Private company

Mural Oncology plc

In its 2025 annual report the company says: “We are a clinical-stage oncology company focused on discovering and developing immunotherapies that may meaningfully improve the lives of patients with cancer. Our lead product candidate, nemvaleukin alfa, is an investigational, engineered cytokine fusion protein that selectively binds to the intermediate-affinity interleukin-2 receptor.”4

Last updated Oct 20, 2026.

Overview

  • IndustryPharmaceutical Preparations1
  • HeadquartersL21
  • Incorporated inIreland2
  • Business address10 Earlsfort Terrace, Dublin 2, L2 D02 T3802
  • Filer category, Emerging growth company2

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We are a clinical-stage oncology company focused on discovering and developing immunotherapies that may meaningfully improve the lives of patients with cancer. By leveraging our core competencies in immune cell modulation and protein engineering, we have developed a portfolio of investigational cytokine therapies designed to address areas of unmet need for patients with a variety of cancers. Our lead product candidate, nemvaleukin alfa (“nemvaleukin”), is an investigational, engineered cytokine fusion protein that selectively binds to the intermediate-affinity interleukin-2 (“IL-2”) receptor. Nemvaleukin is designed to preferentially activate antitumor cytotoxic effector natural killer (“NK”) cells and CD8+ T cells while minimizing the expansion of immunosuppressive T regulatory cells (“T regs ”). In ARTISTRY-1, our clinical proof of concept study, nemvaleukin generated durable responses…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 income56-$138.3M in 2024−25% since 2022
-$200.0M-$150.0M-$100.0M-$50.0M02022: -$184.9M-$184.9M20222023: -$196.2M-$196.2M2023+6%2024: -$138.3M-$138.3M2024−30%
Net income56-$128.5M in 2024−32% since 2022
-$300.0M-$200.0M-$100.0M02022: -$189.8M-$189.8M20222023: -$207.4M-$207.4M2023+9%2024: -$128.5M-$128.5M2024−38%
Fiscal year20212022202320242025
Research and development$167.2M5$165.5M6$110.7M6
Operating expenses$184.9M5$196.2M6$138.3M6
Operating income-$184.9M5-$196.2M6-$138.3M6
Income before tax-$184.9M5-$195.3M6-$128.5M6
Income tax$4.9M5$12.2M6$06
Net income-$189.8M5-$207.4M6-$128.5M6
Earnings per share-$11.375-$12.436-$7.586
Earnings per share (diluted)-$11.375-$12.436-$7.586
Shares (weighted, basic)16.7M shares516.7M shares617.0M shares6
Shares (weighted, diluted)16.7M shares516.7M shares617.0M shares6

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Corporate structure

Mural Oncology plc sits at the top of its group. 3 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Mural Oncology plc

  • Trium Capital LLP Filed SCHEDULE 13G/A on Mural Oncology plc, latest Dec 16, 2025 (2 filings since Sep 2, 2025)
  • Prosight Management, LP Filed SCHEDULE 13G/A on Mural Oncology plc, latest Nov 13, 2025 (2 filings since Jun 26, 2025)
  • Soleus Capital Master Fund, L.P. Filed SCHEDULE 13G/A on Mural Oncology plc, latest Nov 7, 2025 (3 filings since Apr 16, 2025)
  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on Mural Oncology plc, latest Aug 14, 2025 (5 filings since Feb 14, 2024)
  • Solas Capital Management, LLC Filed SCHEDULE 13G/A on Mural Oncology plc, latest Aug 14, 2025 (3 filings since Nov 14, 2024)
  • Stuart Feldman Filed SCHEDULE 13G on Mural Oncology plc, latest May 14, 2025
  • ACORN BIOVENTURES, L.P. Filed SCHEDULE 13G/A on Mural Oncology plc, latest Feb 14, 2025 (3 filings since Aug 13, 2024)
  • VANGUARD GROUP INC Filed SC 13G/A on Mural Oncology plc, latest Nov 12, 2024 (5 filings since Dec 8, 2023)
  • WESTFIELD CAPITAL MANAGEMENT CO LP Filed SC 13G/A on Mural Oncology plc, latest Aug 5, 2024 (5 filings since Jan 10, 2024)
  • Mural Oncology plc L2
    • Mural Oncology Securities Corporation Subsidiary · Massachusetts, United States
    • Mural Oncology, Inc. (d/b/a Mural Biopharmaceuticals in New York and Mural Biopharmaceuticals, Inc. in Michigan) Subsidiary · Delaware, 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 Mural Oncology plc 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
Property and equipment, before depreciation$44.7M6 Dec 31, 2024$45.1M6 Dec 31, 2023−0.8%
Accumulated depreciation$37.0M6 Dec 31, 2024$33.7M6 Dec 31, 2023+9.9%
Property and equipment, net$7.7M6 Dec 31, 2024$11.4M6 Dec 31, 2023−32.3%
Operating-lease assets (leased space)$6.8M6 Dec 31, 2024$12.7M6 Dec 31, 2023−46.8%

Real estate and locations

ItemLatestA year beforeChange
Area of land180,000 sq ft6 Dec 31, 2024180,000 sq ft6 Dec 31, 20230%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$115.5M6 Dec 31, 2024$270.9M6 Dec 31, 2023−57.4%

Properties, in its own words

On November 13, 2023, Alkermes, Inc., a wholly-owned subsidiary of Alkermes, assigned to us an operating lease for approximately 180,000 square feet of corporate office space, administrative areas and laboratories located in Waltham, Massachusetts, which includes 34,000 square feet of laboratory space. The lease expires in 2026 and includes a tenant option to extend the term of the lease for an additional five-year period. On August 16, 2024 and on October 10, 2024, we entered into sub-leases pursuant to which we sub-leased to third parties a total of 38,644 square feet of this office space and a total of 6,429 square feet of this laboratory space. We believe our facilities are adequate and suitable for our current needs and that should it be needed, suitable additional or alternative space will be available to accommodate our operations.

Item 2 of the 10-K filed Mar 11, 2025.4

Leadership

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

Chief executive

  1. Caroline Loew2023–now

Chief financial officer

  1. Adam D. Cutler2023–now
2025
Board members and other officers (11)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Mural Oncology Securities Corporation Massachusetts3
  • Mural Oncology, Inc. (d/b/a Mural Biopharmaceuticals in New York and Mural Biopharmaceuticals, Inc. in Michigan) Delaware3

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

Former names

  • Mural Oncology LtdApr 14, 2023 to Aug 24, 20232

Timeline

  1. Dec 5, 20258-K Completed an acquisition or sale; Listing notice or transfer; Change to shareholders' rights21
  2. Oct 24, 20258-K Shareholder vote; Other events22
  3. Aug 20, 20258-K Entered a material agreement; Regulation FD disclosure23
  4. Aug 4, 20258-K Results of operations24
  5. Jun 12, 20258-K Shareholder vote25
  6. Apr 15, 20258-K Exit or restructuring costs; Other events26
  7. Mar 25, 20258-K Other events27
  8. Mar 11, 20258-K Results of operations; Regulation FD disclosure28
  9. Mar 11, 20258-K Entered a material agreement29
  10. Jan 10, 20258-K Regulation FD disclosure30
  11. Nov 13, 20248-K Results of operations31
  12. Sep 26, 20248-K Regulation FD disclosure32
  13. Dec 18, 2023New chief executive Caroline Loew becomes CEO9

Calendar

When it reported results

  1. Aug 4, 2025Reported quarterly or annual results24
  2. Mar 11, 2025Reported quarterly or annual results28
  3. Nov 13, 2024Reported quarterly or annual results31
  4. Aug 13, 2024Reported quarterly or annual results33
  5. May 14, 2024Reported quarterly or annual results34
  6. Mar 26, 2024Reported quarterly or annual results35

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

Filings

181 filings to the SEC since October 2021: 2 annual reports, 7 quarterly reports, 22 major events, 64 insider forms, 29 large holders, 57 other. The latest 20:

  1. Dec 16, 2025SCHEDULE 13G/A EDGAR
  2. Dec 15, 202515-12G EDGAR
  3. Dec 8, 2025EFFECT EDGAR
  4. Dec 5, 2025S-8 POS EDGAR
  5. Dec 5, 2025S-8 POS EDGAR
  6. Dec 5, 2025S-8 POS EDGAR
  7. Dec 5, 2025POS AM EDGAR
  8. Dec 5, 20254 EDGAR
  9. Dec 5, 20254 EDGAR
  10. Dec 5, 20254 EDGAR
  11. Dec 5, 20254 EDGAR
  12. Dec 5, 20254 EDGAR
  13. Dec 5, 20254 EDGAR
  14. Dec 5, 20254 EDGAR
  15. Dec 5, 20254 EDGAR
  16. Dec 5, 20254 EDGAR
  17. Dec 5, 20258-K EDGAR
  18. Nov 13, 2025SCHEDULE 13G/A EDGAR
  19. Nov 10, 20254 EDGAR
  20. Nov 10, 2025144 EDGAR

The 181 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

16 open-market trades by officers, directors and large owners since October 2021: 1 buys and 15 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 10, 2025Goodman Vicki LChief Medical OfficerSale5,036$2.08$10.5KForm 4
Nov 3, 2025Cutler Adam D.Chief Financial OfficerSale7,148$2.09$14.9KForm 4
Jul 22, 2025Keson-Brookes MaikenChief Legal OfficerSale2,572$2.48$6.4KForm 4
Jul 18, 2025Keson-Brookes MaikenChief Legal OfficerSale2,158$2.48$5.4KForm 4
Jul 7, 2025Loew CarolineChief Executive OfficerSale12,531$2.43$30.4KForm 4
Mar 5, 2025Keson-Brookes MaikenChief Legal OfficerSale1,469$3.45$5.1KForm 4
Mar 4, 2025Keson-Brookes MaikenChief Legal OfficerSale1,262$3.36$4.2KForm 4
Mar 4, 2025Loew CarolineChief Executive OfficerSale4,313$3.36$14.5KForm 4
Feb 24, 2025Goodman Vicki LChief Medical OfficerSale13,186$3.89$51.3KForm 4
Dec 23, 2024Keson-Brookes MaikenChief Legal OfficerSale2,555$3.27$8.4KForm 4
Dec 17, 2024Loew CarolineChief Executive OfficerSale2,763$3.40$9.4KForm 4
Nov 7, 2024Goodman Vicki LChief Medical OfficerSale5,069$3.33$16.9KForm 4
Oct 31, 2024Cutler Adam D.Chief Financial OfficerSale7,421$3.41$25.3KForm 4
Aug 14, 2024ALTSCHULLER SusanDirectorBuy10,000$3.21$32.1KForm 4
Jul 18, 2024Keson-Brookes MaikenChief Legal OfficerSale2,157$3.41$7.4KForm 4
Jul 8, 2024Loew CarolineChief Executive OfficerSale12,531$2.91$36.5KForm 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
2024Caroline Loew54$620.0K$1.6M45
2024Vicki Goodman55$580.0K$987.2K45
2024Adam Cutler50$500.0K$735.2K45
2023President and Chief Executive Officer$74.2K$2.5M45
2023Chief Financial Officer$63.5K$743.2K45
2023Chief Medical Officer$73.6K$705.6K45

SEC filer profile

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

  • Name on EDGARMural Oncology plc1
  • CIK0001971543
  • Employer ID (EIN)98-17486174
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inIreland4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address10 Earlsfort Terrace, Dublin 2, L2 D02 T3801
  • Phone353 1 905 80201
  • Shares outstanding17,344,486 as of Nov 3, 20258
  • Public float$32.2M as of Jun 30, 20244
  • AuditorPricewaterhouseCoopers LLP, Boston, Massachusetts PCAOB ID 238; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceApr 14, 20231
  • Filings184 in all: 4 (47), 8-K (22), 3 (12), 144 (11), SCHEDULE 13G/A (11), SC 13G/A (10), DEFA14A (8), 10-Q (7)1
    All 33 form types

    SCHEDULE 13G (6), 4/A (5), DRS/A (5), DRSLTR (4), SC 13G (4), UPLOAD (4), S-8 (3), S-8 POS (3), 10-K (2), ARS (2), CORRESP (2), DEF 14A (2), EFFECT (2), 10-12B (1), 10-12B/A (1), 15-12G (1), 25-NSE (1), 424B5 (1), CERT (1), DEFM14A (1), DRS (1), POS AM (1), PREM14A (1), S-3 (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 11, 2025
    Quarterly report (10-Q) Nov 6, 2025
    Proxy statement (DEF 14A) Apr 28, 2025
    Latest 8-K (8-K) Dec 5, 2025

Securities registered for trading

ClassSymbolExchange
Ordinary shares, nominal value $0.01 per shareMURAThe Nasdaq Global Market

From the cover page of the 10-K filed Mar 11, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Mural Oncology plc names in Item 1A of its 10-K filed Mar 11, 2025: 73 risks under these headings, as written.4

  • Risks Related to Our Financial Position and Capital Needs
  • Because we have a limited operating history as a standalone company, valuing our business and predicting our prospects is challenging.
  • Our financial condition raises substantial doubt as to our ability to continue as a going concern.
  • We have no products approved for commercial sale and have not generated any revenue from product sales. We may never generate any revenue or become profitable or, if we achieve profitability, we may not be able to sustain it.
  • Our business has incurred significant losses and we anticipate that we will continue to incur significant losses for the foreseeable future.
  • We will need to raise additional funding to advance our product candidates, which may not be available on acceptable terms, or at all. If we are unable to obtain additional funding when needed, we may have to delay or scale back some of our programs or grant rights to third parties to develop and market our product candidates.
  • Adverse developments affecting the financial services industry could adversely affect our current and projected business operations and our financial condition and results of operations.
  • Risks Related to Discovery, Product Development and Regulatory Approval of Our Product Candidates
  • Biopharmaceutical product development involves a lengthy and expensive process, with an uncertain outcome. We may incur additional unexpected costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
  • Delays or difficulties in the enrollment of patients in our clinical trials could cause our clinical development activities to be delayed or otherwise adversely affected, which could materially impact our business.
  • If our clinical trials fail to replicate positive results from earlier preclinical studies or clinical trials conducted by us or third parties, we may be unable to successfully develop, obtain regulatory approval for or commercialize our product candidates.
  • Interim, “topline” and preliminary data from our clinical trials that we announce or publish from time to time may change as more data become available, are not necessarily predictive of the final results of the completed study or the results of other ongoing or future studies and are subject to audit and verification procedures that could result in material changes.
The other 62 risks
  • We may seek approval of our product candidates, where applicable, under the FDA’s accelerated approval pathway. This pathway may not lead to a faster development or regulatory review or approval process, and it does not increase the likelihood that our product candidates will receive marketing approval.
  • We are conducting, and intend in the future to conduct, clinical trials for certain of our product candidates at sites outside the U.S. The FDA may not accept data from trials conducted in such locations and the conduct of trials outside the U.S. could subject us to additional delays and expense.
  • Side effects, serious adverse events, or other undesirable properties could arise from the use of our product candidates and, in turn, could delay or halt clinical trials, delay or prevent regulatory approval, result in a restrictive label for our products, if approved, or result in significant negative consequences following any marketing approval.
  • Preclinical development is uncertain. Our discovery-stage and preclinical programs may experience delays or may never advance to clinical trials, which would adversely affect our ability to obtain regulatory approvals or commercialize these programs on a timely basis or at all, which would have an adverse effect on our business.
  • We may not be successful in our efforts to identify or discover additional product candidates.
  • The regulatory approval process for our product candidates will be lengthy, time-consuming and inherently unpredictable and we may experience significant delays in the clinical development and regulatory approval, if any, of our product candidates.
  • Manufacturing of biological products is complex, and we may experience manufacturing problems that result in delays in our development or commercialization programs.
  • Our business is highly dependent on the success of our lead product candidate, nemvaleukin, as well as the other product candidates in our pipeline. If we are unable to successfully complete clinical development of, obtain regulatory approval for, or commercialize our product candidates, or if we experience delays in doing so, our business will be materially harmed.
  • The FDA or other regulatory authorities may not agree with our regulatory approval strategies or components of our filings for our products and may not approve, or may delay approval of, our products.
  • Inadequate funding for the FDA, the Securities and Exchange Commission (the “SEC”) and other U.S. government agencies or the EMA or comparable foreign regulatory authorities could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise
  • prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • Even if we receive regulatory approval of any product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • The FDA, EMA and other regulatory authorities actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • We could be adversely affected by several significant administrative law cases decided by the U.S. Supreme Court in 2024, other ongoing litigation involving the FDA and the changes in the executive branch of the federal government.
  • The sizes of the potential markets for our product candidates are difficult to estimate and, if any of our assumptions are inaccurate, the actual markets for our product candidates may be smaller than our estimates.
  • We may seek certain designations for our product candidates, including Fast Track, Priority Review, and Breakthrough Therapy designations in the U.S., Innovative Licensing and Access Pathway in the UK, and PRIME Designation in the EU, but we might not receive such designations, and even if we do, such designations may not lead to a faster development or regulatory review or approval process.
  • We have received Orphan Drug designation for nemvaleukin in mucosal melanoma and may seek additional Orphan Drug designations for other indications or for our other product candidates. However, we may be unsuccessful in obtaining, or may be unable to maintain the benefits associated with Orphan Drug designation including the potential for market exclusivity.
  • Obtaining and maintaining regulatory approval of our product candidates in one jurisdiction does not mean that we will be successful in obtaining regulatory approval of our product candidates in other jurisdictions.
  • Failure to obtain marketing approval in foreign jurisdictions would prevent our product candidates from being marketed abroad. Any of our product candidates that may be approved for marketing in a foreign jurisdiction will be subject to risks associated with foreign operations.
  • Risks Related to the Commercialization of Our Product Candidates
  • Even if a product candidate we develop receives marketing approval, it may fail to achieve the degree of market acceptance by physicians, patients, hospitals, cancer treatment centers, third-party payors and others in the medical community necessary for commercial success.
  • We have no history of commercializing products approved for marketing, and we have not yet implemented any commercialization operations. There can be no assurance that we will successfully establish our commercialization capabilities if any of our product candidates are approved.
  • 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.
  • The successful commercialization of our product candidates will depend in part on the extent to which we obtain and maintain favorable insurance coverage, adequate reimbursement levels and cost-effective pricing policies with third-party payors.
  • Current and future legislation may increase the difficulty and cost for us to obtain reimbursement for any of our candidate products that do receive marketing approval.
  • Current and future legislative efforts may limit the prices for our products, if and when they are licensed for marketing, and that could materially impact our ability to generate revenues.
  • We face substantial competition, which may result in others discovering, developing or commercializing products before or more successfully than we do.
  • We expect the product candidates we develop will be regulated as biological products, or biologics, and therefore they may be subject to biosimilar competition.
  • Risks Related to Our Reliance on Third Parties
  • We rely on third parties to conduct certain aspects of our preclinical studies and clinical trials. If these third parties do not successfully carry out their contractual duties, meet expected deadlines or comply with regulatory requirements, we may not be able to obtain regulatory approval for, or commercialize, any potential product candidates.
  • We have not yet manufactured our product candidates on a commercial scale and expect to rely on third parties to produce and process commercial quantities of our product candidates, if approved.
  • We are developing, and may develop in the future, certain of our product candidates in combination with third-party drugs and we will have limited or no control over the safety, supply, regulatory status or regulatory approval of such drugs.
  • Risks Related to Our Intellectual Property
  • We could be unsuccessful in obtaining or maintaining adequate patent protection for one or more of our product candidates, or the scope of our patent protection could be insufficiently broad, which could result in competition and a decrease in the potential market share for our product candidates.
  • Changes to patent laws in the U.S. or other jurisdictions may diminish the value of our patents, and patents in general, thereby impairing our ability to protect our products or product candidates.
  • Issued patents covering one or more of our products or product candidates could be found invalid or unenforceable if challenged in patent office proceedings or in court.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • Claims that our product candidates or, if approved, the sale or use of any such approved products infringe the patent rights of third parties could result in costly litigation or could require substantial time and money to resolve, even if litigation is avoided.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. Furthermore, confidentiality agreements with employees and third parties may not prevent unauthorized disclosure of trade secrets and other proprietary information.
  • If we fail to comply with our obligations under any license, collaboration, or other agreement, we may be required to pay damages and could lose intellectual property rights that are necessary for developing and protecting our products or product candidates.
  • Unfavorable outcomes in an intellectual property litigation could limit our research and development activities and/or our ability to commercialize certain products or product candidates.
  • An intellectual property litigation could lead to unfavorable publicity that could harm our reputation and cause the market price of our ordinary shares to decline.
  • Intellectual property rights may not address all potential threats to our competitive advantage.
  • Risks Related to Our Business and Industry
  • A variety of risks associated with operating our business internationally could adversely affect our business.
  • If we lose key management personnel, or if we fail to recruit additional highly skilled personnel, our ability to pursue our business strategy will be impaired, could result in loss of markets or market share and could make us less competitive.
  • Our relationships with healthcare providers and physicians and third-party payors will be subject to applicable anti-kickback, fraud and abuse and other healthcare laws and regulations, which could expose us to criminal sanctions, civil penalties, statutory or contractual damages, reputational harm and diminished profits and future earnings.
  • We are subject to certain U.S. and non-U.S. anti-corruption, anti-money laundering, export control, sanctions and other trade laws and regulations. We can face serious consequences for violations.
  • Changes in U.S. and international trade policies, particularly with respect to China, may adversely impact our business and operating results.
  • Our employees, independent contractors, CROs, consultants, commercial partners, vendors and principal investigators may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • We expect to grow our organization, and as a result, we may encounter difficulties in managing our growth, which could disrupt our operations.
  • We may become exposed to costly and damaging liability claims, either when testing our product candidates in the clinic or following commercial sale, and any product liability insurance we may obtain may not cover all damages from such claims.
  • If we or any third-party manufacturers and suppliers we engage fail to comply with environmental, health, and safety laws and regulations, we could become subject to fines or penalties or incur costs that could have a material adverse effect on the success of our business.
  • Our operations or those of the third parties upon whom we depend might be affected by the occurrence of a catastrophic event, such as a terrorist attack, war or other armed conflict, geopolitical tensions or trade wars, pandemic or natural disaster.
  • Compliance with state, national and international privacy and data security requirements could result in additional costs and liabilities to us or inhibit our ability to collect and process data globally, and the failure to comply with such requirements could subject us to a variety of harms, including significant fines and penalties, litigation and reputational damage, any of which may have a material adverse effect on our business, financial condition or results of operations.
  • Our computer systems, or those of our third-party collaborators, service providers, contractors or consultants, have in the past and may in the future suffer security breaches or fail, which may have a material adverse effect on our reputation, business, financial condition or results of operations.
  • Risks Related to the Separation and Distribution
  • We may not achieve some or all of the expected benefits of the Separation.
  • We have a limited history of operating as a standalone company and we have incurred, and expect to continue to incur increased administrative and other costs, as compared to prior to the Separation, by virtue of our status as an independent public company. Our historical combined financial information prior to the Separation included in this report is not necessarily representative of the results that we would have achieved for the periods presented and may achieve as a separate, publicly traded company and should not be relied upon as an indicator of our future results.
  • Our agreements with the Former Parent may not reflect terms that would have resulted from negotiations with unaffiliated third parties.
  • As we build our information technology infrastructure and transition our data to our own systems, we could incur substantial additional costs and experience temporary business interruptions.
  • Our ability to operate our business effectively may suffer if we do not maintain the administrative and support functions necessary to operate as a standalone public company.
  • The Former Parent may fail to perform under various transaction agreements that were executed as part of the Separation or we may fail to have necessary systems and services in place when certain of the transaction agreements expire.
  • In connection with the separation, we have assumed and agreed to indemnify the Former Parent for certain liabilities. If we are required to make payments pursuant to these indemnities to the Former Parent, we may need to divert cash to meet those obligations and our financial results could be harmed.
  • The Separation may impede our ability to attract and retain key personnel, which could materially harm our business.
  • Risks Related to Tax Matters
  • If the Separation and the Distribution from the Former Parent, in relevant part and together with certain related transactions, do not qualify as transactions that are tax-free for U.S. federal income tax purposes, certain U.S. subsidiaries of the Former Parent and the Former Parent’s shareholders could be subject to significant tax liabilities, and we could be required to indemnify the Former Parent or its subsidiaries for material taxes pursuant to indemnification obligations under the tax matters agreement which we entered into with the Former Parent in connection with the Separation.
  • We may not be able to engage in attractive strategic or capital-raising transactions following the Separation.

Legal proceedings

We are not currently subject to any material legal proceedings.

The opening of Item 3, Legal Proceedings.4

Sources

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