incorporated inDE2
  • Business address101 Federal Street, Suite 1900, Boston, Ma 021102
  • Filer category, Emerging growth company2

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We are an innovative oncology company focused on the discovery and development of selective cancer therapies to treat patients across a range of solid tumors with significant unmet medical needs. We are leveraging our antibody-drug conjugate (“ADC”) expertise to advance a novel pipeline, initially targeting two validated targets in oncology, Claudin 18.2 and HER3.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income5678-$44.7M in 2024+159% since 2020
-$100.0M-$75.0M-$50.0M-$25.0M02020: -$17.3M-$17.3M20202021: -$32.0M-$32.0M2021+85%2022: -$94.5M-$94.5M2022+195%2023: -$45.4M-$45.4M2023−52%2024: -$44.7M-$44.7M2024−2%
Net income5678-$44.5M in 2024+158% since 2020
-$100.0M-$75.0M-$50.0M-$25.0M02020: -$17.3M-$17.3M20202021: -$32.0M-$32.0M2021+86%2022: -$95.1M-$95.1M2022+197%2023: -$45.7M-$45.7M2023−52%2024: -$44.5M-$44.5M2024−3%
Fiscal year2019202020212022202320242025
Research and development$15.5M5$23.6M6$78.7M7$25.4M8$28.6M8
Operating expenses$32.0M6$94.5M7$45.4M8$44.7M8
Operating income-$17.3M5-$32.0M6-$94.5M7-$45.4M8-$44.7M8
Income before tax-$32.0M6-$95.1M7-$45.7M8-$44.4M8
Income tax$05$06$25.0K7$30.0K8$43.0K8
Net income-$17.3M5-$32.0M6-$95.1M7-$45.7M8-$44.5M8
Earnings per share-$21.805-$2.646-$4.097-$1.258-$0.788
Earnings per share (diluted)-$21.805-$2.646-$4.097-$1.258-$0.788
Shares (weighted, basic)12.1M shares623.3M shares736.5M shares857.3M shares8
Shares (weighted, diluted)12.1M shares623.3M shares736.5M shares857.3M shares8

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Corporate structure

Elevation Oncology, Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Elevation Oncology, Inc.

  • Frazier Life Sciences Public Fund, L.P. Filed SCHEDULE 13G/A on Elevation Oncology, Inc., latest Aug 14, 2025 (3 filings since Apr 9, 2024)
  • TANG CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G/A on Elevation Oncology, Inc., latest Aug 14, 2025 (2 filings since May 15, 2025)
  • BML Investment Partners, L.P. Filed SCHEDULE 13D/A on Elevation Oncology, Inc., latest Jul 28, 2025 (3 filings since Mar 26, 2025)
  • BIOTECHNOLOGY VALUE FUND L P Filed SCHEDULE 13G/A on Elevation Oncology, Inc., latest May 15, 2025 (5 filings since Feb 14, 2022)
  • Farallon Capital Partners, L.P. Filed SCHEDULE 13G/A on Elevation Oncology, Inc., latest May 7, 2025 (4 filings since Jan 22, 2024)
  • Logos Global Management LP Filed SCHEDULE 13G/A on Elevation Oncology, Inc., latest Feb 14, 2025 (3 filings since Jan 22, 2024)
  • BlackRock Filed SCHEDULE 13G on Elevation Oncology, Inc., latest Feb 4, 2025
  • VANGUARD GROUP INC Filed SCHEDULE 13G/A on Elevation Oncology, Inc., latest Jan 30, 2025 (3 filings since Nov 4, 2024)
  • GREAT POINT PARTNERS LLC Filed SC 13G/A on Elevation Oncology, Inc., latest Nov 14, 2024 (2 filings since Aug 15, 2024)
  • ORBIMED ADVISORS LLC Filed SC 13G/A on Elevation Oncology, Inc., latest Nov 14, 2024 (2 filings since Feb 14, 2024)
  • Point72 Asset Management, L.P. Filed SC 13G/A on Elevation Oncology, Inc., latest Nov 14, 2024 (3 filings since May 24, 2023)
  • Aisling Capital IV, LP Filed SC 13G/A on Elevation Oncology, Inc., latest Nov 12, 2024 (4 filings since Feb 14, 2022)
  • Elevation Oncology, Inc. Boston, Massachusetts
    • Elevation Oncology Securities Corporation Subsidiary · Massachusetts, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Elevation Oncology, 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

ItemLatestA year beforeChange
Accumulated depreciation$98.0K7 Dec 31, 2023$59.0K7 Dec 31, 2022+66.1%
Property and equipment, net$34.0K8 Dec 31, 2024$59.0K8 Dec 31, 2023−42.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$49.5M8 Dec 31, 2024$49.3M8 Dec 31, 2023+0.4%
Marketable securities, current$43.7M8 Dec 31, 2024$33.9M8 Dec 31, 2023+29.2%
Debt securities available for sale$43.7M8 Dec 31, 2024$33.9M8 Dec 31, 2023+29.2%

Leadership

Who has led Elevation Oncology, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Shawn Leland2021–2022
  2. Joseph J. Ferra Jr.2023–now

President

  1. Shawn Leland2021–2022

Chief financial officer

  1. Joseph J. Ferra Jr.2021–2023
  2. Tammy Furlong2023–now
2025
Board members and other officers (11)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Elevation Oncology Securities Corporation Massachusetts3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • 14ner Oncology, Inc.Jul 19, 2019 to Jul 19, 20192

Timeline

  1. Jul 23, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights26
  2. Jul 2, 20258-K Ended a material agreement27
  3. Jun 9, 20258-K Entered a material agreement; Executive or director change; Shareholder vote28
  4. May 15, 20258-K Results of operations29
  5. May 5, 20258-K Debt or obligation accelerated30
  6. Apr 4, 20258-K Debt or obligation accelerated31
  7. Apr 1, 20258-K Executive or director change32
  8. Mar 20, 20258-K Exit or restructuring costs; Executive or director change33
  9. Mar 19, 20258-K Listing notice or transfer34
  10. Mar 6, 20258-K Results of operations35
  11. Jan 31, 20258-K Executive or director change36
  12. Jan 13, 20258-K Other events37
  13. Jan 10, 2023New chief executive Joseph J. Ferra Jr. becomes CEO12
  14. Jun 24, 2021New chief executive Shawn Leland becomes CEO13

Calendar

When it reported results

  1. May 15, 2025Reported quarterly or annual results29
  2. Mar 6, 2025Reported quarterly or annual results35
  3. Nov 6, 2024Reported quarterly or annual results38
  4. Aug 6, 2024Reported quarterly or annual results39
  5. May 2, 2024Reported quarterly or annual results40
  6. Mar 6, 2024Reported quarterly or annual results41
  7. Nov 2, 2023Reported quarterly or annual results42
  8. Aug 3, 2023Reported quarterly or annual results43

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

240 filings to the SEC since October 2021: 4 annual reports, 11 quarterly reports, 44 major events, 77 insider forms, 58 large holders, 46 other. The latest 20:

  1. Aug 14, 2025SCHEDULE 13G/A EDGAR
  2. Aug 14, 2025SCHEDULE 13G/A EDGAR
  3. Aug 4, 202515-12G EDGAR
  4. Jul 28, 2025EFFECT EDGAR
  5. Jul 28, 2025EFFECT EDGAR
  6. Jul 28, 2025SCHEDULE 13D/A EDGAR
  7. Jul 24, 20254 EDGAR
  8. Jul 24, 20254 EDGAR
  9. Jul 24, 20254 EDGAR
  10. Jul 24, 20254 EDGAR
  11. Jul 24, 20254 EDGAR
  12. Jul 24, 20254 EDGAR
  13. Jul 24, 20254 EDGAR
  14. Jul 23, 2025S-8 POS EDGAR
  15. Jul 23, 2025S-8 POS EDGAR
  16. Jul 23, 2025S-8 POS EDGAR
  17. Jul 23, 2025S-8 POS EDGAR
  18. Jul 23, 2025S-8 POS EDGAR
  19. Jul 23, 2025POS AM EDGAR
  20. Jul 23, 2025POS AM EDGAR

The 240 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: 0 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 25, 2022Adelman Robert J10% ownerSale702,737$4.12$2.9MForm 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.

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.

YearExecutiveAgeSalaryTotal pay
2024Joseph J. FerraJr.49$620.8K$2.3M67
2024Valerie M. JansenM.D., Ph.D.$499.6K$1.3M67
2024David DornanPh.D.$456.0K$1.2M67
2023President and Chief Executive Officer$590.3K$1.2M67
2023Chief Medical Officer$479.0K$841.8K67
2023Chief Scientific Officer$437.5K$774.0K67

SEC filer profile

How Elevation Oncology, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARElevation Oncology, Inc.1
  • CIK0001783032
  • Employer ID (EIN)84-17714274
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2836 Biological Products, (No Diagnostic Substances)1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address101 Federal Street, Suite 1900, Boston, MA 021101
  • Phone71637111251
  • Shares outstanding59,223,729 as of May 9, 202511
  • Public float$135.2M as of Jun 30, 20244
  • AuditorCohnReznick LLP, New York City, New York PCAOB ID 596; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJul 19, 20191
  • Filings298 in all: 4 (81), 8-K (46), SC 13G/A (26), SC 13G (19), 3 (18), 10-Q (12), SCHEDULE 13G/A (10), CORRESP (8)1
    All 44 form types

    UPLOAD (6), EFFECT (5), S-8 (5), S-8 POS (5), 10-K (4), 424B5 (4), DEF 14A (4), DEFA14A (4), SC 13D/A (4), ARS (3), S-1/A (3), D (2), POS AM (2), PRE 14A (2), S-3 (2), SCHEDULE 13G (2), SEC STAFF LETTER (2), 15-12G (1), 25-NSE (1), 424B1 (1), 424B3 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), S-1 (1), S-3/A (1), SC 13D (1), SC 14D9 (1), SC 14D9/A (1), SC TO-T (1), SC TO-T/A (1), SC14D9C (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 6, 2025
    Quarterly report (10-Q) May 15, 2025
    Proxy statement (DEF 14A) Apr 24, 2025
    Latest 8-K (8-K) Jul 23, 2025

Securities registered for trading

ClassSymbolExchange
Common stock, par value $0.0001 per shareELEVThe Nasdaq Stock Market LLC

From the cover page of the 10-K filed Mar 6, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Elevation Oncology, Inc. names in Item 1A of its 10-K filed Mar 6, 2025: 71 risks under these headings, as written.4

  • Risks related to our financial position and need for additional capital
  • Substantial doubt exists as to our ability to continue as a going concern. Our ability to continue as a going concern is subject to material uncertainty and dependent on our success at raising additional capital sufficient to meet our obligations on a timely basis. If we fail to obtain additional financing when needed, we may be unable to complete the development, regulatory approval and commercialization of our product candidates.
  • We have a limited operating history, which may make it difficult to evaluate the success of our business to date and to assess our future viability. We have incurred significant operating losses since our inception in 2019 and have not generated any revenue. We expect to incur continued losses for the foreseeable future and may never achieve or maintain profitability.
  • We require substantial additional funding to pursue our business objectives. If we are unable to raise additional capital when needed or on terms acceptable to us, we could be forced to delay, reduce or terminate our research or drug development programs, any future commercialization efforts or other operations.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish proprietary rights to our technologies or product candidates.
  • Our loan and security agreement contains restrictive and financial covenants that may limit our operating flexibility.
  • Risks related to the design and development of our product candidates
  • We are highly dependent on the success of our lead product candidate, EO-3021. We have not completed clinical development or obtained regulatory approval for any product candidate. We may never obtain approval for EO-3021 or any other product candidate.
  • Drug development is a lengthy and expensive process, and clinical testing is uncertain as to the outcome.
  • We may incur additional costs or experience delays in completing, or ultimately be unable to complete the development and/or commercialization of our product candidates.
  • If we experience delays or difficulties in enrolling patients in our ongoing or planned clinical trials, our receipt of necessary regulatory approval could be delayed or prevented.
  • Adverse side effects or other safety risks associated with our product candidates could delay or preclude approval, cause us to suspend or discontinue clinical trials or abandon further development, limit the commercial profile of an approved product or result in significant negative consequences following marketing approval, if any.
The other 61 risks
  • Preliminary, topline and interim data from our clinical trials that we announce or publish from time to time may change as more patient data becomes available and is subject to audit and verification procedures that could result in material changes in the final data.
  • We have, and we may in the future, seek to engage in strategic transactions to acquire or in-license new products, product candidates or technologies, or partner or out-license our product candidates. If we are unable to realize the benefits from such transactions, it may adversely affect our ability to develop and commercialize product candidates, negatively impact our cash position, increase our expenses and present significant distractions to our management.
  • 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.
  • We expect to conduct clinical trials for our product candidates outside the United States, and the FDA or comparable foreign regulatory authorities may not accept data from such trials.
  • Risks related to government regulation
  • The development and commercialization of biological products are subject to extensive regulation, and we may not obtain regulatory approvals for any of our product candidates, on a timely basis or at all.
  • The accelerated approval pathway for any of our product candidates may not lead to a faster development or regulatory review or approval process and does not increase the likelihood that it will receive marketing approval.
  • Our failure to obtain marketing approval in jurisdictions outside the United States would prevent our product candidates from being marketed in those jurisdictions, and any approval we are granted for them in the United States would not assure approval in other jurisdictions.
  • We may not be able to obtain or maintain orphan drug designation or exclusivity for our product candidates.
  • A Breakthrough Therapy designation by the FDA for any of our product candidates may not lead to a faster development or regulatory review or approval process, and it would not increase the likelihood that the product candidate will receive marketing approval.
  • A Fast Track designation by the FDA for any of our product candidates may not lead to a faster development or regulatory review or approval process.
  • If we are unable to successfully develop, validate, obtain regulatory approval of and commercialize companion or complementary diagnostic tests for product candidates that require or would benefit from such tests, or experience significant delays in doing so, we may not realize the full commercial potential of these product candidates.
  • Even if we obtain marketing approval for a product candidate, the terms of approvals, ongoing regulation of our products or other post-approval restrictions may limit how we manufacture and market our products and compliance with such requirements may involve substantial resources, which could materially impair our ability to generate revenue.
  • Any product candidate for which we obtain marketing approval will be subject to ongoing enforcement of post-marketing requirements by regulatory agencies, and we could be subject to substantial penalties, including withdrawal of our product from the market, if we fail to comply with all regulatory requirements or if we experience unanticipated problems with our products, when and if any of them are approved.
  • Our current and future relationships with customers and third-party payors may be subject to applicable anti-kickback, fraud and abuse, transparency, health privacy, and other healthcare laws and regulations, which could expose us to significant penalties, including criminal, civil, and administrative penalties, contractual damages, reputational harm and diminished profits and future earnings.
  • We may face difficulties from healthcare legislative and regulatory reform measures.
  • Governments outside of the United States tend to impose strict price controls, which may adversely affect our revenues, if any.
  • Laws and regulations governing any international operations we may have in the future may preclude us from developing, manufacturing and selling certain product candidates and products outside of the United States and require us to develop and implement costly compliance programs.
  • If we fail to comply with environmental, health and safety laws and regulations, we could become subject to fines or penalties or incur costs that could harm our business.
  • We are subject to certain anti-corruption, anti-money laundering, export control, sanctions and other trade laws and regulations. We can face serious consequences for violations.
  • There is substantial uncertainty regarding the new U.S. presidential administration’s initiatives and how these might impact the FDA, its implementation of laws, regulations, policies and guidance and its personnel. These initiatives could prevent, limit or delay development and regulatory approval of our product candidates, which would adversely affect our business.
  • Risks related to our reliance on third parties
  • We rely, and intend to continue to rely, on third parties to conduct our clinical trials and perform all of our research and preclinical studies. If these third parties do not satisfactorily carry out their contractual duties, fail to comply with applicable regulatory requirements or do not meet expected deadlines, our development programs may be delayed or subject to increased costs or we may be unable to obtain regulatory approval, each of which may have an adverse effect on our business, financial condition, results of operations and prospects.
  • Manufacturing biological products is complex and subject to product loss for a variety of reasons. We rely on third parties to manufacture clinical supplies of our product candidates, some of which are based in China, and we intend to rely on third parties to produce commercial supplies of any approved product. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or products or such quantities at an acceptable cost or quality, which could delay, prevent or impair our development or commercialization efforts.
  • We may enter into collaborations with third parties for the development and commercialization of our product candidates. If those collaborations are not successful, we may not be able to capitalize on the market potential of our product candidates.
  • Risks related to commercialization of our product candidates
  • The incidence and prevalence for target patient populations of our product candidates have not been established with precision. If the market opportunities for our product candidates are smaller than we estimate or if any approval that we obtain is based on a narrower definition of the patient population, then our revenue potential and ability to achieve profitability will be adversely affected.
  • 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.
  • We currently have no marketing and sales organization and have no experience as a company in commercializing products and we may have to invest significant resources to develop these capabilities. If we are unable to establish sales and marketing capabilities or enter into agreements with third parties to market and sell our products, we may not be able to generate revenue.
  • We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.
  • Even if we are able to commercialize any product candidates, the products may become subject to unfavorable pricing regulations, third-party reimbursement practices or healthcare reform initiatives, which would harm our business.
  • Product liability lawsuits against us could cause us to incur substantial liabilities and to limit commercialization of any products that we may develop.
  • Risks related to employee matters and our operations
  • We expect to significantly expand our development and regulatory capabilities as we grow our company, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • Our future success depends on our ability to retain key employees and to attract, retain and motivate qualified personnel and manage our human capital.
  • Our employees, clinical trial investigators, CROs, CMOs, consultants, vendors and any potential commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements and insider trading.
  • We are a virtual company and our business depends on the efficient and uninterrupted operation of our information technology systems and those of our third-party CROs, CMOs, or other vendors, contractors or consultants, may fail or suffer security breaches, cyberattacks, loss or leakage of data and other disruptions, which could result in a material disruption of our development programs, compromise sensitive information related to our business or prevent us from accessing critical information, potentially exposing us to liability or otherwise adversely affecting our business.
  • We are subject to stringent and changing laws, regulations, rules, policies, standards, and contractual obligations related to privacy and data security. Our actual or perceived failure to comply with such obligations could lead to government enforcement actions (which could include civil or criminal penalties), private litigation and/or adverse publicity and could negatively affect our operating results and business.
  • We or the third parties upon whom we depend may be adversely affected by natural disasters and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.
  • Changes in tax laws or regulations that are applied adversely to us may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Risks related to intellectual property
  • If we or our licensors are unable to obtain and maintain sufficient patent protection for our product candidates, or if the scope of the patent protection is not sufficiently broad, third parties, including our competitors, could develop and commercialize products similar or identical to ours, and our ability to commercialize our product candidates may be adversely affected.
  • Changes to patent laws in the United States and other jurisdictions could diminish the value of patents in general, thereby impairing our ability to protect our products.
  • We may become involved in lawsuits or administrative disputes to protect or enforce our patents or other intellectual property, which could be expensive, time-consuming and unsuccessful.
  • We and our licensors may not be able to effectively protect or enforce our intellectual property and proprietary rights throughout the world.
  • If we are sued for infringing, misappropriating or otherwise violating intellectual property or proprietary rights of third parties, such litigation or disputes could be costly and time-consuming and could prevent or delay us from developing or commercializing our product candidates.
  • We may be subject to claims by third parties asserting that our employees or consultants or we have misappropriated their intellectual property, or claiming ownership of what we regard as our own intellectual property.
  • Rights to improvements to our product candidates may be held by third parties, which could require us to obtain a license to such rights. Such a license may not be available on commercially reasonable terms, if at all.
  • We may be subject to claims challenging the inventorship of our patents and other intellectual property.
  • The term of our patents may be inadequate to protect our competitive position on our products.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, documentary, fee payment and other requirements imposed by governmental patent offices, and our patent protection could be reduced or eliminated for noncompliance with these requirements.
  • If we are unable to protect the confidentiality of our trade secrets, the value of our technology could be materially adversely affected and our business would be harmed.
  • Intellectual property rights do not necessarily address all potential threats.
  • Risks related to our common stock
  • The market price of our common stock is likely to continue to be highly volatile, which could result in substantial losses for purchasers of our common stock.
  • A sale of a substantial number of shares of our common stock may cause the price of our common stock to decline.
  • Our principal stockholders and management own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
  • We are an “emerging growth company” and a “smaller reporting company” and we cannot be certain if the reduced reporting requirements applicable to “emerging growth companies” or “smaller reporting companies” will make our common stock less attractive to investors.
  • There is no public market for our purchase warrants.
  • Anti-takeover provisions in our restated certificate of incorporation and amended and restated bylaws and under Delaware law could prevent or delay an acquisition of us, which may be beneficial to our stockholders, and may prevent attempts by our stockholders to replace or remove our current management and, therefore, decrease the trading price of our common stock.
  • The exclusive forum provisions in our organizational documents may limit a stockholder’s ability to bring a claim in a judicial forum that it finds favorable for disputes with us or any of our directors, officers, or other employees, which may discourage lawsuits with respect to such claims.
  • We incur significant costs as a result of operating as a public company, and our management is required to devote substantial time to new compliance initiatives and corporate governance practices.
  • Because we do not anticipate paying any cash dividends on our capital stock in the foreseeable future, capital appreciation, if any, will be your sole source of gain.
  • The price of our common stock does not meet the requirements for continued listing on the Nasdaq Global Select Market. If we fail to regain compliance with the minimum listing requirements, our common stock will be subject to delisting. Our ability to publicly or privately sell equity securities and the liquidity of our common stock could be adversely affected if our common stock is delisted.
  • General risk factors
  • If securities or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
  • Our disclosure controls and procedures may not prevent or detect all errors or acts of fraud.

Legal proceedings

At each reporting date, we evaluate whether or not a potential loss amount or a potential range of losses is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. We expense as incurred the costs related to such legal proceedings. We are not a party to any material legal matters or claims and did not have contingency reserves established for any litigation liabilities as of December 31, 2024.

The opening of Item 3, Legal Proceedings.4

Sources

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