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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="border-top:Double 2.25pt;padding-top:1pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:6pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">WASHINGTON, DC 20549</p>
<p style="text-align:center;margin-bottom:6pt;margin-top:3pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:3pt;">&#160;</p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:18pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM <ix:nonNumeric id="F_000000" name="dei:DocumentType" contextRef="C_0001815776_20210101_20210630">10-Q</ix:nonNumeric></p>
<p style="text-align:center;margin-bottom:6pt;margin-top:3pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:3pt;">&#160;</p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Mark One)</p>
<div style="align:left;">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Segoe UI Symbol;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000028" name="dei:DocumentQuarterlyReport" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></p></td>
<td valign="top" style="width:96%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p></td>
</tr>
</table></div>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">For the quarterly period ended <ix:nonNumeric id="F_000002" name="dei:DocumentPeriodEndDate" contextRef="C_0001815776_20210101_20210630" format="ixt:datemonthdayyearen">June 30, <ix:nonNumeric id="F_000003" name="dei:DocumentFiscalYearFocus" contextRef="C_0001815776_20210101_20210630">2021</ix:nonNumeric></ix:nonNumeric></p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">OR</p>
<div style="align:left;">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4%;">
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Segoe UI Symbol;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000029" name="dei:DocumentTransitionReport" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p></td>
<td valign="top" style="width:96%;">
<p style="margin-top:6pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</p></td>
</tr>
</table></div>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">For the transition period from _____ to ______</p>
<p style="text-align:center;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Commission File Number: <ix:nonNumeric id="F_000023" name="dei:EntityFileNumber" contextRef="C_0001815776_20210101_20210630">001-40532</ix:nonNumeric></p>
<p style="text-align:center;margin-bottom:6pt;margin-top:3pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:3pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:24pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000005" name="dei:EntityRegistrantName" contextRef="C_0001815776_20210101_20210630">GRAPHITE BIO, INC.</ix:nonNumeric> </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(Exact Name of Registrant as Specified in its Charter)</p>
<p style="text-align:center;margin-top:3pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:3pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000015" name="dei:EntityIncorporationStateCountryCode" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:stateprovnameen">Delaware</ix:nonNumeric></p></td>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000024" name="dei:EntityTaxIdentificationNumber" contextRef="C_0001815776_20210101_20210630">84-4867570</ix:nonNumeric></p></td>
</tr>
<tr>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">( State or other jurisdiction of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">incorporation or organization)</p></td>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(I.R.S. Employer<br />Identification No.)</p></td>
</tr>
<tr>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000016" name="dei:EntityAddressAddressLine1" contextRef="C_0001815776_20210101_20210630">279 East Grand Avenue</ix:nonNumeric>, <ix:nonNumeric id="F_000017" name="dei:EntityAddressAddressLine2" contextRef="C_0001815776_20210101_20210630">Suite 430</ix:nonNumeric></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000018" name="dei:EntityAddressCityOrTown" contextRef="C_0001815776_20210101_20210630">South San Francisco</ix:nonNumeric>, <ix:nonNumeric id="F_000019" name="dei:EntityAddressStateOrProvince" contextRef="C_0001815776_20210101_20210630">CA</ix:nonNumeric> </p></td>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000020" name="dei:EntityAddressPostalZipCode" contextRef="C_0001815776_20210101_20210630">94080</ix:nonNumeric></p></td>
</tr>
<tr>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Address of principal executive offices)</p></td>
<td valign="bottom" style="width:50%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:7pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
</tr>
</table></div>
<p style="text-align:center;margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Registrant&#8217;s telephone number, including area code: (<ix:nonNumeric id="F_000021" name="dei:CityAreaCode" contextRef="C_0001815776_20210101_20210630">650</ix:nonNumeric>) <ix:nonNumeric id="F_000022" name="dei:LocalPhoneNumber" contextRef="C_0001815776_20210101_20210630">484-0886</ix:nonNumeric></p>
<p style="text-align:center;margin-top:3pt;border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-left:40%;margin-right:40%;text-indent:0%;font-size:3pt;">&#160;</p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:5.33%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities registered pursuant to Section&#160;12(b) of the Act: </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:4pt;">&#160;</p>
<div style="align:left;">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="width:38%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Title of each class</p></td>
<td valign="bottom" style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&#160;</p></td>
<td valign="bottom" style="width:15%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Trading</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Symbol(s)</p></td>
<td valign="bottom" style="width:1%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&#160;</p></td>
<td valign="bottom" style="width:45%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Name of each exchange on which registered</p></td>
</tr>
<tr>
<td valign="top" style="width:38%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000025" name="dei:Security12bTitle" contextRef="C_0001815776_20210101_20210630">Common Stock, par value $0.00001 per share</ix:nonNumeric></p></td>
<td valign="bottom" style="width:1%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&#160;</p></td>
<td valign="bottom" style="width:15%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000026" name="dei:TradingSymbol" contextRef="C_0001815776_20210101_20210630">GRPH</ix:nonNumeric></p></td>
<td valign="bottom" style="width:1%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&#160;</p></td>
<td valign="bottom" style="width:45%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000027" name="dei:SecurityExchangeName" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:exchnameen">The Nasdaq Global Market</ix:nonNumeric></p></td>
</tr>
</table></div>
<p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.33%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. &#160;&#160;&#160;&#160;Yes&#160;&#160;<span style="font-family:Segoe UI Symbol;">&#9744;&#160;</span>&#160;&#160;&#160;<ix:nonNumeric id="F_000013" name="dei:EntityCurrentReportingStatus" contextRef="C_0001815776_20210101_20210630">No</ix:nonNumeric>&#160;&#160;<span style="font-family:Segoe UI Symbol;">&#9746;</span></p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:5.33%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). &#160;&#160;&#160;&#160;<ix:nonNumeric id="F_000014" name="dei:EntityInteractiveDataCurrent" contextRef="C_0001815776_20210101_20210630">Yes</ix:nonNumeric>&#160;&#160;<span style="font-family:Segoe UI Symbol;">&#9746;&#160;</span>&#160;&#160;&#160;No&#160;&#160;<span style="font-family:Segoe UI Symbol;">&#9744;</span></p>
<p style="margin-top:4pt;margin-bottom:0pt;text-indent:5.33%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;smaller reporting company,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:4pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr style="height:10.8pt;">
<td valign="top" style="width:19.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Large&#160;accelerated&#160;filer</p></td>
<td valign="top" style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="width:55.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</p></td>
<td valign="top" style="width:1.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</p></td>
<td valign="top" style="width:20.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accelerated&#160;filer</p></td>
<td valign="top" style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="width:2.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9744;</p></td>
</tr>
<tr style="height:3.75pt;">
<td valign="top" style="width:19.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td colspan="2" valign="top" style="width:56.44%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td colspan="2" valign="top" style="width:21.56%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td colspan="2" valign="top" style="width:2.72%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="width:19.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000008" name="dei:EntityFilerCategory" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:entityfilercategoryen">Non-accelerated filer</ix:nonNumeric></p></td>
<td valign="top" style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="width:55.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#9746;</p></td>
<td valign="top" style="width:1.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;</p></td>
<td valign="top" style="width:20.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Smaller&#160;reporting&#160;company</p></td>
<td valign="top" style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="width:2.12%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000009" name="dei:EntitySmallBusiness" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></p></td>
</tr>
<tr>
<td valign="top" style="width:19.3%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td valign="top" style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td valign="top" style="width:55.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td valign="top" style="width:1.06%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td valign="top" style="width:20.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td valign="top" style="width:0.6%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:2pt;">&#160;</p></td>
<td valign="top" style="width:2.12%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Emerging growth company</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;font-family:Segoe UI Symbol;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000011" name="dei:EntityEmergingGrowthCompany" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:boolballotbox">&#9746;</ix:nonNumeric></p></td>
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<p style="margin-top:4pt;margin-bottom:0pt;text-indent:5.33%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of August 9, 2021, the registrant had <ix:nonFraction unitRef="U_xbrlishares" id="F_000030" name="dei:EntityCommonStockSharesOutstanding" contextRef="C_0001815776_20210809" decimals="INF" format="ixt:numdotdecimal">58,079,002</ix:nonFraction> shares of common stock, $0.00001 par value per share, outstanding.</p>
<p style="border-bottom:Double 2.25pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Summary of Risk Factors</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks are discussed more fully in the &#8220;Risk Factors&#8221; section of this Quarterly Report on Form 10-Q. These risks include, but are not limited to, the following:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We have incurred significant losses since inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">Our limited operating history may make it difficult for you to evaluate the performance of our business to date and to assess our future viability.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We have never generated revenue from product sales, may never generate any revenue from product sales and may never become profitable.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We will need substantial additional funding. If we are unable to raise capital when needed on acceptable terms, or at all, we would be forced to delay, reduce, or terminate our research and product development programs, future commercialization efforts or other operations.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We face risks related to health epidemics, pandemics and other widespread outbreaks of contagious disease, including the COVID-19 pandemic, which could significantly disrupt our operations, impact our financial results or otherwise adversely impact our business.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We are very early in our development efforts. Other than GPH101, which is in early clinical development, all of our product candidates are still in preclinical development or earlier stages and it will be many years before we or our collaborators commercialize a product candidate, if ever. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">Our gene editing technology is not approved for human therapeutic use. The approaches we are taking to discover and develop novel therapeutics may never lead to marketable products.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">If serious adverse events, undesirable side effects, or unexpected characteristics are identified with respect to our product candidates, we may need to abandon or limit our clinical development or commercialization of those product candidates.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer, less expensive or more advanced or effective than ours, which may harm our financial condition and our ability to successfully market or commercialize our product candidates.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">Adverse public perception of genetic medicines and gene editing in particular, may negatively impact regulatory approval of, and/or demand for, our potential products, if approved.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">We contract with third parties for the manufacture of materials for our research programs and preclinical studies and expect to continue to do so for clinical trials and for commercialization of our product candidates. This reliance on third parties increases the risk that we will not have sufficient quantities of such materials, product candidates, or any products that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost or timelines, which could delay, prevent, or impair our development or commercialization efforts.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">If we are unable to obtain and maintain patent and other intellectual property protection for any product candidates we develop and for our gene editing platform technology, or if the scope of the patent and other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our product candidates, and our gene editing platform technology may be adversely affected.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">Our rights to develop and commercialize our gene editing platform technology and product candidates are subject, in part, to the terms and conditions of licenses granted to us by others.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="text-decoration:none;Background-color:#auto;font-family:'Times New Roman';"></span><span style="color:#000000;"></span><span style="color:#000000;">The intellectual property landscape around gene editing technology is highly dynamic, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating, or otherwise violating their intellectual property rights, the outcome of which would be uncertain and may prevent, delay or otherwise interfere with our product discovery and development efforts.</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">Our owned and in-licensed patents and other intellectual property may be subject to priority disputes or inventorship disputes or we may be subject to claims that we have infringed, misappropriated or otherwise violated the intellectual property of a third party and similar proceedings. If we or our licensors are unsuccessful in any of these proceedings, we may be required to obtain licenses from third parties, which may not be available on commercially reasonable terms or at all, or to cease the development, manufacture, and commercialization of one or more of our product candidates, which could have a material adverse impact on our business.</span></p></td></tr></table></div>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cautionary Note Regarding Forward-Looking Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Quarterly Report on Form 10-Q, including its section entitled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations,&#8221; contains express or implied forward-looking statements that are based on our management&#8217;s belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Form 10-Q may include, but are not limited to, statements about:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the success, cost and timing of our product development activities and clinical trials of our lead product candidates, GPH101, GPH201 and GPH301, including the initiation and progress of, and results from, our planned Phase 1/2 clinical trial of GPH101 and whether the clinical trial will support the intended uses for treatment of sickle cell disease, and future clinical trials or these and any of our other product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the therapeutic potential of our product candidates, and the disease indications for which we intend to develop our product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the timing and likelihood of, and our ability to obtain and maintain, regulatory clearance of our IND applications for and regulatory approval of our product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability and the ability of third-party suppliers upon which we rely to manufacture our product candidates for clinical development and, if approved, for commercialization, and the timing and costs of such manufacture&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">estimates of our expenses, ongoing losses, future revenue, capital requirements and our need for or ability to obtain additional funding before we can expect to generate any revenue from product sales&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to compete with companies currently marketing or engaged in targeted gene integration therapies&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to establish or maintain collaborations, partnerships or strategic relationships&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to create a pipeline of product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to advance any product candidate into, and successfully complete clinical trials&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to obtain and maintain intellectual property protection for our current and future product candidates, the duration of such protection and our ability to operate our business without infringing on the intellectual property rights of others&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to retain and recruit key personnel&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our expectations regarding use of the proceeds from our initial public offering&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our financial performance&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our competitive position and the development of and projections relating to our competitors or our industry, including in gene editing and gene therapy&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the impact of the COVID-19 pandemic on our business or operations&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the impact of laws and regulations in the United States and foreign countries&#59; and</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our expectations regarding the time during which we will be an emerging growth company under the JOBS Act.</span></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In some cases, forward-looking statements can be identified by terminology such as &#8220;will,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; &#8220;could,&#8221; &#8220;expects,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;aims,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;predicts,&#8221; &#8220;potential,&#8221; &#8220;continue,&#8221; or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled &#8220;Risk Factors&#8221; and elsewhere in this Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those expressed or implied by the forward-looking statements. No forward-looking statement is a promise or a guarantee of future performance.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Form 10-Q may include statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified the information contained in such sources.</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Table of Contents</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Page</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">PART I.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FINANCIAL INFORMATION</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 1.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial Statements (Unaudited)</p></td>
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<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#CONDENSED_BALANCE_SHEETS"><span style="text-decoration:underline;">Condensed Balance Sheets</span></a></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#CONDENSED_STATEMENTS_OPERATIONS_COMPREHE"><span style="text-decoration:underline;">Condensed Statements of Operations and Comprehensive Loss</span></a></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#CONDENSED_STATEMENTS_REDEEMABLE_CONVERTI"><span style="text-decoration:underline;">Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders&#8217; Equity (Deficit)</span></a></p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#CONDENSED_STATEMENTS_CASH_FLOWS"><span style="text-decoration:underline;">Condensed Statements of Cash Flows</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.85pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#Notes_to_Condensed_Financial_Statements"><span style="text-decoration:underline;">Notes to Condensed Financial Statements</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 2.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_2_MANAGEMENTS_DISCUSSION_ANALYSIS_F"><span style="text-decoration:underline;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 3.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_3_QUANTITATIVE_QUALITATIVE_DISCLOSU"><span style="text-decoration:underline;">Quantitative and Qualitative Disclosures About Market Risk</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 4.</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_4_CONTROLS_PROCEDURES"><span style="text-decoration:underline;">Controls and Procedures</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">PART II.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#PART_IIOR_INFORMATION"><span style="text-decoration:underline;">OTHER INFORMATION</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 1.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_1_LEGAL_PROCEEDINGS"><span style="text-decoration:underline;">Legal Proceedings</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 1A.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_1A_RISK_FACTORS"><span style="text-decoration:underline;">Risk Factors</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 2.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_2_UNREGISTERED_SALES_EQUITY_SECURIT"><span style="text-decoration:underline;">Unregistered Sales of Equity Securities and Use of Proceeds</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 3.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_3_DEFAULTS_UPON_SENIOR_SECURITIES"><span style="text-decoration:underline;">Defaults Upon Senior Securities</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 4.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_4_MINE_SAFETY_DISCLOSURES"><span style="text-decoration:underline;">Mine Safety Disclosures</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 5.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_5_OR_INFORMATION"><span style="text-decoration:underline;">Other Information</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86</p></td>
</tr>
<tr>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Item 6.</p></td>
<td valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:82.82%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#ITEM_6_EXHIBITS"><span style="text-decoration:underline;">Exhibits</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86</p></td>
</tr>
<tr>
<td colspan="2" valign="middle" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:92.92%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="#SIGNATURES"><span style="text-decoration:underline;">Signatures</span></a></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:7.08%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">88</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">i</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Graphite Bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="CONDENSED_BALANCE_SHEETS">Condensed Balance Sheets</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(in thousands, except share and per share data) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">As of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">As of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Assets</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current assets:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000031" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">381,965</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000032" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">19,782</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted cash</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000033" name="us-gaap:RestrictedCashCurrent" contextRef="C_0001815776_20210630" decimals="-3" scale="3">149</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000034" name="us-gaap:RestrictedCashCurrent" contextRef="C_0001815776_20201231" decimals="-3" scale="3">35</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepaid expenses and other current assets</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000035" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,638</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000036" name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,286</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total current assets</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000037" name="us-gaap:AssetsCurrent" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">384,752</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000038" name="us-gaap:AssetsCurrent" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">21,103</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property, plant and equipment, net</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000039" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,343</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000040" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,461</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other assets</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000041" name="us-gaap:OtherAssetsNoncurrent" contextRef="C_0001815776_20210630" decimals="-3" scale="3">11</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total assets</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000042" name="us-gaap:Assets" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">387,106</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000043" name="us-gaap:Assets" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">22,564</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Liabilities, redeemable convertible preferred stock, and stockholders&#8217; equity</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; (deficit)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Current liabilities:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000044" name="us-gaap:AccountsPayableCurrent" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">4,046</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000045" name="us-gaap:AccountsPayableCurrent" contextRef="C_0001815776_20201231" decimals="-3" scale="3">630</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued compensation</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000046" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="C_0001815776_20210630" decimals="-3" scale="3">723</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000047" name="us-gaap:EmployeeRelatedLiabilitiesCurrent" contextRef="C_0001815776_20201231" decimals="-3" scale="3">466</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses and other current liabilities</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000048" name="grph:AccruedExpensesAndOtherCurrentLiabilities" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,089</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000049" name="grph:AccruedExpensesAndOtherCurrentLiabilities" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,890</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Series A redeemable convertible preferred stock tranche liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000050" name="grph:RedeemableConvertiblePreferredStockTrancheLiabilityCurrent" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">29,062</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total current liabilities</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000051" name="us-gaap:LiabilitiesCurrent" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">7,858</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000052" name="us-gaap:LiabilitiesCurrent" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">32,048</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other liabilities</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000053" name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="C_0001815776_20210630" decimals="-3" scale="3">64</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000054" name="us-gaap:OtherLiabilitiesNoncurrent" contextRef="C_0001815776_20201231" decimals="-3" scale="3">316</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000055" name="us-gaap:Liabilities" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">7,922</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000056" name="us-gaap:Liabilities" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">32,364</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Commitments and contingencies (Note 7)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000057">&#160;</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000058">&#160;</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Series A redeemable convertible preferred stock, $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000071" name="us-gaap:TemporaryEquityParOrStatedValuePerShare" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210630" decimals="INF"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000072" name="us-gaap:TemporaryEquityParOrStatedValuePerShare" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="INF">0.00001</ix:nonFraction></ix:nonFraction> par value&#59; <ix:nonFraction unitRef="U_xbrlishares" id="F_000073" name="us-gaap:TemporaryEquitySharesAuthorized" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210630" decimals="INF" format="ixt-sec:numwordsen">zero</ix:nonFraction> and</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; <ix:nonFraction unitRef="U_xbrlishares" id="F_000074" name="us-gaap:TemporaryEquitySharesAuthorized" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="INF" format="ixt:numdotdecimal">45,024,986</ix:nonFraction> shares authorized as of June 30, 2021 and December 31, 2020,</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; respectively&#59; <ix:nonFraction unitRef="U_xbrlishares" id="F_000075" name="us-gaap:TemporaryEquitySharesIssued" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_xbrlishares" id="F_000077" name="us-gaap:TemporaryEquitySharesOutstanding" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210630" decimals="INF" format="ixt-sec:numwordsen">zero</ix:nonFraction></ix:nonFraction> and <ix:nonFraction unitRef="U_xbrlishares" id="F_000076" name="us-gaap:TemporaryEquitySharesIssued" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_xbrlishares" id="F_000078" name="us-gaap:TemporaryEquitySharesOutstanding" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="INF" format="ixt:numdotdecimal">30,019,945</ix:nonFraction></ix:nonFraction> shares issued and outstanding as of June 30, 2021</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; and December 31, 2020, respectively&#59; aggregate liquidation preference of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000079" name="us-gaap:TemporaryEquityLiquidationPreference" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">30,020</ix:nonFraction> as of</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; December 31, 2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000059" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">55,608</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stockholders&#8217; equity (deficit):</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preferred stock, $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000080" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="C_0001815776_20210630" decimals="INF"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000081" name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="C_0001815776_20201231" decimals="INF">0.00001</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction unitRef="U_xbrlishares" id="F_000082" name="us-gaap:PreferredStockSharesAuthorized" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal">10,000,000</ix:nonFraction> and <ix:nonFraction unitRef="U_xbrlishares" id="F_000083" name="us-gaap:PreferredStockSharesAuthorized" contextRef="C_0001815776_20201231" decimals="INF" format="ixt-sec:numwordsen">zero</ix:nonFraction> shares authorized</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; as of June 30, 2021 and December 31, 2020, respectively&#59;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; and <ix:nonFraction unitRef="U_xbrlishares" id="F_000084" name="us-gaap:PreferredStockSharesIssued" contextRef="C_0001815776_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_xbrlishares" id="F_000085" name="us-gaap:PreferredStockSharesIssued" contextRef="C_0001815776_20201231" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_xbrlishares" id="F_000087" name="us-gaap:PreferredStockSharesOutstanding" contextRef="C_0001815776_20201231" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_xbrlishares" id="F_000086" name="us-gaap:PreferredStockSharesOutstanding" contextRef="C_0001815776_20210630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> shares issued and outstanding as of June 30, 2021 and</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; December 31, 2020, respectively&#59;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000060">&#8212;</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000061">&#8212;</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock, $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000088" name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="C_0001815776_20210630" decimals="INF"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000089" name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="C_0001815776_20201231" decimals="INF">0.00001</ix:nonFraction></ix:nonFraction> par value, <ix:nonFraction unitRef="U_xbrlishares" id="F_000090" name="us-gaap:CommonStockSharesAuthorized" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal">300,000,000</ix:nonFraction> and <ix:nonFraction unitRef="U_xbrlishares" id="F_000091" name="us-gaap:CommonStockSharesAuthorized" contextRef="C_0001815776_20201231" decimals="INF" format="ixt:numdotdecimal">80,000,000</ix:nonFraction> shares authorized as of June 30, 2021 and December 31, 2020, respectively&#59; <ix:nonFraction unitRef="U_xbrlishares" id="F_000092" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_xbrlishares" id="F_000094" name="us-gaap:CommonStockSharesOutstanding" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal">55,979,002</ix:nonFraction></ix:nonFraction> and <ix:nonFraction unitRef="U_xbrlishares" id="F_000093" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_20201231" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_xbrlishares" id="F_000095" name="us-gaap:CommonStockSharesOutstanding" contextRef="C_0001815776_20201231" decimals="INF" format="ixt:numdotdecimal">10,279,102</ix:nonFraction></ix:nonFraction> shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000062" name="us-gaap:CommonStockValue" contextRef="C_0001815776_20210630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additional paid-in-capital</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000063" name="us-gaap:AdditionalPaidInCapital" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">487,012</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000064" name="us-gaap:AdditionalPaidInCapital" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">5,183</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accumulated deficit</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000065" name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="C_0001815776_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">107,829</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000066" name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="C_0001815776_20201231" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">70,591</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stockholders&#8217; equity (deficit)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000067" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">379,184</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000068" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20201231" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">65,408</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total liabilities, redeemable convertible preferred stock, and stockholders&#8217; equity</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; (deficit)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000069" name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">387,106</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000070" name="us-gaap:LiabilitiesAndStockholdersEquity" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">22,564</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">The accompanying notes are an integral part of these unaudited condensed financial statements.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Graphite Bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="CONDENSED_STATEMENTS_OPERATIONS_COMPREHE">Condensed Statements of Operations and Comprehensive Loss </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(in thousands, except share and per share data) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating expenses:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000096" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">12,667</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000097" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_20200401_20200630" decimals="-3" scale="3">423</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000098" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">18,044</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000099" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">423</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000100" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="C_0001815776_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">4,866</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000101" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="C_0001815776_20200401_20200630" decimals="-3" scale="3">869</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000102" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">8,857</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000103" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">990</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total operating expenses</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000104" name="us-gaap:OperatingExpenses" contextRef="C_0001815776_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">17,533</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000105" name="us-gaap:OperatingExpenses" contextRef="C_0001815776_20200401_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,292</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000106" name="us-gaap:OperatingExpenses" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">26,901</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000107" name="us-gaap:OperatingExpenses" contextRef="C_0001815776_20200101_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,413</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss from operations</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000108" name="us-gaap:OperatingIncomeLoss" contextRef="C_0001815776_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">17,533</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000109" name="us-gaap:OperatingIncomeLoss" contextRef="C_0001815776_20200401_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,292</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000110" name="us-gaap:OperatingIncomeLoss" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">26,901</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000111" name="us-gaap:OperatingIncomeLoss" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,413</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000112" name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="C_0001815776_20210401_20210630" decimals="-3" scale="3">4</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000113" name="us-gaap:OtherNonoperatingIncomeExpense" contextRef="C_0001815776_20210101_20210630" decimals="-3" scale="3">4</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party convertible note interest expense</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000114" name="us-gaap:InterestExpenseRelatedParty" contextRef="C_0001815776_20200401_20200630" decimals="-3" scale="3">20</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000115" name="us-gaap:InterestExpenseRelatedParty" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">40</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in fair value of the Series A redeemable convertible</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; preferred stock tranche liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000116" name="grph:ChangeInFairValueOfRedeemableConvertiblePreferredStockTrancheLiability" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">10,341</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total other income (expense), net</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000117" name="us-gaap:NonoperatingIncomeExpense" contextRef="C_0001815776_20210401_20210630" decimals="-3" scale="3">4</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000118" name="us-gaap:NonoperatingIncomeExpense" contextRef="C_0001815776_20200401_20200630" decimals="-3" sign="-" scale="3">20</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000119" name="us-gaap:NonoperatingIncomeExpense" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">10,337</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000120" name="us-gaap:NonoperatingIncomeExpense" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" scale="3">40</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss and comprehensive loss</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000121" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">17,529</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000122" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20200401_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,312</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000123" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">37,238</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000124" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,453</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss per share attributable to common stockholders&#8212;basic</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; and diluted</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000125" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20210401_20210630" decimals="2" sign="-">3.45</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000126" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20200401_20200630" decimals="2" sign="-">0.56</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000127" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20210101_20210630" decimals="2" sign="-">8.45</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000128" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20200101_20200630" decimals="2" sign="-">1.25</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average shares used in computing net loss per share&#8212;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; basic and diluted</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000129" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20210401_20210630" decimals="0" format="ixt:numdotdecimal">5,087,008</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000130" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20200401_20200630" decimals="0" format="ixt:numdotdecimal">2,329,402</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000131" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20210101_20210630" decimals="0" format="ixt:numdotdecimal">4,405,357</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000132" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20200101_20200630" decimals="0" format="ixt:numdotdecimal">1,164,700</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">The accompanying notes are an integral part of these unaudited condensed financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Graphite Bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="CONDENSED_STATEMENTS_REDEEMABLE_CONVERTI">Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders&#8217; Equity (Deficit) </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(in thousands, except share data)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="14" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Redeemable Convertible Preferred Stock</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-right:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-left:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Additional</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Series A</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Series B</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Common Stock</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Paid in</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Accumulated</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Stockholders&#8217;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amount</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amount</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-right:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amount</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Capital</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Deficit</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Equity (Deficit)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31, 2020</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000133" name="us-gaap:TemporaryEquitySharesOutstanding" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="INF" format="ixt:numdotdecimal">30,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000134" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">55,608</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000135" name="us-gaap:SharesOutstanding" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20201231" decimals="INF" format="ixt:numdotdecimal">10,279,102</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000136" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">5,183</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000137" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20201231" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">70,591</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000138" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20201231" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">65,408</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of Series A redeemable convertible</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; preferred stock for cash, net of issuance costs</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000186" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="-3" scale="3">4</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000139" name="grph:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="INF" format="ixt:numdotdecimal">15,000,000</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000140" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">14,997</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of Series B redeemable convertible</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; preferred stock for cash, net of issuance costs</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000187" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="-3" scale="3">226</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000141" name="grph:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="INF" format="ixt:numdotdecimal">29,792,487</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000142" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">150,524</ix:nonFraction></p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000144" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="C_0001815776_20210101_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">1,033</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<tr>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock shares issued upon early exercise</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; of options</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000145" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210101_20210331" decimals="INF" format="ixt:numdotdecimal">918,825</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vesting of early exercised stock options</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000146" name="grph:VestingOfEarlyExercisedStockOptions" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20210101_20210331" decimals="-3" scale="3">7</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000147" name="grph:VestingOfEarlyExercisedStockOptions" contextRef="C_0001815776_20210101_20210331" decimals="-3" scale="3">7</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Reclassification of tranche liability upon</p>
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<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000148" name="grph:ReclassificationOfTrancheLiabilityUponSettlement" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210101_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">39,403</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
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</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000149" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20210101_20210331" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">19,709</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000150" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20210101_20210331" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">19,709</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at March 31, 2021</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000151" name="us-gaap:TemporaryEquitySharesOutstanding" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210331" decimals="INF" format="ixt:numdotdecimal">45,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000152" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">110,008</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000153" name="us-gaap:TemporaryEquitySharesOutstanding" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210331" decimals="INF" format="ixt:numdotdecimal">29,792,487</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000154" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">150,524</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000155" name="us-gaap:SharesOutstanding" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210331" decimals="INF" format="ixt:numdotdecimal">11,197,927</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000156" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20210331" decimals="-3" format="ixt:numdotdecimal" scale="3">6,223</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000157" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20210331" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">90,300</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000158" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20210331" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">84,077</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
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<tr>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common shares issued upon exercise of stock options</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000159" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210401_20210630" decimals="INF" format="ixt:numdotdecimal">3,383</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000160" name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20210401_20210630" decimals="-3" scale="3">21</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000161" name="us-gaap:StockIssuedDuringPeriodValueStockOptionsExercised" contextRef="C_0001815776_20210401_20210630" decimals="-3" scale="3">21</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<tr>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000163" name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapTypeOfArrangementAxis_grphLicenseAgreementWithStanfordMember_20210401_20210630" decimals="INF" format="ixt:numdotdecimal">624,845</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<tr>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of common stock upon initial public offering, net of issuance costs</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000164" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="INF" format="ixt:numdotdecimal">14,000,000</ix:nonFraction></p></td>
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<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000165" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">218,177</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000166" name="us-gaap:StockIssuedDuringPeriodValueNewIssues" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">218,177</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Conversion of redeemable convertible preferred stock to common stock at closing of initial public offering</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000167" name="grph:TemporaryEquityConversionOfRedeemableConvertiblePreferredStockToCommonStockAtClosingOfInitialPublicOfferingShares" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="INF" sign="-" format="ixt:numdotdecimal">45,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000168" name="grph:TemporaryEquityConversionOfRedeemableConvertiblePreferredStockToCommonStockAtClosingOfInitialPublicOfferingValue" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">110,008</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000169" name="grph:TemporaryEquityConversionOfRedeemableConvertiblePreferredStockToCommonStockAtClosingOfInitialPublicOfferingShares" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="INF" sign="-" format="ixt:numdotdecimal">29,792,487</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000170" name="grph:TemporaryEquityConversionOfRedeemableConvertiblePreferredStockToCommonStockAtClosingOfInitialPublicOfferingValue" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">150,524</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.34%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000171" name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="INF" format="ixt:numdotdecimal">30,761,676</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000172" name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000173" name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">260,531</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000174" name="us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">260,532</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vesting of early exercised stock options</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000175" name="grph:VestingOfEarlyExercisedStockOptions" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20210401_20210630" decimals="-3" scale="3">42</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000176" name="grph:VestingOfEarlyExercisedStockOptions" contextRef="C_0001815776_20210401_20210630" decimals="-3" scale="3">42</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000177" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,018</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:0.74%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000178" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="C_0001815776_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,018</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss and comprehensive loss</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-right:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-left:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000179" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">17,529</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000180" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">17,529</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at June 30, 2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-right:solid 0.75pt #000000; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.34%; border-left:solid 0.75pt #000000; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000181" name="us-gaap:SharesOutstanding" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210630" decimals="INF" format="ixt:numdotdecimal">55,979,002</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000182" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000183" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">487,012</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000184" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">107,829</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:0.74%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000185" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">379,184</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">The accompanying notes are an integral part of these unaudited condensed financial statements.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Graphite Bio, Inc.</span></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders&#8217; Equity (Deficit)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(in thousands, except share data)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"> (unaudited)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="14" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:28.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Redeemable Convertible Preferred Stock</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-right:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-left:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.9%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:11pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Additional</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:4.9%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Series A</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Series B</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.56%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Common Stock</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Paid in</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Accumulated</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:5.9%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Stockholders&#8217;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amount</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amount</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-right:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Amount</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Capital</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Deficit</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:5.9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Deficit</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at December 31, 2019</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000190" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20191231" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">2,218</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000191" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20191231" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">2,218</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss and comprehensive loss</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-right:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-left:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000192" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20200101_20200331" decimals="-3" sign="-" scale="3">141</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000193" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20200101_20200331" decimals="-3" sign="-" scale="3">141</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at March 31, 2020</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
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<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000;white-space:nowrap;">
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</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common shares issued to founders and investor</p></td>
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000196" name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20200401_20200630" decimals="INF" format="ixt:numdotdecimal">8,548,517</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000197" name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20200401_20200630" decimals="INF" format="ixt:numdotdecimal">832,983</ix:nonFraction></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of redeemable convertible preferred stock</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; upon conversion of outstanding related party</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; convertible note and accrued interest</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000198" name="grph:TemporaryEquityIssuanceOfRedeemableConvertiblePreferredStockUponConversionOfOutstandingRelatedPartyConvertibleNoteAndAccruedInterestShares" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="INF" format="ixt:numdotdecimal">5,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000199" name="grph:TemporaryEquityIssuanceOfRedeemableConvertiblePreferredStockUponConversionOfOutstandingRelatedPartyConvertibleNoteAndAccruedInterestValue" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">5,020</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party convertible note and accrued interest</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; cancellation</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000200" name="grph:RelatedPartyConvertibleNoteAndAccruedInterestCancellation" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20200401_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,225</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000201" name="grph:RelatedPartyConvertibleNoteAndAccruedInterestCancellation" contextRef="C_0001815776_20200401_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,225</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of redeemable convertible preferred stock</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; for cash, net of issuance costs of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000188" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="-3" scale="3">177</ix:nonFraction> and fair</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; value of tranche liability of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000189" name="grph:FairValueOfTrancheLiability" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,329</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000202" name="grph:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="INF" format="ixt:numdotdecimal">10,000,000</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000203" name="us-gaap:TemporaryEquityStockIssuedDuringPeriodValueNewIssues" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">6,493</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:31.04%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based compensation expense</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-left:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000204" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20200401_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000205" name="us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" contextRef="C_0001815776_20200401_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss and comprehensive loss</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000206" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20200401_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,312</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000207" name="grph:NetIncomeLossAndComprehensiveIncomeLoss" contextRef="C_0001815776_20200401_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,312</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:31.04%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance at June 30, 2020</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000208" name="us-gaap:TemporaryEquitySharesOutstanding" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="INF" format="ixt:numdotdecimal">15,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000209" name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">11,513</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-right:solid 0.75pt #000000; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-left:solid 0.75pt #000000; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000210" name="us-gaap:SharesOutstanding" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20200630" decimals="INF" format="ixt:numdotdecimal">9,381,500</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000211" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapAdditionalPaidInCapitalMember_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,226</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000212" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapRetainedEarningsMember_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">3,671</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:4.9%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000213" name="us-gaap:StockholdersEquity" contextRef="C_0001815776_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,445</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">The accompanying notes are an integral part of these unaudited condensed financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Graphite Bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="CONDENSED_STATEMENTS_CASH_FLOWS">Condensed Statements of Cash Flows</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(in thousands)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from operating activities:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000214" name="us-gaap:ProfitLoss" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">37,238</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000215" name="us-gaap:ProfitLoss" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,453</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adjustments to reconcile net loss to net cash used in operations:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000216" name="us-gaap:Depreciation" contextRef="C_0001815776_20210101_20210630" decimals="-3" scale="3">206</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000217" name="us-gaap:Depreciation" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Interest expense related to convertible notes</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000218" name="us-gaap:InterestExpenseRelatedParty" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">40</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock-based compensation expense</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000219" name="us-gaap:ShareBasedCompensation" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,051</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000220" name="us-gaap:ShareBasedCompensation" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in fair value of the Series A redeemable convertible preferred stock tranche</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000221" name="grph:ChangeInFairValueOfRedeemableConvertiblePreferredStockTrancheLiability" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">10,341</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes in assets and liabilities:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepaid expenses and other current assets and other assets</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000222" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,363</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000223" name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">361</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts payable</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000224" name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,451</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000225" name="us-gaap:IncreaseDecreaseInAccountsPayable" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">280</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued compensation</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000226" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" contextRef="C_0001815776_20210101_20210630" decimals="-3" scale="3">257</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000227" name="us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">53</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses and other current liabilities and other liabilities</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000228" name="grph:IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilitiesAndOtherLiabilities" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" scale="3">549</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000229" name="grph:IncreaseDecreaseInAccruedExpensesAndOtherCurrentLiabilitiesAndOtherLiabilities" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">482</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in operating activities</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000230" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">21,844</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000231" name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" scale="3">957</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from investing activities:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Purchases of property and equipment</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000232" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,123</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000233" name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">379</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in investing activities</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000234" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,123</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000235" name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" scale="3">379</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Cash flows from financing activities:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net proceeds from issuance of redeemable convertible preferred stock, net of issuance costs</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000236" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">165,521</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000237" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_20200101_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">9,998</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from issuance of initial public offering, net of issuance costs</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000238" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">219,454</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from issuance of convertible note to related party</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000239" name="us-gaap:ProceedsFromRelatedPartyDebt" contextRef="C_0001815776_20200101_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">5,000</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from issuance of common stock upon exercise of stock options</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000240" name="us-gaap:ProceedsFromStockOptionsExercised" contextRef="C_0001815776_20210101_20210630" decimals="-3" scale="3">21</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proceeds from issuance of common stock shares upon early exercises of stock options</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000241" name="grph:ProceedsFromIssuanceOfCommonStockSharesUponEarlyExercisesOfStockOptions" contextRef="C_0001815776_20210101_20210630" decimals="-3" scale="3">268</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net cash provided by financing activities</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000242" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">385,264</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000243" name="us-gaap:NetCashProvidedByUsedInFinancingActivities" contextRef="C_0001815776_20200101_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">14,998</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net increase in cash, cash equivalents and restricted cash</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000244" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">362,297</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000245" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" contextRef="C_0001815776_20200101_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">13,662</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash, cash equivalents and restricted cash, at beginning of period</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000246" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">19,817</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000247" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20191231" decimals="-3" scale="3">6</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash, cash equivalents and restricted cash, at end of period</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000248" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">382,114</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000249" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">13,668</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reconciliation of cash, cash equivalents and restricted cash to statement of financial</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; position:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash and cash equivalents</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000250" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">381,965</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000251" name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="C_0001815776_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">13,633</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted cash</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000252" name="us-gaap:RestrictedCashCurrent" contextRef="C_0001815776_20210630" decimals="-3" scale="3">149</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000253" name="us-gaap:RestrictedCashCurrent" contextRef="C_0001815776_20200630" decimals="-3" scale="3">35</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash, cash equivalents and restricted cash in statement of financial position</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000254" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">382,114</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000255" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">13,668</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Supplemental disclosures of non-cash investing and financing information:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance of redeemable convertible preferred stock upon conversion of</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">outstanding related party convertible note and accrued interest</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000256" name="grph:RedeemableConvertiblePreferredStockSharesIssuedUponConversionOfOutstandingRelatedPartyConvertibleNoteAndAccruedInterest" contextRef="C_0001815776_20200101_20200630" decimals="-3" format="ixt:numdotdecimal" scale="3">5,020</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party convertible note and accrued interest cancellation</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000257" name="grph:NoncashOrPartNoncashRelatedPartyConvertibleNoteAndAccruedInterestCancellation" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">2,225</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Purchases of property and equipment included in accounts payable</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000258" name="grph:PurchasesOfPropertyAndEquipmentIncludedInAccountsPayable" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">15</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Conversion of redeemable convertible preferred stock to common stock at closing</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; of initial public offering</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000259" name="us-gaap:ConversionOfStockAmountConverted1" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">260,532</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vesting of early exercised stock options</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000260" name="grph:NoncashOrPartNoncashVestingOfEarlyExercisedStockOptions" contextRef="C_0001815776_20210101_20210630" decimals="-3" scale="3">49</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Offering costs included in accrued expenses</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000261" name="grph:OfferingCostsIncludedInAccruedExpenses" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,277</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Issuance costs for Series B redeemable convertible preferred stock included in accounts</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; payable</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000262" name="grph:IssuanceCostsForRedeemableConvertiblePreferredStockIncludedInAccountsPayable" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">177</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">The accompanying notes are an integral part of these unaudited condensed financial statements.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Graphite Bio, Inc.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="Notes_to_Condensed_Financial_Statements">Notes to Condensed Financial Statements</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:nonNumeric id="F_000263" name="us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000263_dcnt_aadb3c95-d824-42ac-a23d-4b320a3b0a8d">
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">1.</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="font-weight:normal;color:#000000;"></span><span style="color:#000000;">Description of Business, Organization and Liquidity</span></p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Organization and Business</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Graphite Bio, Inc. (the &#8220;Company&#8221;) is a clinical-stage, next-generation gene editing company harnessing high efficiency targeted gene integration to develop a new class of therapies to potentially cure a wide range of serious and life-threatening diseases. The Company is pioneering a precision gene editing approach to achieve one of medicine&#8217;s most elusive goals: to precisely &#8220;find &#38; replace&#8221; any gene in the genome. The Company&#8217;s next-generation gene editing platform allows us to precisely correct mutations, replace entire disease-causing genes with normal genes, or insert new genes into predetermined, safe locations. The Company&#8217;s lead product candidate GPH101 is a highly differentiated approach with the potential to directly correct the mutation that causes sickle cell disease (SCD) and restore normal adult hemoglobin (HgbA) expression. The Company has received clearance of its IND application and intends to enroll the first patient in a Phase 1/2 clinical trial in the second half of 2021, with initial proof-of-concept data expected by the end of 2022.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">From its inception in 2017, the Company&#8217;s primary activities have been to perform research and development, undertake preclinical studies and enable manufacturing activities in support of its product development efforts, organize and staff the Company, establish its intellectual property portfolio, and raise capital to support and expand such activities.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company was incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc., and was reincorporated in the State of Delaware in October 2019. In February 2020, the Company changed its name to Integral Medicines, Inc., and again in August 2020, changed the name to Graphite Bio, Inc. Research and development of the Company&#8217;s initial technology ceased at the end of 2018, and the Company did not have any significant operations or any research and development activities in 2019. In March 2020, the Company identified new gene editing technology which the Company sought to further develop, and the Company licensed the related intellectual property from The Board of Trustees of the Leland Stanford Junior University (&#8220;Stanford&#8221;) in December 2020 (Note 6).</span></p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reverse Stock Split</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonNumeric id="F_000295" name="us-gaap:StockholdersEquityReverseStockSplit" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210101_20210630">On June 18, 2021, the Company&#8217;s board of directors approved an amendment to the Company&#8217;s amended and restated certificate of incorporation to effect a reverse stock split of the Company&#8217;s issued and outstanding common stock at a 1 for <span style="-sec-ix-hidden:F_000296">2.432</span> ratio, which was effected on June 21, 2021.</ix:nonNumeric> The par value and authorized shares of common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. The condensed financial statements have also been retroactively adjusted to reflect a proportional <span style="Background-color:#FFFFFF;">adjustment to the conversion ratio for each series of preferred stock that was effected in connection with the reverse stock split. </span></p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Initial Public Offering</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 24, 2021, the Company&#8217;s registration statement on Form&#160;S-1&#160;relating to its initial public offering (&#8220;IPO&#8221;) was declared effective by the Securities and Exchange Commission (&#8220;SEC&#8221;) and the shares of its common stock began trading on the Nasdaq Global Market on June 25, 2021.&#160;The IPO closed on <ix:nonNumeric id="F_000304" name="grph:InitialPublicOfferingClosedDate" contextRef="C_0001815776_20210101_20210630" format="ixt:datemonthdayyearen">June 29, 2021</ix:nonNumeric>, pursuant to which the Company issued and sold <ix:nonFraction unitRef="U_xbrlishares" id="F_000297" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210629_20210629" decimals="INF" format="ixt:numdotdecimal">14,000,000</ix:nonFraction>&#160;shares of its common stock at a public offering price of $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000298" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210629" decimals="INF">17.00</ix:nonFraction> per share. On July 2, 2021, the Company issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000299" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapOverAllotmentOptionMember_20210702_20210702" decimals="INF" format="ixt:numdotdecimal">2,100,000</ix:nonFraction> shares of its common stock to the underwriters of the IPO pursuant to the full exercise of their option to purchase additional shares. The Company received in June and July 2021 net proceeds of approximately $<ix:nonFraction unitRef="U_iso4217USD" id="F_000300" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210601_20210731" decimals="-5" scale="6">251.4</ix:nonFraction> million from the IPO, after deducting underwriting discounts and commissions of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000301" name="grph:UnderwritingDiscountsAndCommissions" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210601_20210731" decimals="-5" scale="6">19.1</ix:nonFraction> million and offering costs of approximately $<ix:nonFraction unitRef="U_iso4217USD" id="F_000302" name="grph:OfferingCosts" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210601_20210731" decimals="-5" scale="6">3.2</ix:nonFraction>&#160;million. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into <ix:nonFraction unitRef="U_xbrlishares" id="F_000303" name="us-gaap:ConversionOfStockSharesConverted1" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210628_20210628" decimals="INF" format="ixt:numdotdecimal">30,761,676</ix:nonFraction> shares of common stock.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Liquidity</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred significant operating losses since inception and has primarily relied on private equity and convertible debt financings to fund its operations. As of June 30, 2021, the Company had an accumulated deficit of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000305" name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="C_0001815776_20210630" decimals="-5" sign="-" format="ixt:numdotdecimal" scale="6">107.8</ix:nonFraction> million.  The Company expects to continue to incur substantial losses, and its transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support its cost structure. The Company may never achieve profitability, and unless and until then, the Company will need to continue to raise additional capital. Management expects that the existing cash and restricted cash of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000306" name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" contextRef="C_0001815776_20210630" decimals="-5" scale="6">382.1</ix:nonFraction> million as of June 30, 2021, including $<ix:nonFraction unitRef="U_iso4217USD" id="F_000307" name="grph:CashBalanceFromInitialPublicOffering" contextRef="C_0001815776_20210630" decimals="-5" scale="6">219.5</ix:nonFraction> million cash received in June 2021 in connection with the Company&#8217;s IPO, will be sufficient to fund its current operating plan for at least the next 12 months from the date of issuance of these condensed financial statements.</p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000263_dcnt_aadb3c95-d824-42ac-a23d-4b320a3b0a8d">

<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Coronavirus Pandemic</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (&#8220;COVID-19&#8221;), outbreak a pandemic. The ongoing COVID-19 pandemic may continue to affect the Company&#8217;s ability to initiate and complete preclinical studies, delay the initiation of its planned clinical trials or future clinical trials or the progress or completion of its ongoing clinical trials, impede regulatory activities, disrupt the supply chain and the manufacture or shipment of drug substances and finished drug products for its product candidates for use in its clinical trials, impair testing, monitoring, data collection and analysis and other related activities or have other adverse effects on the Company&#8217;s business, financial condition, results of operations and prospects. In addition, the pandemic has caused substantial disruption in the financial markets and may adversely impact economies worldwide, both of which could result in adverse effects on the Company&#8217;s business and operations and its ability to raise additional funds to support its operations.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While certain measures have been relaxed in certain parts of the world as increasing numbers of people have received COVID-19 vaccines, others have remained in place with some areas continuing to experience renewed outbreaks and surges in infection rates. The extent to which such measures are removed or new measures are put in place will depend upon how the pandemic evolves, as well as the distribution of available vaccines, the rates at which they are administered and the emergence of new variants of the virus.  The Company is following, and will continue to follow, recommendations from the U.S. Centers for Disease Control and Prevention as well as federal, state, and local governments regarding working-from-home practices for non-essential employees as well as return-to-work policies and procedures. The Company expects to continue to take actions as may be required or recommended by government authorities or as the Company determines are in the best interests of its employees and other business partners in light of the pandemic.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In light of the ongoing COVID-19 pandemic, the Company&#8217;s partner Stanford was delayed in making an IND filing. While the Company&#8217;s operations to date have not been significantly impacted by the COVID-19 pandemic, it cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its business, financial condition and operations, including planned clinical trials and clinical development timelines. The impact of the COVID-19 pandemic on the Company&#8217;s financial performance will depend on future developments, including the duration and spread of the pandemic, its impact on the Company&#8217;s clinical trial enrollment, trial sites, contract research organizations (&#8220;CROs&#8221;), contract manufacturing organizations (&#8220;CMOs&#8221;), and other third parties with whom it does business, its impact on regulatory authorities and the Company&#8217;s key scientific and management personnel, progress of vaccination and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets or the overall economy are impacted for an extended period, the Company&#8217;s business may be materially adversely affected.</p></ix:continuation><ix:nonNumeric id="F_000264" name="us-gaap:SignificantAccountingPoliciesTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000264_dcnt_208a1405-50f1-4f42-9d84-ccea266aec61">
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2. Summary of Significant Accounting Policies</p><ix:nonNumeric id="F_000276" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Basis of Presentation</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;).</p></ix:nonNumeric><ix:nonNumeric id="F_000277" name="grph:UnauditedInterimCondensedFinancialStatementsPolicyTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Unaudited Interim Condensed Financial Statements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The interim condensed balance sheet as of June 30, 2021, and the condensed statements of operations and changes in redeemable convertible preferred stock and stockholders&#8217; equity (deficit) for the three and six months ended June 30, 2021 and 2020 and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim condensed financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company&#8217;s financial position as of June 30, 2021 and its results of operations and cash flows for the six months ended June 30, 2021 and 2020. The financial data and the other financial information disclosed in these notes to the financial statements related to the three-month and six-month periods are also unaudited. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other future annual or interim period. The condensed balance sheet as of December 31, 2020, included herein was derived from the audited financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These condensed financial statements should be read in conjunction with the Company's audited financial statements included in the prospectus dated June 24, 2021 that forms a part of the Company's Registration Statement on Form S-1 (File No. 333-256838), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended.</p></ix:nonNumeric><ix:nonNumeric id="F_000278" name="grph:SignificantAccountingPoliciesPolicyTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000278_dcnt_358adf31-5239-4789-b2dc-3729847b23f4">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Significant Accounting policies</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2021 are consistent with those discussed in Note 2 to the consolidated financial statements included in the </p></ix:nonNumeric></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000264_dcnt_208a1405-50f1-4f42-9d84-ccea266aec61" continuedAt="F_000264_dcnt_73f57cfb-63d1-4efd-926a-c2398435891e"><ix:continuation id="F_000278_dcnt_358adf31-5239-4789-b2dc-3729847b23f4">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Company&#8217;s Amendment </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">N</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">o.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3 </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form S-1</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> filed</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> on June 22, 2021, except as noted within the&#160;"Adopted and Recent Accounting Pronouncements"&#160;section.</span></p></ix:continuation><ix:nonNumeric id="F_000279" name="us-gaap:UseOfEstimates" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but are not limited to those related to the fair value of the redeemable convertible preferred stock tranche liability, the fair value of redeemable convertible preferred stock and common stock, stock-based compensation expense, accruals for research and development costs, the valuation of deferred tax assets, and uncertain income tax positions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</p></ix:nonNumeric><ix:nonNumeric id="F_000280" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000280_dcnt_4f60a022-318c-4563-a631-d6b8bd221f24">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Adopted and Recent Accounting Pronouncements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is a smaller reporting company and an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;). Under the JOBS Act, emerging growth companies can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Thus, the Company has elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that (i) the Company is no longer an emerging growth company or (ii) the Company affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. However as described below, the Company early adopted certain accounting standards, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies to the extent early adoption is permitted.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-02, <span style="font-style:italic;">Leases (&#8220;Topic 842&#8221;)</span>. Under Topic 842, the Company determines if an arrangement is a lease at inception. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today and are not recorded on the Company&#8217;s balance sheet. For non-public entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years, and early adoption is permitted. The Company early adopted the new standard as of <ix:nonNumeric id="F_000309" name="us-gaap:ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate" contextRef="C_0001815776_us-gaapAdjustmentsForNewAccountingPronouncementsAxis_us-gaapAccountingStandardsUpdate201602Member_20210630" format="ixt:datemonthdayyearen">January 1, 2021</ix:nonNumeric> on a modified retrospective basis with no cumulative adjustment to accumulated deficit since the Company has only one operating lease, with a term of less than 12 months, and no plans to extend. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of Topic 842 that include lease and non-lease components are accounted for as a single lease component. Beginning on January 1, 2021, the Company&#8217;s operating leases, excluding those with terms less than 12 months, will be discounted and recorded as assets and liabilities on the Company&#8217;s balance sheet. As of June 30, 2021, the Company had <ix:nonFraction unitRef="U_iso4217USD" id="F_000311" name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="C_0001815776_us-gaapAdjustmentsForNewAccountingPronouncementsAxis_us-gaapAccountingStandardsUpdate201602Member_20210630" decimals="-3" format="ixt-sec:numwordsen" scale="3"><ix:nonFraction unitRef="U_iso4217USD" id="F_000312" name="us-gaap:OperatingLeaseLiability" contextRef="C_0001815776_us-gaapAdjustmentsForNewAccountingPronouncementsAxis_us-gaapAccountingStandardsUpdate201602Member_20210630" decimals="-3" format="ixt-sec:numwordsen" scale="3">no</ix:nonFraction></ix:nonFraction> assets or liabilities related to the lease recorded on its condensed balance sheets.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued ASU 2016-13, <span style="font-style:italic;">Credit Losses</span>. The FASB also issued amendments and the initial ASU, and all updates are included herein as the Credit Losses standard or Topic 326. The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. The Company is currently evaluating the potential impact of this standard on its condensed financial statements. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the FASB issued ASU 2019-12, <span style="font-style:italic;">Income Taxes (Topic 740)</span>. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP or other areas of Topic 740 by clarifying and amending existing guidance. The new standard is effective for the Company on January 1, 2022 and for interim periods beginning on January 1, 2023. The Company is currently evaluating the potential impact of this standard on its condensed financial statements.</p></ix:nonNumeric></ix:continuation>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000264_dcnt_73f57cfb-63d1-4efd-926a-c2398435891e"><ix:continuation id="F_000280_dcnt_4f60a022-318c-4563-a631-d6b8bd221f24">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2020, the FASB issued ASU No. 2020-06, </span><span style="font-style:italic;">Debt&#8212;Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging&#8212;Contracts in Entity&#8217;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. This guidance will be effective for the Company in the first quarter of 2022 on a full or modified retrospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its condensed financial statements.</span></p></ix:continuation></ix:continuation><ix:nonNumeric id="F_000265" name="us-gaap:FairValueDisclosuresTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000265_dcnt_93ba4665-a4f2-4009-9f0b-200d29213b1f">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">3. Fair Value Measurements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Assets and liabilities recorded at fair value on a recurring basis in the condensed balance sheets, as well as assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accounting guidance also establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.12%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Level 1 &#8212; <span style="font-style:normal;">Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date&#59;</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.12%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Level 2 &#8212; <span style="font-style:normal;">Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities&#59; and</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.12%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Level 3 &#8212; <span style="font-style:normal;">Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. The Company recognizes transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021 and December 31, 2020, Level 1 securities consist of highly liquid money market funds, for which the carrying amounts approximate their fair values due to their short maturities. The Level 3 liability that is measured at fair value on a recurring basis is the redeemable convertible preferred tranche liability. The redeemable convertible preferred stock tranche liability is measured using the option pricing method by estimating the value using the Black-Scholes model. The inputs used in the Black-Scholes model include the fair value of the redeemable convertible preferred stock, the risk-free interest rate, the expected volatility and the expected term when the tranche will be settled. </p><ix:nonNumeric id="F_000281" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Below are inputs used for the Level 3 liability as of December 31, 2020:</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Redeemable</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Convertible</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Preferred Stock</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Tranche Liability</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Value of Series A Preferred Stock per share</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000313" name="grph:RedeemableConvertiblePreferredStockTrancheLiabilityMeasurementInput" contextRef="C_0001815776_us-gaapFairValueByFairValueHierarchyLevelAxis_us-gaapFairValueInputsLevel3Member_us-gaapMeasurementInputTypeAxis_us-gaapMeasurementInputSharePriceMember_us-gaapValuationTechniqueAxis_us-gaapValuationTechniqueOptionPricingModelMember_20201231" decimals="2">2.94</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Risk-free rate</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000314" name="grph:RedeemableConvertiblePreferredStockTrancheLiabilityMeasurementInput" contextRef="C_0001815776_us-gaapFairValueByFairValueHierarchyLevelAxis_us-gaapFairValueInputsLevel3Member_us-gaapMeasurementInputTypeAxis_us-gaapMeasurementInputRiskFreeInterestRateMember_us-gaapValuationTechniqueAxis_us-gaapValuationTechniqueOptionPricingModelMember_20201231" decimals="2">0.08</ix:nonFraction></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
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<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected volatility</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000315" name="grph:RedeemableConvertiblePreferredStockTrancheLiabilityMeasurementInput" contextRef="C_0001815776_us-gaapFairValueByFairValueHierarchyLevelAxis_us-gaapFairValueInputsLevel3Member_us-gaapMeasurementInputTypeAxis_us-gaapMeasurementInputPriceVolatilityMember_us-gaapValuationTechniqueAxis_us-gaapValuationTechniqueOptionPricingModelMember_20201231" decimals="1">85.7</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Term (in years)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000316">0.13</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2021, the Company closed on the third tranche of the Series A redeemable convertible preferred stock financing, the remaining tranche liability was settled and, as such, the Company did not have any Level 3 financial instruments measured at fair value as of June 30, 2021.</p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000265_dcnt_93ba4665-a4f2-4009-9f0b-200d29213b1f">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the periods presented, the Company has not changed the manner in which it values liabilities that are measured at estimated fair value using Level 3 inputs. There were <ix:nonFraction unitRef="U_iso4217USD" id="F_000317" name="grph:FairValueMeasurementLiabilityTransfersWithinHierarchyNet" contextRef="C_0001815776_20210401_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000318" name="grph:FairValueMeasurementLiabilityTransfersWithinHierarchyNet" contextRef="C_0001815776_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000319" name="grph:FairValueMeasurementLiabilityTransfersWithinHierarchyNet" contextRef="C_0001815776_20200401_20200630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000320" name="grph:FairValueMeasurementLiabilityTransfersWithinHierarchyNet" contextRef="C_0001815776_20200101_20200630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction> transfers within the hierarchy during the three and six months ended June 30, 2021 and 2020.</p><ix:nonNumeric id="F_000282" name="us-gaap:ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following tables set forth the financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2021 and December 31, 2020 (in thousands):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="14" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:55.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30, 2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total Fair</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Value</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Level 1</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Level 2</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Level 3</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:42.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Assets:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Money market funds<sup style="font-size:85%;line-height:120%;vertical-align:top"> (1)</sup></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000321" name="us-gaap:AssetsFairValueDisclosure" contextRef="C_0001815776_us-gaapCashAndCashEquivalentsAxis_us-gaapMoneyMarketFundsMember_us-gaapFairValueByMeasurementFrequencyAxis_us-gaapFairValueMeasurementsRecurringMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">381,965</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000322" name="us-gaap:AssetsFairValueDisclosure" contextRef="C_0001815776_us-gaapCashAndCashEquivalentsAxis_us-gaapMoneyMarketFundsMember_us-gaapFairValueByFairValueHierarchyLevelAxis_us-gaapFairValueInputsLevel1Member_us-gaapFairValueByMeasurementFrequencyAxis_us-gaapFairValueMeasurementsRecurringMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">381,965</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="14" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:55.48%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Total Fair</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Value</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Level 1</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Level 2</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.04%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Level 3</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:42.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Assets:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Money market funds<sup style="font-size:85%;line-height:120%;vertical-align:top"> (1)</sup></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000323" name="us-gaap:AssetsFairValueDisclosure" contextRef="C_0001815776_us-gaapCashAndCashEquivalentsAxis_us-gaapMoneyMarketFundsMember_us-gaapFairValueByMeasurementFrequencyAxis_us-gaapFairValueMeasurementsRecurringMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">19,782</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000324" name="us-gaap:AssetsFairValueDisclosure" contextRef="C_0001815776_us-gaapCashAndCashEquivalentsAxis_us-gaapMoneyMarketFundsMember_us-gaapFairValueByFairValueHierarchyLevelAxis_us-gaapFairValueInputsLevel1Member_us-gaapFairValueByMeasurementFrequencyAxis_us-gaapFairValueMeasurementsRecurringMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">19,782</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:42.08%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Liabilities:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:42.08%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Redeemable convertible preferred stock</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; tranche liability</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000325" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" contextRef="C_0001815776_us-gaapFairValueByLiabilityClassAxis_grphRedeemableConvertiblePreferredStockTrancheLiabilityMember_us-gaapFairValueByMeasurementFrequencyAxis_us-gaapFairValueMeasurementsRecurringMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">29,062</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:11.04%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000326" name="us-gaap:FinancialLiabilitiesFairValueDisclosure" contextRef="C_0001815776_us-gaapFairValueByFairValueHierarchyLevelAxis_us-gaapFairValueInputsLevel3Member_us-gaapFairValueByLiabilityClassAxis_grphRedeemableConvertiblePreferredStockTrancheLiabilityMember_us-gaapFairValueByMeasurementFrequencyAxis_us-gaapFairValueMeasurementsRecurringMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">29,062</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><sup style="font-size:85%;line-height:120%;vertical-align:top">(1)</sup> <ix:footnote id="FNT_000000" xml:lang="en-US">Included within cash and cash equivalents on the condensed balance sheet.</ix:footnote></p></ix:nonNumeric><ix:nonNumeric id="F_000283" name="us-gaap:FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table provides a summary of changes in the estimated fair value of Level 3 financial instruments (in thousands):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:71.26%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:25.3%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Redeemable</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Convertible</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Preferred Stock</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Tranche Liability</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance as of December 31, 2020</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.3%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000327" name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue" contextRef="C_0001815776_us-gaapFairValueByLiabilityClassAxis_grphRedeemableConvertiblePreferredStockTrancheLiabilityMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">29,062</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:71.26%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in fair value</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:2.42%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.3%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000328" name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings" contextRef="C_0001815776_us-gaapFairValueByLiabilityClassAxis_grphRedeemableConvertiblePreferredStockTrancheLiabilityMember_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">10,341</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:71.26%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Settlement of Series A redeemable convertible</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; preferred stock tranche liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.42%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.3%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000329" name="us-gaap:FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements" contextRef="C_0001815776_us-gaapFairValueByLiabilityClassAxis_grphRedeemableConvertiblePreferredStockTrancheLiabilityMember_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">39,403</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:71.26%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Balance as of June 30, 2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:2.42%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:24.3%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p></ix:continuation><ix:nonNumeric id="F_000266" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000266_dcnt_d64b4010-cc03-4c21-98d2-1812973e16f9">
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4. Property and Equipment, Net</p><ix:nonNumeric id="F_000284" name="us-gaap:PropertyPlantAndEquipmentTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Property and equipment, net as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:63.48%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:15.44%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31,</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:63.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Computers and network equipment</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000330" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_us-gaapPropertyPlantAndEquipmentByTypeAxis_grphComputersAndNetworkEquipmentMember_20210630" decimals="-3" scale="3">24</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000331" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_us-gaapPropertyPlantAndEquipmentByTypeAxis_grphComputersAndNetworkEquipmentMember_20201231" decimals="-3" scale="3">24</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:63.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Lab equipment</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000332" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_us-gaapPropertyPlantAndEquipmentByTypeAxis_us-gaapEquipmentMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,386</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000333" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_us-gaapPropertyPlantAndEquipmentByTypeAxis_us-gaapEquipmentMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,558</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:63.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Construction in progress</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000334" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_us-gaapPropertyPlantAndEquipmentByTypeAxis_us-gaapConstructionInProgressMember_20210630" decimals="-3" scale="3">260</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:63.48%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total property and equipment</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000335" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,670</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000336" name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,582</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:63.48%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: accumulated depreciation</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000337" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="C_0001815776_20210630" decimals="-3" scale="3">327</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000338" name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="C_0001815776_20201231" decimals="-3" scale="3">121</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:63.48%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total property and equipment, net</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000339" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,343</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:14.44%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000340" name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,461</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depreciation expense for the three and six months ended June 30, 2021 was $<ix:nonFraction unitRef="U_iso4217USD" id="F_000341" name="us-gaap:Depreciation" contextRef="C_0001815776_20210401_20210630" decimals="-5" scale="6">0.1</ix:nonFraction> million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000342" name="us-gaap:Depreciation" contextRef="C_0001815776_20210101_20210630" decimals="-5" scale="6">0.2</ix:nonFraction> million, respectively. Depreciation expense for the three and six months ended June 30, 2020 was $<ix:nonFraction unitRef="U_iso4217USD" id="F_000343" name="us-gaap:Depreciation" contextRef="C_0001815776_20200401_20200630" decimals="0" format="ixt:numdotdecimal">1,000</ix:nonFraction> and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000344" name="us-gaap:Depreciation" contextRef="C_0001815776_20200101_20200630" decimals="0" format="ixt:numdotdecimal">1,000</ix:nonFraction>, respectively.</p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000266_dcnt_d64b4010-cc03-4c21-98d2-1812973e16f9">
</ix:continuation><ix:nonNumeric id="F_000267" name="us-gaap:AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">5. Accrued Expenses and Other Current Liabilities</p><ix:nonNumeric id="F_000285" name="grph:ScheduleOfAccruedExpensesAndOtherCurrentLiabilitiesTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accrued expenses and other current liabilities as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">30, 2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">31, 2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preclinical and clinical studies</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000345" name="grph:AccruedPreclinicalAndClinicalStudies" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,188</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000346" name="grph:AccruedPreclinicalAndClinicalStudies" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,764</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Professional fees</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000347" name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,202</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000348" name="us-gaap:AccruedProfessionalFeesCurrent" contextRef="C_0001815776_20201231" decimals="-3" scale="3">55</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Early exercise liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000349" name="grph:AccruedEarlyExerciseLiability" contextRef="C_0001815776_20210630" decimals="-3" scale="3">472</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other accrued expenses</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000350" name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="C_0001815776_20210630" decimals="-3" scale="3">227</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000351" name="us-gaap:OtherAccruedLiabilitiesCurrent" contextRef="C_0001815776_20201231" decimals="-3" scale="3">71</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total accrued expenses and other current liabilities</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000352" name="grph:AccruedExpensesAndOtherCurrentLiabilities" contextRef="C_0001815776_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,089</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000353" name="grph:AccruedExpensesAndOtherCurrentLiabilities" contextRef="C_0001815776_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,890</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p><ix:nonNumeric id="F_000268" name="grph:SignificantAgreementsTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000268_dcnt_2cccc5ec-85a5-45a4-8676-32cf9fa1a5d7">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6. Significant Agreements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Stanford Exclusive License Agreement and Option Agreement</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2020, the Company entered into an exclusive license agreement (the &#8220;License Agreement&#8221;), with The Board of Trustees of the Leland Stanford Junior University (&#8220;Stanford&#8221;), pursuant to which Stanford granted the Company a worldwide license to specified technology and patent rights to develop, manufacture and commercialize human prophylactic and therapeutic products. Other than with respect to specified, broadly applicable assays and procedures and subject to retained rights by Stanford, the license is exclusive with respect to human prophylactic and therapeutic products for the treatment of SCD, XSCID and beta thalassemia. The license is non-exclusive with respect to those broadly applicable assays and procedures and with respect to all human prophylactic and therapeutic products other than for the treatment of SCD, XSCID and beta thalassemia. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the License Agreement, the Company paid an upfront license fee of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000354" name="us-gaap:ProceedsFromLicenseFeesReceived" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20201201_20201231" decimals="0" format="ixt:numdotdecimal">50,000</ix:nonFraction>, and, as additional consideration for the license, the Company agreed to issue to Stanford approximately <ix:nonFraction unitRef="U_xbrlishares" id="F_000355" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20201231" decimals="-5" scale="6">0.6</ix:nonFraction> million shares of common stock. As of December 31, 2020, the Company recorded its obligations to issue Stanford shares of common stock at an estimated fair value of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000356" name="us-gaap:AdditionalPaidInCapitalCommonStock" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20201231" decimals="-5" scale="6">2.8</ix:nonFraction> million to additional paid in capital. The shares of common stock are expected to be issued when Stanford provides the inventors&#8217; names for allocation of the shares. Stanford also received an option to purchase up to <ix:nonFraction unitRef="U_xbrlipure" id="F_000357" name="grph:PurchaseOfSharesInPrivateFinancingsPercentage" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20201201_20201231" decimals="2" scale="-2">10</ix:nonFraction>% of newly issued shares in the future private financings at the price paid by other participating investors. During the six months ended June 30, 2021, the Company entered into an amendment to the License Agreement, pursuant to which it extended the time when the shares will be issued to April 7, 2021.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On May 7, 2021, the Company issued an aggregate of <ix:nonFraction unitRef="U_xbrlishares" id="F_000358" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210507" decimals="INF" format="ixt:numdotdecimal">640,861</ix:nonFraction> shares of the Company&#8217;s common stock to Stanford and certain individuals designated by Stanford in consideration for rights granted to the Company under the Company&#8217;s exclusive license agreement. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On June 18, 2021, the Company exercised its right to repurchase an aggregate of <ix:nonFraction unitRef="U_xbrlishares" id="F_000359" name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapTypeOfArrangementAxis_grphLicenseAgreementWithStanfordMember_20210618_20210618" decimals="INF" format="ixt:numdotdecimal">624,845</ix:nonFraction> shares from each founder and investor under the Stanford Adjustment Repurchase Right, as described below.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The acquisition of the exclusive license, including patent rights and know-how, and clinical supplies was accounted for as an asset acquisition and as the acquired technology and inventories did not have an alternative use, the total consideration of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000360" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="-5" scale="6">2.8</ix:nonFraction> million was recorded as research and development expense in the statements of operations and comprehensive loss for the year ended December 31, 2020.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the License Agreement, the Company reimbursed Stanford $<ix:nonFraction unitRef="U_iso4217USD" id="F_000361" name="us-gaap:GeneralAndAdministrativeExpense" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="-5" scale="6">0.2</ix:nonFraction> million for previously incurred patent costs, which were recorded in general and administrative expenses for the year ended December 31, 2020 and, in addition, is obligated to reimburse future patent costs. The Company is also obligated to pay annual maintenance fees as follows: $<ix:nonFraction unitRef="U_iso4217USD" id="F_000362" name="us-gaap:CostOfGoodsAndServicesSold" contextRef="C_0001815776_srtRestatementAxis_grphFirstYearMember_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal">5,000</ix:nonFraction> in the first year, $<ix:nonFraction unitRef="U_iso4217USD" id="F_000363" name="us-gaap:CostOfGoodsAndServicesSold" contextRef="C_0001815776_srtRestatementAxis_grphSecondYearMember_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_iso4217USD" id="F_000364" name="us-gaap:CostOfGoodsAndServicesSold" contextRef="C_0001815776_srtRestatementAxis_grphThirdYearMember_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal">10,000</ix:nonFraction></ix:nonFraction> in each year 2 and 3, $<ix:nonFraction unitRef="U_iso4217USD" id="F_000365" name="us-gaap:CostOfGoodsAndServicesSold" contextRef="C_0001815776_srtRestatementAxis_grphFourthYearMember_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_iso4217USD" id="F_000366" name="us-gaap:CostOfGoodsAndServicesSold" contextRef="C_0001815776_srtRestatementAxis_grphFifthYearMember_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_iso4217USD" id="F_000367" name="us-gaap:CostOfGoodsAndServicesSold" contextRef="C_0001815776_srtRestatementAxis_grphSixthYearMember_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal">25,000</ix:nonFraction></ix:nonFraction></ix:nonFraction> in each year 3 through 6, $<ix:nonFraction unitRef="U_iso4217USD" id="F_000368" name="grph:FirstCommercialSale" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal">50,000</ix:nonFraction> each subsequent year until first commercial sale and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000369" name="grph:SubsequentYearCommercialSale" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="0" format="ixt:numdotdecimal">200,000</ix:nonFraction> each subsequent year after the first commercial sale. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company is obligated to make future development and regulatory milestones in total of up to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000370" name="grph:MaximumFutureDevelopmentAndRegulatoryMilestonesPayments" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210101_20210630" decimals="INF" scale="6">5.3</ix:nonFraction> million, sales based milestones of up to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000371" name="grph:SaleBasedMilestonesPayments" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210101_20210630" decimals="-5" scale="6">7.5</ix:nonFraction> million and royalties on future sales at percentage rates ranging in the low single digits. In addition, if the Company receives any sublicense income, it is required to share it with Stanford as a certain percentage defined for each milestone in the License Agreement. The Company will record the maintenance fees, when payable, and will record milestones when contingencies are resolved, and milestones are due. <ix:nonFraction unitRef="U_iso4217USD" id="F_000372" name="grph:MilestonePayments" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000373" name="grph:MilestonePayments" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20200101_20201231" decimals="INF" format="ixt-sec:numwordsen">No</ix:nonFraction></ix:nonFraction> milestones were achieved and recorded as of June 30, 2021 and December 31, 2020.</span></p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000268_dcnt_2cccc5ec-85a5-45a4-8676-32cf9fa1a5d7">

<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In January 2021, the Company entered into an option agreement (the &#8220;First Option Agreement&#8221;), with Stanford, pursuant to which Stanford granted the Company the right to obtain a license to specified patent rights relating to human prophylactic and therapeutic products. The Company may exercise the option in whole or in part to obtain a license under one or more of the optioned patent rights.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Subject to the Company&#8217;s exercise of the option under the First Option Agreement and its execution of an amendment to the License Agreement that incorporates the optioned patent rights and any optioned technology, the Company has agreed to issue to Stanford <ix:nonFraction unitRef="U_xbrlishares" id="F_000374" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphFirstOptionAgreementMember_20210131" decimals="INF" format="ixt:numdotdecimal">132,137</ix:nonFraction> shares of its common stock and pay a license execution fee of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000375" name="grph:LicenseExecutionFee" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphFirstOptionAgreementMember_20210101_20210131" decimals="0" format="ixt:numdotdecimal">10,000</ix:nonFraction>.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The term of the First Option Agreement expires <ix:nonNumeric id="F_000376" name="grph:OptionAgreementExpirationTerm" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphFirstOptionAgreementMember_20210101_20210131" format="ixt-sec:durmonth">18</ix:nonNumeric> months after its effective date, subject to the Company&#8217;s right to extend such expiration date by up to an additional one year upon notice to Stanford and by another additional one year upon the reasonable agreement of Stanford. The First Option Agreement will terminate if the License Agreement terminates. As of June 30, 2021, the Company had <ix:nonFraction unitRef="U_xbrlishares" id="F_000377" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphFirstOptionAgreementMember_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction>t exercised the option under the First Option Agreement.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In April 2021, the Company entered into an option agreement (the &#8220;Second Option Agreement&#8221;) with Stanford to negotiate the license for additional technologies from Stanford. Pursuant to the Second Option Agreement, the Company agreed to pay Stanford option fees in an aggregate amount of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000378" name="grph:OptionFee" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphSecondOptionAgreementMember_20210401_20210430" decimals="0" format="ixt:numdotdecimal">30,000</ix:nonFraction> over the term of the option. As of June 30, 2021, the Company had <ix:nonFraction unitRef="U_xbrlishares" id="F_000379" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphSecondOptionAgreementMember_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction>t exercised the option under the Second Option Agreement.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the six months ended June 30, 2021, the Company entered into an amendment to the License Agreement, pursuant to which it extended the time when the shares will be issued to April 7, 2021. During the three and six months ended June 30, 2021, the reimbursements of patent costs to Stanford were minimal. During the three and six months ended June 30, 2021, the Company has recognized $<ix:nonFraction unitRef="U_iso4217USD" id="F_000380" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210401_20210630" decimals="0" format="ixt:numdotdecimal">50,000</ix:nonFraction> and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000381" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">50,000</ix:nonFraction> in research and development expense in connection with the License Agreement.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">IDT License Agreement</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On June 7, 2021, the Company entered into a License Agreement (&#8220;IDT License Agreement&#8221;) with Integrated DNA Technologies, Inc. (&#8220;IDT&#8221;). Pursuant to the IDT License Agreement, IDT granted the Company and its affiliates a worldwide, non-exclusive, sublicensable license to research and develop products incorporating HiFi Cas9 protein variants for use in human therapeutic applications for SCD, XSCID and Gaucher disease (the Field) and a worldwide, exclusive, sublicensable license to commercialize such products in the Field. The Company has also been granted the right to expand the licensed Field to include human therapeutic applications in the additional fields of beta thalassemia disorder and lysosomal storage disorders upon the payment of an exercise fee in the amount of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000382" name="grph:ExerciseFee" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210607_20210607" decimals="-5" scale="6">0.5</ix:nonFraction> million per additional field or $<ix:nonFraction unitRef="U_iso4217USD" id="F_000383" name="grph:ExerciseFee" contextRef="C_0001815776_srtProductOrServiceAxis_grphBetaThalassemiaAndLysosomalStorageDisordersFieldsMember_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210607_20210607" decimals="-5" scale="6">1.0</ix:nonFraction> million for both additional fields. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In consideration of the licenses and rights granted to the Company under the IDT License Agreement, the Company agreed to pay to IDT an upfront payment in the amount of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000384" name="grph:UpfrontFeePayment" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210607_20210607" decimals="-5" scale="6">3.0</ix:nonFraction> million and up to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000385" name="grph:UpfrontFeePayment" contextRef="C_0001815776_srtRangeAxis_srtMaximumMember_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210607_20210607" decimals="INF" scale="6">5.3</ix:nonFraction> million (or $<ix:nonFraction unitRef="U_iso4217USD" id="F_000386" name="grph:UpfrontFeePayment" contextRef="C_0001815776_srtProductOrServiceAxis_grphBetaThalassemiaAndLysosomalStorageDisordersFieldsMember_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210607_20210607" decimals="-5" scale="6">8.8</ix:nonFraction> million if the Company elects to expand the Field as described above to include both the beta thalassemia and lysosomal storage disorders fields) in total regulatory milestone payments. Each regulatory milestone payment is payable once on an indication-by-indication basis. In addition, the Company has agreed to pay IDT a low single-digit royalty on the net sales of products, subject to reductions in specified circumstances.&#160;&#160;</span><span style="color:#000000;">The acquisition of the license was accounted for as an asset acquisition and as the acquired technology did not have an alternative use, the total consideration of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000387" name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapResearchAndDevelopmentExpenseMember_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210401_20210630" decimals="-5" scale="6"><ix:nonFraction unitRef="U_iso4217USD" id="F_000388" name="us-gaap:BusinessCombinationConsiderationTransferred1" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapResearchAndDevelopmentExpenseMember_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210101_20210630" decimals="-5" scale="6">3.0</ix:nonFraction></ix:nonFraction> million was recorded as research and development expense in the statements of operations and comprehensive loss for the three and six months ended June 30, 2021.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The IDT License Agreement remains in effect on a country-by-country and product-by-product basis until the expiration of the royalty term for such product in such jurisdiction. The Company and IDT each have the right to terminate the IDT License Agreement for the other party&#8217;s material breach of its obligations under the IDT License Agreement, subject to specified rights to cure. Additionally, the Company may terminate the IDT License Agreement for any reason upon written notice.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three and six months ended June 30, 2021, the Company has recognized $<ix:nonFraction unitRef="U_iso4217USD" id="F_000389" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210401_20210630" decimals="-5" scale="6">3.0</ix:nonFraction> million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000390" name="us-gaap:ResearchAndDevelopmentExpense" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210101_20210630" decimals="-5" scale="6">3.0</ix:nonFraction> million, respectively in research and development expense in connection with the IDT License Agreement.&#160;&#160;There are <ix:nonFraction unitRef="U_iso4217USD" id="F_000391" name="grph:MilestonesProbable" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction> milestones probable as of June 30, 2021&#59; therefore, <ix:nonFraction unitRef="U_iso4217USD" id="F_000392" name="grph:MilestonePayments" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210401_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000393" name="grph:MilestonePayments" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphIntegratedDNATechnologiesIncLicenseAgreementMember_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> milestone payments have occurred in the three and six months ended June 30, 2021. </p></ix:continuation><ix:nonNumeric id="F_000269" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000269_dcnt_5b2accba-990d-47f2-92dd-f95f5b195271">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Commitments and Contingencies</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Research and Development Agreements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company enters into contracts in the normal course of business with CROs for clinical trials, with CMOs or other vendors for preclinical studies, supplies and other services and products for operating purposes. These contracts generally provide for termination on notice or may have a potential termination fee if a purchase order is cancelled within a specified time. As of June 30, 2021 and December 31, 2020, there were <ix:nonFraction unitRef="U_iso4217USD" id="F_000394" name="grph:AccruedTerminationAndCancellationCharges" contextRef="C_0001815776_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000395" name="grph:AccruedTerminationAndCancellationCharges" contextRef="C_0001815776_20201231" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> amounts accrued related to termination and cancellation charges as the Company has not determined cancellation to be probable.</p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000269_dcnt_5b2accba-990d-47f2-92dd-f95f5b195271">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">License Agreements</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company enters into license agreements (Note 6), pursuant to which the Company is required to pay certain cash milestones contingent upon the achievement of specific events. No such milestones were achieved or probable as of June 30, 2021 and December 31, 2020. The Company is required to pay royalties on sales of products developed under the agreements. All products are in development as of June 30, 2021 and December 31, 2020, and <ix:nonFraction unitRef="U_iso4217USD" id="F_000396" name="grph:RoyaltyPaymentDue" contextRef="C_0001815776_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000397" name="grph:RoyaltyPaymentDue" contextRef="C_0001815776_20200101_20201231" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> such royalties were due.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Legal Contingencies</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From time to time, the Company may become involved in legal proceedings arising from the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on its financial position, results of operations or cash flows.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Operating Leases</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2020, the Company entered into a <span style="-sec-ix-hidden:F_000398">one-year</span> lease agreement for its headquarter facility located in South San Francisco, California with a significant portion of the premises allocated to the research lab. Due to the COVID-19 pandemic, the use of the entire facility was temporarily designated to research and, as such, all associated costs were expensed as research and development. In addition to payment of base rent, the Company is also required to pay property taxes, insurance and common area expenses. The Company records rent expense on a straight-line basis over the term of the lease. <ix:nonNumeric id="F_000402" name="us-gaap:LesseeOperatingLeaseOptionToExtend" contextRef="C_0001815776_20210101_20210630">The original term of the lease was from <ix:nonNumeric id="F_000399" name="grph:OperatingLeaseCommencementDate" contextRef="C_0001815776_20200401_20200430" format="ixt:datemonthdayyearen">May 11, 2020</ix:nonNumeric> to <ix:nonNumeric id="F_000400" name="grph:OperatingLeaseMaturityDate" contextRef="C_0001815776_20200401_20200430" format="ixt:datemonthdayyearen">June 30, 2021</ix:nonNumeric>, with an option to renew. In March 2021, the Company entered into an amendment to the lease agreement and extended the term of the lease to <ix:nonNumeric id="F_000401" name="grph:OperatingLeaseMaturityDate" contextRef="C_0001815776_20210301_20210331" format="ixt:datemonthdayyearen">September 30, 2021</ix:nonNumeric></ix:nonNumeric>.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January 27, 2021, the Company entered into a new lease agreement for office and lab space in South San Francisco, CA which will commence on <span style="-sec-ix-hidden:F_000404">August 2021</span>. <ix:nonNumeric id="F_000406" name="us-gaap:LesseeOperatingLeaseOptionToExtend" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphNewLeaseAgreementMember_20210101_20210630">The term of the lease is <ix:nonNumeric id="F_000405" name="us-gaap:LesseeOperatingLeaseTermOfContract" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphNewLeaseAgreementMember_20210127" format="ixt-sec:durmonth">42</ix:nonNumeric> months with a right to extend the term of for additional <ix:nonNumeric id="F_000408" name="us-gaap:LesseeOperatingLeaseRenewalTerm" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphNewLeaseAgreementMember_20210127" format="ixt-sec:durwordsen">two years</ix:nonNumeric> on the same terms and conditions.</ix:nonNumeric> The corresponding right-of-use asset and lease liability will be recorded on the Company&#8217;s balance sheet when the lease commences. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021 and December 31, 2020, the Company had a remaining obligation for the base rent in the amount $<ix:nonFraction unitRef="U_iso4217USD" id="F_000409" name="grph:OperatingLeaseBaseRent" contextRef="C_0001815776_20210101_20210630" decimals="-5" scale="6">0.1</ix:nonFraction> million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000410" name="grph:OperatingLeaseBaseRent" contextRef="C_0001815776_20200101_20201231" decimals="-5" scale="6">0.2</ix:nonFraction> million, respectively.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Guarantees and Indemnifications</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2021 and December 31, 2020, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.</p></ix:continuation><ix:nonNumeric id="F_000270" name="us-gaap:PreferredStockTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000270_dcnt_9b964c1d-52f6-4d87-b9d7-08878917520a">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">8. Redeemable Convertible Preferred Stock</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2021, immediately prior to the completion of the Company&#8217;s IPO (Note 1), all outstanding shares of redeemable convertible preferred stock were automatically converted into <ix:nonFraction unitRef="U_xbrlishares" id="F_000411" name="us-gaap:ConversionOfStockSharesConverted1" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_20210628_20210628" decimals="INF" format="ixt:numdotdecimal">30,761,676</ix:nonFraction> shares of common stock. Upon conversion into common stock, the carrying value of the redeemable convertible preferred stock of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000412" name="us-gaap:ConvertiblePreferredStockConvertedToOtherSecurities" contextRef="C_0001815776_20210628_20210628" decimals="-5" scale="6">260.5</ix:nonFraction> million was reclassified to equity.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Series A Redeemable Convertible Preferred Stock</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In June 2020, the Company issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000413" name="us-gaap:TemporaryEquitySharesIssued" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="INF" format="ixt:numdotdecimal">10,000,000</ix:nonFraction> shares of its Series A redeemable convertible preferred stock at a price of $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000414" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="INF">1.00</ix:nonFraction> per share for gross cash proceeds of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000415" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200601_20200630" decimals="-5" scale="6">10.0</ix:nonFraction> million and issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000416" name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200601_20200630" decimals="INF" format="ixt:numdotdecimal">5,019,949</ix:nonFraction> shares of its Series A redeemable convertible preferred stock upon the conversion of the outstanding convertible note and accrued interest</span>.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In connection with the initial issuance of the shares of its Series A redeemable convertible preferred stock, the Company had an obligation to sell and the holders had the obligation to purchase the additional <ix:nonFraction unitRef="U_xbrlishares" id="F_000417" name="grph:PreferredStockAdditionalSharesIssued" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="INF" format="ixt:numdotdecimal">30,000,000</ix:nonFraction> shares of Series A redeemable convertible preferred stock at $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000418" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="INF">1.00</ix:nonFraction> per share upon the achievement of certain milestones as determined by the Board and approved by at least one </span></p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000270_dcnt_9b964c1d-52f6-4d87-b9d7-08878917520a">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">of the investors, or upon the waiver of such milestones by the holders of at least </span><span style="Background-color:#FFFFFF;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000419" name="grph:MinimumPercentageOfPreferredStockMilestoneAchievementApprovalOrWaiver" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200601_20200630" decimals="INF" scale="-2">75</ix:nonFraction></span><span style="Background-color:#FFFFFF;">% of the outstanding shares of Series A redeemable convertible preferred stock, in </span><span style="Background-color:#FFFFFF;"><ix:nonFraction unitRef="U_grphTranche" id="F_000420" name="grph:NumberOfTranches" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200630" decimals="INF" format="ixt-sec:numwordsen">two</ix:nonFraction></span><span style="Background-color:#FFFFFF;"> equal tranches of $</span><span style="Background-color:#FFFFFF;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000421" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheOneMember_20200601_20200630" decimals="-5" scale="6">15.0</ix:nonFraction></span><span style="Background-color:#FFFFFF;"> million each. The Company determined that the obligation to sell additional shares is a freestanding financing instrument and a liability. The Company estimated the fair value of the liability to be $</span><span style="Background-color:#FFFFFF;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000422" name="grph:RedeemablePreferredStockEstimatedFairValueLiability" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200601_20200630" decimals="-5" scale="6">3.3</ix:nonFraction></span><span style="Background-color:#FFFFFF;"> million and recorded it as a reduction to redeemable convertible preferred stock and as a derivative redeemable convertible preferred stock tranche liability in its balance sheet at the issuance date.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In December 2020, the requisite holders waived the second tranche milestone event and the Company issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000423" name="grph:PreferredStockAdditionalSharesIssued" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheTwoMember_20201231" decimals="INF" format="ixt:numdotdecimal">15,000,000</ix:nonFraction> shares of its Series A redeemable convertible preferred stock for gross cash proceeds of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000424" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheTwoMember_20201201_20201231" decimals="-5" scale="6">15.0</ix:nonFraction> million. The redeemable convertible preferred stock tranche liability related to the second tranche shares was remeasured to fair value of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000425" name="grph:RemeasuredFairValueRedeemablePreferredStockLiabilityUponSettlement" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheTwoMember_20201201_20201231" decimals="-5" scale="6">29.1</ix:nonFraction> million and reclassified to redeemable convertible preferred shares upon the settlement.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In connection with the issuance of Series A redeemable convertible preferred stock, in the year ended December 31, 2020, the Company incurred issuance costs of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000426" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200101_20201231" decimals="-5" scale="6">0.2</ix:nonFraction> million. As of December 31, 2020, the redeemable convertible preferred stock tranche liability related to the third tranche shares was remeasured at fair value of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000427" name="grph:RedeemableConvertiblePreferredStockSharesRemeasuredFairValueReportedInCurrentLiability" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20201231" decimals="-5" scale="6">29.1</ix:nonFraction> million and continued to be reported in current liabilities.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company settled the third tranche in February 2021 and issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000428" name="grph:PreferredStockAdditionalSharesIssued" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20210228" decimals="INF" format="ixt:numdotdecimal">15,000,000</ix:nonFraction> shares of its Series A redeemable convertible preferred stock for gross cash proceeds of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000429" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20210201_20210228" decimals="-5" scale="6">15.0</ix:nonFraction> million. The Company recognized a total of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000430" name="grph:ChangesInFairValueOfRedeemableConvertiblePreferredStockLiabilityGainLoss" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20200101_20201231" decimals="-5" scale="6">54.8</ix:nonFraction> million as other loss in the statements of operations and comprehensive loss related to the changes in the fair value of the redeemable convertible preferred stock tranche liabilities during the year ended December 31, 2020</span>.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Prior to the closing of the third tranche of the Series A preferred stock financing in February 2021, the remaining tranche liability was remeasured at a fair value of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000431" name="grph:RemainingRemeasuredFairValueLiability" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20210228" decimals="-5" scale="6">39.4</ix:nonFraction> million. The Company recognized a loss of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000432" name="grph:ChangesInFairValueOfRedeemableConvertiblePreferredStockLiabilityGainLoss" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20210201_20210228" decimals="-5" scale="6">10.3</ix:nonFraction> million in the condensed statements of operations and comprehensive loss related to the change in the fair value of the redeemable convertible preferred stock tranche liability during the six months ended June 30, 2021.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In connection with the closing of the third tranche of Series A redeemable convertible preferred stock, during the six months ended June 30, 2021, the Company incurred issuance costs of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000433" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_us-gaapVestingAxis_grphTrancheThreeMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">4,000</ix:nonFraction>. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Series B Redeemable Convertible Preferred Stock</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In March 2021, the Company issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000435" name="us-gaap:ConversionOfStockSharesConverted1" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210301_20210331" decimals="INF" format="ixt:numdotdecimal">29,792,487</ix:nonFraction> shares of the Series B redeemable convertible preferred stock at $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000436" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210331" decimals="INF">5.06</ix:nonFraction> per share for gross cash proceeds of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000437" name="us-gaap:ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210301_20210331" decimals="-5" scale="6">150.7</ix:nonFraction> million. The Company incurred issuance costs of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000434" name="us-gaap:PaymentsOfStockIssuanceCosts" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesBRedeemableConvertiblePreferredStockMember_20210301_20210331" decimals="-5" scale="6">0.2</ix:nonFraction> million</span>.</p></ix:continuation><ix:nonNumeric id="F_000271" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000271_dcnt_17ce96b6-ef5f-486d-b31b-cb77461e83ee">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9. Common Stock</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021 and December 31, 2020, the Company was authorized to issue <ix:nonFraction unitRef="U_xbrlishares" id="F_000438" name="us-gaap:CommonStockSharesAuthorized" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal">300,000,000</ix:nonFraction> and <ix:nonFraction unitRef="U_xbrlishares" id="F_000439" name="us-gaap:CommonStockSharesAuthorized" contextRef="C_0001815776_20201231" decimals="INF" format="ixt:numdotdecimal">80,000,000</ix:nonFraction> shares of its common stock with $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000440" name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="C_0001815776_20210630" decimals="INF"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000441" name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="C_0001815776_20201231" decimals="INF">0.00001</ix:nonFraction></ix:nonFraction> par value per share, respectively. Each share of the Company&#8217;s common stock is entitled to <ix:nonNumeric id="F_000442" name="us-gaap:CommonStockVotingRights" contextRef="C_0001815776_20210101_20210630">one</ix:nonNumeric> vote. <span style="Background-color:#FFFFFF;color:#000000;">In connection with the IPO in June 2021, all outstanding shares of redeemable convertible preferred stock were converted into <ix:nonFraction unitRef="U_xbrlishares" id="F_000443" name="us-gaap:ConversionOfStockSharesConverted1" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_us-gaapRedeemableConvertiblePreferredStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210101_20210630" decimals="INF" format="ixt:numdotdecimal">30,761,676</ix:nonFraction> shares of common stock.&#160;&#160;</span><span style="color:#000000;">The IPO closed on June 29, 2021, pursuant to which the Company issued and sold <ix:nonFraction unitRef="U_xbrlishares" id="F_000444" name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210629_20210629" decimals="INF" format="ixt:numdotdecimal">14,000,000</ix:nonFraction>&#160;shares of its common stock at a public offering price of $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000445" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapIPOMember_20210629" decimals="2">17.00</ix:nonFraction> per share.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Shares Reserved for Future Issuance</p><ix:nonNumeric id="F_000286" name="grph:ScheduleOfReservedCommonStockForFutureIssuanceTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021 and December 31, 2020, the Company reserved common stock for future issuances as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">30, 2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">30, 2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Series A redeemable convertible preferred stock</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000446" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20201231" decimals="INF" format="ixt:numdotdecimal">12,343,727</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Outstanding stock option awards</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000447" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_us-gaapEmployeeStockOptionMember_20210630" decimals="INF" format="ixt:numdotdecimal">4,752,515</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000448" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_us-gaapEmployeeStockOptionMember_20201231" decimals="INF" format="ixt:numdotdecimal">306,739</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares available for future stock option grants</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000449" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSharesAvailableForFutureStockOptionGrantsMember_20210630" decimals="INF" format="ixt:numdotdecimal">5,254,863</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000450" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_grphSharesAvailableForFutureStockOptionGrantsMember_20201231" decimals="INF" format="ixt:numdotdecimal">2,064,221</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ESPP shares available for future grants</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000451" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_us-gaapEmployeeStockMember_20210630" decimals="INF" format="ixt:numdotdecimal">564,000</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total shares reserved for future issuance</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000452" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal">10,571,378</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000453" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_20201231" decimals="INF" format="ixt:numdotdecimal">14,714,687</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-family:Times New Roman;">&#160;</p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000271_dcnt_17ce96b6-ef5f-486d-b31b-cb77461e83ee">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Founders&#8217; and Investor&#8217;s Restricted Common Stock</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In March 2020 the Board approved and in April 2020, the Company issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000454" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphFounderMember_20200331" decimals="INF" format="ixt:numdotdecimal">6,081,413</ix:nonFraction> shares of its common stock to its founders and <ix:nonFraction unitRef="U_xbrlishares" id="F_000456" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_us-gaapInvestorMember_20200430" decimals="INF" format="ixt:numdotdecimal">2,467,104</ix:nonFraction> shares of its common stock to its investor at the purchase price of $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000455" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphFounderMember_20200331" decimals="INF"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000457" name="us-gaap:SharesIssuedPricePerShare" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_us-gaapInvestorMember_20200430" decimals="INF">0.00002</ix:nonFraction></ix:nonFraction> per share. As of December 31, 2020, the investor&#8217;s shares were fully vested and a portion of the shares issued were subject to the Company&#8217;s option to repurchase per the Stanford Adjustment Repurchase Right, as described below.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;"><ix:nonNumeric id="F_000458" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription" contextRef="C_0001815776_20210101_20210630">The shares of the Company&#8217;s common stock issued to its founders for their services as an employee, advisor or consultant vest monthly over <ix:nonNumeric id="F_000459" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:durwordsen">four years</ix:nonNumeric> with <ix:nonNumeric id="F_000460" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardCliffVestingPeriod" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:durwordsen">one year</ix:nonNumeric> cliff from the vesting commencement date.</ix:nonNumeric></span> The vesting commencement date was the date of the initial closing of the Series A preferred stock financing or June 24, 2020. Pursuant to the restricted stock purchase agreements with each of the founders, the vesting of the founders&#8217; common stock shares could be accelerated upon the occurrence of certain events, including signing of the term sheet for the license with Stanford, a change in control, or if the founder&#8217;s service is terminated by the Company without cause. The Company signed the term sheet with Stanford in June 2020, and as a result, an aggregate of <ix:nonFraction unitRef="U_xbrlishares" id="F_000461" name="grph:AggregateCommonStockVested" contextRef="C_0001815776_20200601_20200630" decimals="INF" format="ixt:numdotdecimal">912,212</ix:nonFraction> shares of founders&#8217; common stock vested pursuant to the acceleration terms.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">If a founder terminates the service relationship with the Company during the vesting period, the Company may repurchase any unvested restricted common stock at the price per share equal to the lower of (i) the original purchase price, subject to adjustment in the event of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, or (ii) the current fair market value as of the date the Company elects to exercise its Stanford Adjustment Repurchase Right, as described below. The repurchase right lapses in 180 days after the termination of the founder&#8217;s service or employment. During the vesting term, holders of founders&#8217; common stock awards are deemed to be common stockholders and have the right to receive dividends and voting rights.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The founders&#8217; shares of common stock are also subject to the Company&#8217;s option to repurchase per the Stanford Adjustment Repurchase Right, as described below. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company accounts for shares issued to founders as equity compensation awards and the estimated fair value at the grant date was minimal. </span><span style="color:#000000;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000462" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" contextRef="C_0001815776_srtTitleOfIndividualAxis_grphFounderMember_20210630" decimals="INF" format="ixt:numdotdecimal">3,354,492</ix:nonFraction></span><span style="Background-color:#FFFFFF;">  and <ix:nonFraction unitRef="U_xbrlishares" id="F_000463" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares" contextRef="C_0001815776_srtTitleOfIndividualAxis_grphFounderMember_20201231" decimals="INF" format="ixt:numdotdecimal">5,169,202</ix:nonFraction> shares of founders&#8217; common stock awards were unvested and expected to vest in <ix:nonNumeric id="F_000464" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstanding" contextRef="C_0001815776_srtTitleOfIndividualAxis_grphFounderMember_20210101_20210630" format="ixt-sec:duryear">3.0</ix:nonNumeric> years and <ix:nonNumeric id="F_000465" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstanding" contextRef="C_0001815776_srtTitleOfIndividualAxis_grphFounderMember_20200101_20201231" format="ixt-sec:duryear">3.5</ix:nonNumeric> years as of June 30, 2021, and December 31, 2020, respectively.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Stanford Adjustment Repurchase Right</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Upon the issuance of shares of common stock to Stanford pursuant to the License Agreement, as discussed in Note 6, the Company has a right to repurchase from each founder and an investor a number of shares of common stock equal to the number of shares issued to Stanford multiplied by the applicable number of shares issued to the founder or investor, as applicable, divided by <ix:nonFraction unitRef="U_xbrlishares" id="F_000466" name="us-gaap:WeightedAverageNumberDilutedSharesOutstandingAdjustment" contextRef="C_0001815776_20200301_20200331" decimals="0" format="ixt:numdotdecimal">7,273,848</ix:nonFraction> shares (a fully diluted number of shares of the Company at the end of March 2020, after founders and the investor&#8217;s shares were approved by the board of directors). The Stanford Adjustment Repurchase Right may be exercised by the Company within six months following the date of the issuance of the shares of common stock to Stanford. The repurchase price per share is equal to the lower of (i) the purchase price, subject to adjustment in the event of any reorganization, recapitalization, reclassification, etc., or (ii) the current fair market value as of the date the Company elects to exercise its Stanford Adjustment Repurchase Right. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On May 7, 2021, the Company issued an aggregate of <ix:nonFraction unitRef="U_xbrlishares" id="F_000467" name="us-gaap:CommonStockSharesIssued" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210507" decimals="INF" format="ixt:numdotdecimal">640,861</ix:nonFraction> shares of the Company&#8217;s common stock to Stanford and certain individuals designated by Stanford in consideration for rights granted to the Company under the Company&#8217;s exclusive license agreement.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On June 18, 2021, the Company exercised its right to repurchase an aggregate of <ix:nonFraction unitRef="U_xbrlishares" id="F_000468" name="us-gaap:StockRepurchasedDuringPeriodShares" contextRef="C_0001815776_us-gaapTypeOfArrangementAxis_grphStanfordExclusiveLicenseAgreementMember_20210618_20210618" decimals="INF" format="ixt:numdotdecimal">624,845</ix:nonFraction> shares from each founder and investor under the Stanford Adjustment Repurchase Right.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company accounts for the founders and investor&#8217;s shares of restricted common stock as equity share-based awards.</span></p></ix:continuation><ix:nonNumeric id="F_000272" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000272_dcnt_fe150ebb-030b-44f5-be6c-0c56c70b7abf">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">10. Equity Incentive Plans</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">2020 Stock Option and Grant Plan</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company grants share-based awards under the 2020 Stock Option and Grant Plan, as amended (the &#8220;2020 Plan&#8221;). The Company may grant under the 2020 Plan incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and other share-based awards to the Company&#8217;s officers, employees, directors and consultants. Options under the 2020 Plan may be granted for periods of up to <ix:nonNumeric id="F_000469" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" format="ixt-sec:duryear">10</ix:nonNumeric> years and at prices no less than <ix:nonFraction unitRef="U_xbrlipure" id="F_000471" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="C_0001815776_srtRangeAxis_srtMinimumMember_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" decimals="INF" scale="-2">100.0</ix:nonFraction>% of the estimated fair value of the shares on the date of grant as determined by the Board, provided, however, that the exercise price of an incentive stock option granted to a <ix:nonFraction unitRef="U_xbrlipure" id="F_000470" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" decimals="3" scale="-2">10.0</ix:nonFraction>% stockholder shall not be less than <ix:nonFraction unitRef="U_xbrlipure" id="F_000472" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="C_0001815776_srtRangeAxis_srtMinimumMember_us-gaapAwardTypeAxis_grphStockOptionsToTenPercentShareholdersMember_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" decimals="INF" scale="-2">110.0</ix:nonFraction>% of the estimated fair value of the shares on the date of grant and the option is not exercisable after the expiration of <ix:nonNumeric id="F_000473" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" contextRef="C_0001815776_us-gaapAwardTypeAxis_grphStockOptionsToTenPercentShareholdersMember_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" format="ixt-sec:durwordsen">five years</ix:nonNumeric> from the date of grant. Options generally vest monthly over <ix:nonNumeric id="F_000474" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" format="ixt-sec:durwordsen">four years</ix:nonNumeric> with or without one year cliff vesting. Per the 2020 </span></p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000272_dcnt_fe150ebb-030b-44f5-be6c-0c56c70b7abf" continuedAt="F_000272_dcnt_501dac65-9cf4-40bd-903a-16e9d06e5490">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Plan, granted options maybe early exercised prior to vesting and the Company will issue shares of restricted stock upon the early exercise with vesting terms consistent with the original grant.</span><span style="Background-color:#FFFFFF;"> </span><span style="Background-color:#FFFFFF;">Upon completion of the Company&#8217;s IPO, the remaining shares available for issuance under the 2020 Plan were retired</span><span style="Background-color:#FFFFFF;">.</span><span style="font-weight:bold;font-style:italic;Background-color:#FFFFFF;"> </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">2021 Stock Option and Grant Plan</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In June 2021, the Company&#8217; Board of Directors approved the 2021 Stock Option and Incentive Plan (the &#8220;2021 Plan&#8221;) that became effective immediately prior to the date when the Company&#8217;s prospectus was declared effective by the SEC on June 24, 2021. The Company will initially reserve <ix:nonFraction unitRef="U_xbrlishares" id="F_000475" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">5,636,000</ix:nonFraction> shares of common stock for issuance of awards under the 2021 Plan. The 2021 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2022, by <ix:nonFraction unitRef="U_xbrlipure" id="F_000476" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="2" scale="-2">5</ix:nonFraction>% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by our compensation committee. The option exercise price of each option will be determined by our compensation committee but generally may not be less than <ix:nonFraction unitRef="U_xbrlipure" id="F_000477" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent" contextRef="C_0001815776_srtRangeAxis_srtMinimumMember_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="INF" scale="-2">100</ix:nonFraction>% of the fair market value of our common stock on the date of grant. The term of each option will be fixed by our compensation committee and may not exceed <ix:nonNumeric id="F_000478" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" format="ixt-sec:durwordsen">ten years</ix:nonNumeric> from the date of grant. The grant date fair value of all awards made under our 2021 Plan and all other cash compensation paid by us to any non-employee director for services as a non-employee director in any calendar year may not exceed $<ix:nonFraction unitRef="U_iso4217USD" id="F_000479" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentGrantDateFairValueOfAwardYearOne" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">1,000,000</ix:nonFraction> for the first year of service and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000480" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentGrantDateFairValueOfAwardYearThereafter" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">750,000</ix:nonFraction> for each year of service thereafter.</span></p><ix:nonNumeric id="F_000287" name="us-gaap:ScheduleOfShareBasedCompensationActivityTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The table below presents a summary of activities and a reconciliation of shares of common stock remaining for grant under the 2020 Plan and 2021 Plan during the six months ended June 30, 2021 and the year ended December 31, 2020:</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
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<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">31, 2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares authorized under 2020 and 2021 Plans</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000481" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">5,636,000</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000482" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20201231" decimals="INF" format="ixt:numdotdecimal">4,101,545</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options granted</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000483" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="INF" format="ixt:numdotdecimal">381,137</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000484" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20200101_20201231" decimals="INF" format="ixt:numdotdecimal">1,204,341</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock awards granted</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000485" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20200101_20201231" decimals="INF" format="ixt:numdotdecimal">832,983</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Remaining shares available for grant</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000486" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfRemainingSharesAvailableForGrant" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">5,254,863</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000487" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfRemainingSharesAvailableForGrant" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20201231" decimals="INF" format="ixt:numdotdecimal">2,064,221</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Restricted Stock Awards</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In 2020, the Company issued <ix:nonFraction unitRef="U_xbrlishares" id="F_000488" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20200101_20201231" decimals="INF" format="ixt:numdotdecimal">832,983</ix:nonFraction> shares of common stock as restricted stock awards under the 2020 Plan. The purchase price of the restricted common stock awards was fair value as determined by the Board at the issuance date. The shares vest monthly over <ix:nonNumeric id="F_000489" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20210101_20210630" format="ixt-sec:durwordsen">four years</ix:nonNumeric> with the one-year cliff vesting from the grant date. Upon termination of employment, the Company has the right to repurchase any unvested restricted shares. The repurchase price for unvested shares of common stock will be the lower of (i) the fair market value on the date of repurchase or (ii) their original purchase price. There were <ix:nonFraction unitRef="U_xbrlishares" id="F_000490" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20210401_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_xbrlishares" id="F_000491" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> grants of restricted stock awards for the three and six months ended June 30, 2021 and there were <ix:nonFraction unitRef="U_xbrlishares" id="F_000492" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20200401_20200630" decimals="INF" format="ixt:numdotdecimal"><ix:nonFraction unitRef="U_xbrlishares" id="F_000493" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20200101_20200630" decimals="INF" format="ixt:numdotdecimal">832,983</ix:nonFraction></ix:nonFraction> grants of restricted stock awards for the three and six months ended June 30, 2020.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company accounted for restricted stock awards as early exercised options and recognized a liability in other liabilities when cash was received for the purchase of shares of restricted stock awards. As shares of restricted stock awards vest, the Company reclassified the liability to common stock and additional paid in capital. At June 30, 2021 and December 31, 2020, the Company recorded a minimal liability for restricted stock awards included in other liabilities.&#160;&#160;&#160;&#160;  &#160;&#160;&#160;&#160; </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000494" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20210101_20210630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_xbrlishares" id="F_000495" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20200101_20201231" decimals="INF" format="ixt-sec:numwordsen">No</ix:nonFraction></ix:nonFraction> restricted stock award shares were cancelled, or repurchased as of June 30, 2021 and December 31, 2020.  There were <ix:nonFraction unitRef="U_xbrlishares" id="F_000496" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20210101_20210630" decimals="INF" format="ixt:numdotdecimal">241,842</ix:nonFraction> and <ix:nonFraction unitRef="U_xbrlishares" id="F_000497" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapRestrictedStockUnitsRSUMember_20200101_20201231" decimals="INF" format="ixt-sec:numwordsen">zero</ix:nonFraction> shares of restricted stock vested as of June 30, 2021 and December 31, 2020, respectively. </p></ix:continuation>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000272_dcnt_501dac65-9cf4-40bd-903a-16e9d06e5490" continuedAt="F_000272_dcnt_7161d890-fd77-43bb-807a-a7f7bced88bd">

<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Employee Stock Purchase Plan</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2021, the Company&#8217;s board of directors and stockholders approved the 2021 Employee Stock Purchase Plan, or the 2021 ESPP, which became effective upon the IPO. The 2021 ESPP is intended to qualify as an employee stock purchase plan under Section&#160;423 of the Internal Revenue Code of 1986, as amended, and is administered by the Company&#8217;s board of directors and the Compensation Committee of the board of directors. Under the 2021 ESPP, <ix:nonFraction unitRef="U_xbrlishares" id="F_000498" name="us-gaap:CommonStockCapitalSharesReservedForFutureIssuance" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">564,000</ix:nonFraction> shares of the Company&#8217;s common stock have been initially reserved for employee purchases of the Company&#8217;s common stock. The 2021 ESPP allows eligible employees to purchase shares of the Company&#8217;s common stock at a discount through payroll deductions of up to <ix:nonFraction unitRef="U_xbrlipure" id="F_000499" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate" contextRef="C_0001815776_srtRangeAxis_srtMaximumMember_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210101_20210630" decimals="INF" scale="-2">15</ix:nonFraction>% of their eligible compensation. At the end of each offering period, employees are able to purchase shares at <ix:nonFraction unitRef="U_xbrlipure" id="F_000500" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPriceOfferingDate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210101_20210630" decimals="2" scale="-2">85</ix:nonFraction>% of the lower of the fair market value of the Company&#8217;s common stock at the beginning of the offering period or at the end of each applicable purchase period. The first purchase period commenced upon the completion of the Company&#8217;s IPO will end on November 30, 2021.&#160;&#160;The Company recorded $<ix:nonFraction unitRef="U_iso4217USD" id="F_000501" name="us-gaap:AccruedLiabilitiesCurrent" contextRef="C_0001815776_20210630" decimals="0" format="ixt:numdotdecimal">45,000</ix:nonFraction> in accrued liabilities as of  June 30, 2021. </p><ix:nonNumeric id="F_000288" name="us-gaap:ScheduleOfShareBasedPaymentAwardEmployeeStockPurchasePlanValuationAssumptionsTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected volatility</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000502" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210401_20210630" decimals="4" scale="-2">72.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000503" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210101_20210630" decimals="4" scale="-2">72.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected dividend yield</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000504" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210401_20210630" decimals="4" scale="-2">0.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000505" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210101_20210630" decimals="4" scale="-2">0.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected term (in years)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000506">0.44</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000507">0.44</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Risk-free interest rate</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000508" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210401_20210630" decimals="4" scale="-2">1.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000509" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_grphTwoThousandTwentyOneEmployeeStockPurchasePlanMember_20210101_20210630" decimals="4" scale="-2">1.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Incentive Stock Options and Nonqualified Stock Options</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options issued under the 2020 Plan generally vest over a <span style="-sec-ix-hidden:F_000511">four-year</span> period and expire <ix:nonNumeric id="F_000510" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" format="ixt-sec:durwordsen">ten years</ix:nonNumeric> from the date of grant. Certain options provide for accelerated vesting if there is a change in control, as defined in the individual award agreements.</p><ix:nonNumeric id="F_000289" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards granted during the periods presented, with the following assumptions.&#160;&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected volatility</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000512" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210401_20210630" decimals="2" scale="-2">76</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76% -77.74%</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected dividend yield</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000515" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210401_20210630" decimals="4" scale="-2">0.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000516" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210101_20210630" decimals="4" scale="-2">0.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Expected term (in years)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000517">5.95</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.48 - 6.04</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Risk-free interest rate</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlipure" id="F_000520" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210401_20210630" decimals="4" scale="-2">1.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">%</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0.56%-1.04%</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p></ix:nonNumeric><ix:nonNumeric id="F_000290" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000290_dcnt_a9997aa0-d683-4399-972e-ee8ae2fb2aec">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">A summary of option activity under the 2020 Plan and the 2021 Plan during the six months ended June 30, 2021 is as follows:</span></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Number of</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Options</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Weighted-</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Average</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Exercise</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Price Per</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Share</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Weighted-</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Average</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Remaining</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Contractual</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Term (in</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">years)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Aggregate</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Intrinsic</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Value (in</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">thousands)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Outstanding as of December 31, 2020</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000523" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20201231" decimals="INF" format="ixt:numdotdecimal">306,739</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000530" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20201231" decimals="2">0.29</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000537">9.9</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000541" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20201231" decimals="-3" format="ixt:numdotdecimal" scale="3">1,365</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options granted - 2020 Plan</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000524" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" decimals="INF" format="ixt:numdotdecimal">4,986,847</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000531" name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyStockOptionAndGrantPlanMember_20210101_20210630" decimals="2">5.39</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.34%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options exercised</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000525" name="us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210101_20210630" decimals="INF" format="ixt:numdotdecimal">922,208</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000532" name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210101_20210630" decimals="2">0.31</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options granted - 2021 Plan</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000526" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="INF" format="ixt:numdotdecimal">381,137</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000533" name="us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyOneStockOptionAndGrantPlanMember_20210101_20210630" decimals="2">17.00</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:9.18%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1%; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Outstanding as of June 30, 2021</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000527" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">4,752,515</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000534" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="2">6.95</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000538">9.8</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000542" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">112,995</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exercisable</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000528" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">126,434</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000535" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="2">5.69</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000539">9.7</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000543" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,166</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.34%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Vested and expected to vest at June 30, 2021</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000529" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="INF" format="ixt:numdotdecimal">4,752,515</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000536" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="2">6.95</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="-sec-ix-hidden:F_000540">9.8</span></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000544" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue" contextRef="C_0001815776_us-gaapPlanNameAxis_grphTwoThousandTwentyAndTwoThousandTwentyOnePlanMember_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">112,995</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p></ix:nonNumeric></ix:continuation>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000272_dcnt_7161d890-fd77-43bb-807a-a7f7bced88bd" continuedAt="F_000272_dcnt_c19c85b5-3079-45f3-bb58-12a34d932b97"><ix:continuation id="F_000290_dcnt_a9997aa0-d683-4399-972e-ee8ae2fb2aec">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p></ix:continuation>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price as of June 30, 2021.  The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2021 was $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000545" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="C_0001815776_20210401_20210630" decimals="2">6.17</ix:nonFraction> and $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000546" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="C_0001815776_20210101_20210630" decimals="2">5.44</ix:nonFraction> per share, respectively. The intrinsic value of the stock options exercised during the three and six months ended June 30, 2021 was $<ix:nonFraction unitRef="U_iso4217USD" id="F_000547" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="C_0001815776_20210401_20210630" decimals="0" format="ixt:numdotdecimal">6,000</ix:nonFraction> and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000548" name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" contextRef="C_0001815776_20210101_20210630" decimals="-5" scale="6">4.6</ix:nonFraction> million, respectively.</span> </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The total fair value of stock options vested during the three and six months ended June 30, 2021 was $<ix:nonFraction unitRef="U_iso4217USD" id="F_000549" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="C_0001815776_20210401_20210630" decimals="-5" scale="6">0.1</ix:nonFraction> million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000550" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="C_0001815776_20210101_20210630" decimals="-5" scale="6">1.3</ix:nonFraction> million, respectively.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">There was <ix:nonFraction unitRef="U_iso4217USD" id="F_000551" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="C_0001815776_20200401_20200630" decimals="INF" format="ixt-sec:numwordsen"><ix:nonFraction unitRef="U_iso4217USD" id="F_000552" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" contextRef="C_0001815776_20200101_20200630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> activity for options during the three and six months ended June 30, 2020.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Early Exercise of Stock Options</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The terms of the 2020 Plan permit the exercise of options granted prior to vesting, subject to required approvals. The unvested shares are subject to the repurchase right upon termination of employment at the original purchase price. The repurchase right lapses in <ix:nonNumeric id="F_000553" name="grph:EarlyExerciseOfStockOptionsRepurchaseRightLapsePeriod" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:durday">180</ix:nonNumeric> days after the termination of the employee&#8217;s employment. Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules. Cash received for early exercised stock options is recorded as other liabilities on the balance sheet and is reclassified to common stock and additional paid-in capital as such shares vest.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">At June 30, 2021 and December 31, 2020, <ix:nonFraction unitRef="U_xbrlishares" id="F_000554" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainedSubjectToRightOfRepurchaseOfEarlyExercisedStockOptions" contextRef="C_0001815776_20210630" decimals="INF" format="ixt:numdotdecimal">1,614,832</ix:nonFraction> shares and <ix:nonFraction unitRef="U_xbrlishares" id="F_000555" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainedSubjectToRightOfRepurchaseOfEarlyExercisedStockOptions" contextRef="C_0001815776_20201231" decimals="INF" format="ixt:numdotdecimal">865,129</ix:nonFraction> shares, respectively, remained subject to the right of repurchase as a result of the early exercised stock options. The remaining liability related to early exercised shares as of June 30, 2021 and December 31, 2020 was $<ix:nonFraction unitRef="U_iso4217USD" id="F_000556" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingLiabilityRelatedToEarlyExercisedStockOptions" contextRef="C_0001815776_us-gaapBalanceSheetLocationAxis_grphAccruedExpensesAndOtherLiabilitiesMember_20210630" decimals="-5" scale="6">0.5</ix:nonFraction> million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000557" name="grph:ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainingLiabilityRelatedToEarlyExercisedStockOptions" contextRef="C_0001815776_us-gaapBalanceSheetLocationAxis_grphAccruedExpensesAndOtherLiabilitiesMember_20201231" decimals="-5" scale="6">0.3</ix:nonFraction> million, respectively, and was recorded within accrued expenses and other liabilities on the Company&#8217;s condensed balance sheets.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Stock-Based Compensation Expense</span></p><ix:nonNumeric id="F_000291" name="us-gaap:ScheduleOfCompensationCostForShareBasedPaymentArrangementsAllocationOfShareBasedCompensationCostsByPlanTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The following table presents the components of stock-based compensation expense for the Company&#8217;s stock-based awards for the periods presented (in thousands):</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Restricted stock awards and founders&#8217; common stock</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; awards</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000558" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapAwardTypeAxis_grphRestrictedStockAwardsAndFoundersCommonStockMember_20210401_20210630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000559" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapAwardTypeAxis_grphRestrictedStockAwardsAndFoundersCommonStockMember_20200401_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000560" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapAwardTypeAxis_grphRestrictedStockAwardsAndFoundersCommonStockMember_20210101_20210630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000561" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapAwardTypeAxis_grphRestrictedStockAwardsAndFoundersCommonStockMember_20200101_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ESPP</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000562" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_us-gaapEmployeeStockMember_20210401_20210630" decimals="-3" scale="3">6</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000563" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapSubsidiarySaleOfStockAxis_us-gaapEmployeeStockMember_20210101_20210630" decimals="-3" scale="3">6</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Stock options</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000564" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,011</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000565" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,044</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stock-based compensation expense</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000566" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,018</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000567" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20200401_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000568" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,051</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000569" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The above stock-based compensation expense also includes the expenses of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000570" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_srtTitleOfIndividualAxis_grphNonEmployeesMember_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210401_20210630" decimals="-5" scale="6">0.2</ix:nonFraction>&#160;million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000571" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_srtTitleOfIndividualAxis_grphNonEmployeesMember_us-gaapAwardTypeAxis_us-gaapEmployeeStockOptionMember_20210101_20210630" decimals="-5" scale="6">0.3</ix:nonFraction> million related to stock options issued to the&#160;non-employees for the three months ended and six months ended June 30, 2021, respectively. </span></p><ix:nonNumeric id="F_000292" name="us-gaap:ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table presents the classification of stock-based compensation expense for the Company&#8217;s stock-based awards for the periods presented (in thousands):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development expenses</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000572" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapResearchAndDevelopmentExpenseMember_20210401_20210630" decimals="-3" scale="3">614</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000573" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapResearchAndDevelopmentExpenseMember_20210101_20210630" decimals="-3" scale="3">811</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8212;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative expenses</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000574" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapGeneralAndAdministrativeExpenseMember_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">1,404</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000575" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapGeneralAndAdministrativeExpenseMember_20200401_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000576" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapGeneralAndAdministrativeExpenseMember_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,240</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000577" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_us-gaapIncomeStatementLocationAxis_us-gaapGeneralAndAdministrativeExpenseMember_20200101_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total stock-based compensation expense</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000578" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20210401_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">2,018</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000579" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20200401_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000580" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20210101_20210630" decimals="-3" format="ixt:numdotdecimal" scale="3">3,051</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000581" name="us-gaap:AllocatedShareBasedCompensationExpense" contextRef="C_0001815776_20200101_20200630" decimals="-3" scale="3">1</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:6pt;">&#160;</p></ix:nonNumeric>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">As of June 30, 2021, and December 31, 2020 there was $<ix:nonFraction unitRef="U_iso4217USD" id="F_000582" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="C_0001815776_20210630" decimals="-5" scale="6">29.0</ix:nonFraction> million and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000583" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" contextRef="C_0001815776_20201231" decimals="-5" scale="6">2.9</ix:nonFraction> million of unrecognized stock-based compensation expense related to the employee and non-employee awards, which is expected to be recognized over a weighted-average period of <ix:nonNumeric id="F_000584" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" contextRef="C_0001815776_20210101_20210630" format="ixt-sec:duryear">3.6</ix:nonNumeric> years and <ix:nonNumeric id="F_000585" name="us-gaap:EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" contextRef="C_0001815776_20200101_20201231" format="ixt-sec:duryear">3.7</ix:nonNumeric> years, respectively.</span></p></ix:continuation>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000272_dcnt_c19c85b5-3079-45f3-bb58-12a34d932b97">
</ix:continuation><ix:nonNumeric id="F_000273" name="us-gaap:EarningsPerShareTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">11. Net Loss Per Share Attributable to Common Stockholders</span></p><ix:nonNumeric id="F_000293" name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts):</span></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Numerator:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000586" name="us-gaap:NetIncomeLoss" contextRef="C_0001815776_20210401_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">17,529</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000587" name="us-gaap:NetIncomeLoss" contextRef="C_0001815776_20200401_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,312</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000588" name="us-gaap:NetIncomeLoss" contextRef="C_0001815776_20210101_20210630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">37,238</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD" id="F_000589" name="us-gaap:NetIncomeLoss" contextRef="C_0001815776_20200101_20200630" decimals="-3" sign="-" format="ixt:numdotdecimal" scale="3">1,453</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Denominator:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average common shares outstanding</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000590" name="us-gaap:WeightedAverageNumberOfSharesIssuedBasic" contextRef="C_0001815776_20210401_20210630" decimals="0" format="ixt:numdotdecimal">12,482,522</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000591" name="us-gaap:WeightedAverageNumberOfSharesIssuedBasic" contextRef="C_0001815776_20200401_20200630" decimals="0" format="ixt:numdotdecimal">8,660,951</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000592" name="us-gaap:WeightedAverageNumberOfSharesIssuedBasic" contextRef="C_0001815776_20210101_20210630" decimals="0" format="ixt:numdotdecimal">11,781,319</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000593" name="us-gaap:WeightedAverageNumberOfSharesIssuedBasic" contextRef="C_0001815776_20200101_20200630" decimals="0" format="ixt:numdotdecimal">4,330,475</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Less: weighted-average unvested restricted shares and</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; shares subject to repurchase</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000594" name="grph:WeightedAverageUnvestedRestrictedSharesAndSharesSubjectToRepurchaseOrCancellation" contextRef="C_0001815776_20210401_20210630" decimals="0" sign="-" format="ixt:numdotdecimal">7,395,514</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000595" name="grph:WeightedAverageUnvestedRestrictedSharesAndSharesSubjectToRepurchaseOrCancellation" contextRef="C_0001815776_20200401_20200630" decimals="0" sign="-" format="ixt:numdotdecimal">6,331,549</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000596" name="grph:WeightedAverageUnvestedRestrictedSharesAndSharesSubjectToRepurchaseOrCancellation" contextRef="C_0001815776_20210101_20210630" decimals="0" sign="-" format="ixt:numdotdecimal">7,375,962</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_xbrlishares" id="F_000597" name="grph:WeightedAverageUnvestedRestrictedSharesAndSharesSubjectToRepurchaseOrCancellation" contextRef="C_0001815776_20200101_20200630" decimals="0" sign="-" format="ixt:numdotdecimal">3,165,775</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Weighted-average shares used to compute basic and diluted</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; net loss per share attributable to common stockholders</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000598" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20210401_20210630" decimals="0" format="ixt:numdotdecimal">5,087,008</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000599" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20200401_20200630" decimals="0" format="ixt:numdotdecimal">2,329,402</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000600" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20210101_20210630" decimals="0" format="ixt:numdotdecimal">4,405,357</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000601" name="us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted" contextRef="C_0001815776_20200101_20200630" decimals="0" format="ixt:numdotdecimal">1,164,700</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss per share attributable to common stockholders&#8212;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; basic and diluted:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000602" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20210401_20210630" decimals="2" sign="-">3.45</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000603" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20200401_20200630" decimals="2" sign="-">0.56</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000604" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20210101_20210630" decimals="2" sign="-">8.45</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000605" name="us-gaap:EarningsPerShareBasicAndDiluted" contextRef="C_0001815776_20200101_20200630" decimals="2" sign="-">1.25</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
</table></div></ix:nonNumeric>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:nonNumeric id="F_000294" name="us-gaap:ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Anti-dilutive Outstanding Shares or Equivalents</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:90%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:22.6%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:10.18%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Redeemable convertible preferred stock</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000606" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_us-gaapRedeemableConvertiblePreferredStockMember_20200401_20200630" decimals="0" format="ixt:numdotdecimal">15,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000607" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapStatementClassOfStockAxis_us-gaapRedeemableConvertiblePreferredStockMember_20200101_20200630" decimals="0" format="ixt:numdotdecimal">15,019,945</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Options to purchase common stock</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000608" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphOptionsToPurchaseCommonStockMember_20210401_20210630" decimals="0" format="ixt:numdotdecimal">4,752,515</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000609" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphOptionsToPurchaseCommonStockMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">4,752,515</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:50.32%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Common stock subject to vesting or repurchase</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000610" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphCommonStockSubjectToVestingOrRepurchaseMember_20210401_20210630" decimals="0" format="ixt:numdotdecimal">5,560,465</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000611" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphCommonStockSubjectToVestingOrRepurchaseMember_20200401_20200630" decimals="0" format="ixt:numdotdecimal">6,002,187</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000612" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphCommonStockSubjectToVestingOrRepurchaseMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">5,560,465</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.22%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000613" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphCommonStockSubjectToVestingOrRepurchaseMember_20200101_20200630" decimals="0" format="ixt:numdotdecimal">6,002,187</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Employee Stock Purchase Plan shares</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000614" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphEmployeeStockPurchasePlanSharesMember_20210401_20210630" decimals="0" format="ixt:numdotdecimal">31,850</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000615" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_us-gaapAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis_grphEmployeeStockPurchasePlanSharesMember_20210101_20210630" decimals="0" format="ixt:numdotdecimal">31,850</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:50.32%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000616" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_20210401_20210630" decimals="0" format="ixt:numdotdecimal">10,344,830</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000617" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_20200401_20200630" decimals="0" format="ixt:numdotdecimal">21,022,132</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000618" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_20210101_20210630" decimals="0" format="ixt:numdotdecimal">10,344,830</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.22%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9.18%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><ix:nonFraction unitRef="U_xbrlishares" id="F_000619" name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="C_0001815776_20200101_20200630" decimals="0" format="ixt:numdotdecimal">21,022,132</ix:nonFraction></p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div></ix:nonNumeric></ix:nonNumeric>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&#160;</p><ix:nonNumeric id="F_000274" name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true" continuedAt="F_000274_dcnt_16c32c18-d141-4829-a481-d801afd9b8e2">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">12. Related Party Transactions</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Related Party Convertible Notes and Expenses Reimbursement</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In June 2017, the Company issued a convertible promissory note (the &#8220;2017 Note&#8221;) to its sole investor, Versant, for $<ix:nonFraction unitRef="U_iso4217USD" id="F_000620" name="us-gaap:DebtInstrumentFaceAmount" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20170630" decimals="-5" scale="6">2.0</ix:nonFraction> million with <ix:nonFraction unitRef="U_xbrlipure" id="F_000621" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20170630" decimals="INF" scale="-2">4</ix:nonFraction>% annual interest rate payable upon maturity in December 2018. The outstanding principal amount of the 2017 Note and any unpaid accrued interest were automatically convertible into preferred shares sold in a qualified financing, as defined in the agreement at a conversion price equal to the lesser of: <ix:nonFraction unitRef="U_xbrlipure" id="F_000622" name="grph:MinimumPercentageOfPreferredStockPricePaidPerPreferredSharesInConversion" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20170601_20170630" decimals="INF" scale="-2">80</ix:nonFraction>% the purchase price paid per preferred share, and $<ix:nonFraction unitRef="U_iso4217USD" id="F_000623" name="grph:DebtInstrumentConvertibleConversionPriceDividedByNumberOfFullyDilutedEquity" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20170601_20170630" decimals="-5" scale="6">5.0</ix:nonFraction> million divided by the aggregate number of the Company&#8217;s fully diluted equity immediately prior to the closing of the qualified financing. The Company could not prepay the 2017 Note without the consent of the holder. In an event of change of control, the holder could, at the option of the holder and upon written notice to the Company, elect to convert the principal and accrued interest as of the date of such election (if not previously converted or repaid) into number of shares of the Company&#8217;s common shares at the conversion price equal to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000624" name="grph:DebtInstrumentConvertibleConversionPriceDividedByNumberOfFullyDilutedEquityInEventOfChangeOfControl" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20170601_20170630" decimals="-5" scale="6">3.0</ix:nonFraction> million divided by the aggregate number of the Company&#8217;s fully diluted equity immediately prior to the date of such election. On the maturity date, the holder could, at the option of the holder and upon a written notice to the Company, elect to convert the principal and accrued interest into number of shares of a newly designated series of the Company&#8217;s preferred shares (at the conversion price equal to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000625" name="grph:DebtInstrumentConvertibleConversionPriceDividedByNumberOfFullyDilutedEquityPriorToMaturity" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20170601_20170630" decimals="-5" scale="6">3.0</ix:nonFraction> million divided by the aggregate number of the Company&#8217;s fully diluted equity prior to the maturity date. Upon an event of default, as defined in the agreement, at the option and upon the declaration of the holder and upon written notice to the Company, all principal and unpaid accrued interest would become due and payable. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2020, the 2017 Note principal of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000626" name="us-gaap:DebtInstrumentFaceAmount" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200430" decimals="-5" scale="6">2.0</ix:nonFraction> million and the related interest of $<ix:nonFraction unitRef="U_iso4217USD" id="F_000627" name="grph:RelatedPartyDebtAccruedInterest" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandSeventeenConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200430" decimals="-5" scale="6">0.3</ix:nonFraction> million were outstanding and in default, but were forgiven and recorded to additional paid in capital as a related investor note forgiveness. <span style="Background-color:#FFFFFF;color:#000000;">The Company accounted for the forgiveness as a debt extinguishment. The estimated fair values of the embedded share-settlement put option and default options were minimal as of the cancellation date.</span></p></ix:nonNumeric>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p><ix:continuation id="F_000274_dcnt_16c32c18-d141-4829-a481-d801afd9b8e2">

<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In March 2020, the Company issued a new convertible promissory note (the &#8220;2020 Note&#8221;) for $<ix:nonFraction unitRef="U_iso4217USD" id="F_000628" name="us-gaap:DebtInstrumentFaceAmount" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200331" decimals="-5" scale="6">5.0</ix:nonFraction> million to Versant with an interest rate of <ix:nonFraction unitRef="U_xbrlipure" id="F_000629" name="us-gaap:DebtInstrumentInterestRateStatedPercentage" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200331" decimals="INF" scale="-2">1.6</ix:nonFraction>% per annum payable at maturity in <ix:nonNumeric id="F_000630" name="grph:DebtInstrumentMaturityMonthAndYear" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200301_20200331" format="ixt:datemonthyearen">March 2021</ix:nonNumeric>. The outstanding principal amount of the 2020 Note and any unpaid accrued interest are to be automatically convertible into the Company&#8217;s preferred shares sold in a qualified financing, as defined in the agreement, into that number of preferred shares sold in such qualified financing as is equal to the quotient of (i) the conversion amount (note principal and accrued interest) divided by (ii) the per share price at which the preferred shares are sold in such qualified financing and on such other terms and conditions provided to investors in the qualified financing. The Company could not prepay the note without the consent of the holder. In an event of change of control, the holder could, at the option of the holder and upon written notice to the Company, elect to convert the principal and accrued interest as of the date of such election (if not previously converted or repaid) into number of shares of the Company&#8217;s common shares at the conversion price equal to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000631" name="grph:DebtInstrumentConvertibleConversionPriceDividedByNumberOfFullyDilutedEquityInEventOfChangeOfControl" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200301_20200331" decimals="-5" scale="6">31.7</ix:nonFraction> million divided by the aggregate number of the Company&#8217;s fully diluted equity immediately prior to the date of such election. On the maturity date, the holder could, at the option of the holder and upon a written notice to the Company, elect to convert the principal and accrued interest into number of shares of a newly designated series of the Company&#8217;s preferred shares (at the conversion price equal to $<ix:nonFraction unitRef="U_iso4217USD" id="F_000632" name="grph:DebtInstrumentConvertibleConversionPriceDividedByNumberOfFullyDilutedEquityPriorToMaturity" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_20200301_20200331" decimals="-5" scale="6">31.7</ix:nonFraction> million divided by the aggregate number of the Company&#8217;s fully diluted equity prior to the maturity date). Upon an event of default, as defined in the agreement, at the option and upon the declaration of the holder and upon written notice to the Company, all principal and unpaid accrued interest would become due and payable.&#160;&#160;</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:3.12%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The principal and accrued interest of the 2020 Note were converted into <ix:nonFraction unitRef="U_xbrlishares" id="F_000633" name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200601_20200630" decimals="INF" format="ixt:numdotdecimal">5,019,945</ix:nonFraction> shares of the Company&#8217;s Series A redeemable convertible preferred stock in June 2020, per its embedded share-settlement put option provision. Issued preferred shares were recorded at fair value at the issuance date, and there was <ix:nonFraction unitRef="U_iso4217USD" id="F_000634" name="us-gaap:GainsLossesOnExtinguishmentOfDebt" contextRef="C_0001815776_us-gaapDebtInstrumentAxis_grphRelatedPartyTwoThousandTwentyConvertibleNoteMember_us-gaapRelatedPartyTransactionsByRelatedPartyAxis_grphVersantVentureCapitalVILPMember_us-gaapStatementClassOfStockAxis_grphSeriesARedeemableConvertiblePreferredStockMember_20200601_20200630" decimals="INF" format="ixt-sec:numwordsen">no</ix:nonFraction> extinguishment gain or loss recorded on the conversion. </span><span style="color:#000000;">Please refer to Note 8 for more details on the Series A redeemable convertible preferred stock.</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:3.12%;font-size:12pt;">&#160;</p></ix:continuation><ix:nonNumeric id="F_000275" name="us-gaap:SubsequentEventsTextBlock" contextRef="C_0001815776_20210101_20210630" escape="true">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">13. Subsequent Events</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:3.12%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On June&#160;29, 2021, the underwriters also exercised their option to purchase an additional <ix:nonFraction unitRef="U_xbrlishares" id="F_000635" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapOverAllotmentOptionMember_20210629_20210629" decimals="INF" format="ixt:numdotdecimal">2,100,000</ix:nonFraction> shares of common stock at the IPO price, less the underwriting discounts and commissions. The closing of the offering of the additional shares occurred on July&#160;2, 2021.&#160;</span> The Company issued and sold <ix:nonFraction unitRef="U_xbrlishares" id="F_000636" name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapOverAllotmentOptionMember_20210702_20210702" decimals="INF" format="ixt:numdotdecimal">2,100,000</ix:nonFraction>&#160;shares of its common stock at a public offering price of $<ix:nonFraction unitRef="U_iso4217USD_xbrlishares" id="F_000637" name="us-gaap:SaleOfStockPricePerShare" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_us-gaapSubsidiarySaleOfStockAxis_us-gaapOverAllotmentOptionMember_20210702" decimals="INF">17.00</ix:nonFraction> per share and received net proceeds of approximately $<span style="Background-color:#FFFFFF;"><ix:nonFraction unitRef="U_iso4217USD" id="F_000638" name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="C_0001815776_us-gaapStatementEquityComponentsAxis_us-gaapCommonStockMember_us-gaapSubsequentEventTypeAxis_us-gaapSubsequentEventMember_20210702_20210702" decimals="-5" scale="6">33.2</ix:nonFraction></span> million before deducting the underwriting discounts and commissions and estimated offering expenses.</p></ix:nonNumeric>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_2_MANAGEMENTS_DISCUSSION_ANALYSIS_F">Item 2. Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.17%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our final prospectus, dated June 24, 2021, as filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to our Registration Statements on Form S-1 (File No. 333-256838) (the &#8220;Prospectus&#8221;).</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.17%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">In addition to historical financial information, this discussion and other parts of this report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled &#8220;Risk Factors&#8221; under Part II, Item 1A below. In some cases, you can identify forward-looking statements by terminology such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;continue,&#8221; &#8220;could,&#8221; &#8220;estimate,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;may,&#8221; &#8220;plan,&#8221; &#8220;potentially,&#8221; &#8220;predict,&#8221; &#8220;should,&#8221; &#8220;will&#8221; or the negative of these terms or other similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ from those anticipated. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements, like all statements in this report, speak only as of their date, and we undertake no obligation to update or revise these statements in light of future developments. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements<span style="color:#32406B;">.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Overview</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are a clinical-stage, next-generation gene editing company harnessing high efficiency targeted gene integration to develop a new class of therapies to potentially cure a wide range of serious and life-threatening diseases. We are pioneering a precision gene editing approach to achieve one of medicine&#8217;s most elusive goals: to precisely &#8220;find &#38; replace&#8221; any gene in the genome. Our next-generation gene editing platform allows us to precisely correct mutations, replace entire disease-causing genes with normal genes, or insert new genes into predetermined, safe locations. We believe our approach could enable broad applications to transform human health, including directly correcting mutations, engineering cells to permanently deliver therapeutic proteins, and precisely engineering effector cells to treat or cure a wide range of serious genetic and other diseases, including cancer, autoimmune and neurodegenerative diseases.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our lead product candidate GPH101 is a highly differentiated approach with the potential to directly correct the mutation that causes SCD and restore normal HgbA expression. Curing sickle cell disease by correcting the disease-causing point mutation to normal is viewed as the gold-standard for curing SCD and has been the dream of treating physicians for generations. We have received clearance of our IND and we intend to enroll the first patient in a Phase 1/2 clinical trial of GPH101 in the second half of 2021. We are also advancing our research programs and pipeline of potentially one-time curative therapies for a wide range of genetic and other serious diseases and intend to file an IND for a second program by mid 2023.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We were incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc. and were reincorporated in the State of Delaware in October 2019. In February 2020, we changed our name to Integral Medicines, Inc. and in August 2020, we changed our name to Graphite Bio, Inc. Research and development of our initial technology ceased at the end of 2018 and we did not have any significant operations or any research and development activities in 2019. In March 2020, we identified new gene editing technology which we sought to further develop, and we licensed the related intellectual property rights from The Board of Trustees of the Leland Stanford Junior University (Stanford) in December 2020. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since our inception in June 2017, we have devoted substantially all of our resources to performing research and development, enabling manufacturing activities in support of our product development efforts, hiring personnel, acquiring and developing our technology and product candidates, organizing and staffing our Company, performing business planning, establishing our intellectual property portfolio, raising capital and providing general and administrative support for these activities. We have one product candidate that has an accepted IND. All of our other product candidates are in preclinical development, and we do not have any products approved for sale and have not generated any revenue from product sales. To date, we have funded our operations primarily with an aggregate of $197.7 million in aggregate gross proceeds from the sales of our redeemable convertible preferred stock and the issuance of convertible notes. In June and July 2021, we completed our initial public offering (&#8220;IPO&#8221;) and issued 16,100,000 shares of our common stock for $17.00 a share with a total net proceeds of approximately $251.4 million, and total underwriting costs of $19.1 million and issuance costs of $3.2 million. We will continue to require additional capital to develop our product candidates and fund operations for the foreseeable future. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings, and collaborations, strategic alliances and licensing arrangements with third parties.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21</p>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have incurred significant operating losses since inception. As of June 30, 2021, we had cash and cash equivalents</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> and restricted cash</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> of $</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">382.1 </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">million and an accumulated deficit of $</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">107.</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> million. We expect to continue to incur substantial losses for the foreseeable future, and our transition to profitability will depend upon successful development, approval and commercialization of our product candidates and upon achievement of sufficient revenues to support our cost structure. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take at least several years. We may never achieve profitability, and unless and until then, we will need to continue to raise additional capital. Based upon our current operating plan, we estimate that our cash and cash equivalents as of </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">June 30, 2021</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> will be sufficient to fund our operating expenses and capital expenditure requirements for at least the next</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> 12</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> months.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect our expenses will increase substantially in connection with our ongoing and planned activities, as we:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">obtain, maintain, expand and protect our portfolio of intellectual property rights.</span></p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We rely and will continue to rely on third parties in the conduct of our preclinical studies and clinical trials and for manufacturing and supply of our product candidates. We have no internal manufacturing capabilities, and we may continue to rely on third parties for our preclinical and clinical trial materials, of which the main suppliers are single-source suppliers. Given our stage of development, we do not yet have a marketing or sales organization or commercial infrastructure. Accordingly, if we obtain regulatory approval for any of our product candidates, we also expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate revenue from sales of any product for which we receive regulatory approval, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, we may be unable to continue our operations at planned levels and may be forced to reduce our operations.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Business Impact of COVID-19 Pandemic</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, the World Health Organization declared the global COVID-19 outbreak a pandemic. The ongoing COVID-19 pandemic may continue to affect our ability to initiate and complete preclinical studies, delay the initiation of our planned clinical trials or future clinical trials or the progress or completion of our ongoing clinical trials, impede regulatory activities, disrupt the supply chain and the manufacture or shipment of drug substances and finished drug products for our product candidates for use in our clinical trials, impair testing, monitoring, data collection and analysis and other related activities or have other adverse effects on our business, financial condition, results of operations and prospects. In addition, the pandemic has caused substantial disruption in the financial markets and may adversely impact economies worldwide, both of which could result in adverse effects on our business and operations and our ability to raise additional funds to support our operations. For example and in light of the ongoing COVID-19 pandemic, our partner Stanford was delayed in making an IND filing. In addition, the trading prices for biopharmaceutical companies have been highly volatile as a result of the COVID-19 pandemic, and we may face similar volatility in our stock price.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are following, and will continue to follow, recommendations from the U.S. Centers for Disease Control and Prevention as well as federal, state, and local governments regarding working-from-home practices for non-essential employees as well as return-to-work policies and procedures. We expect to continue to take actions as may be required or recommended by government authorities or as we determine are in the best interests of our employees and other business partners in light of the pandemic.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While our operations to date have not been significantly impacted by the COVID-19 pandemic, we cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on our business, financial condition and operations, including planned clinical trials and clinical development timelines. The impact of the COVID-19 pandemic on our financial performance will depend on future developments, including the duration and spread of the pandemic, its impact on our clinical trial enrollment, trial sites, CROs, CMOs and other third parties with whom we do business, its impact on regulatory authorities and our key scientific and management personnel, progress of vaccination and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets or the overall economy are impacted for an extended period, our business may be materially adversely affected.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Stanford Exclusive License Agreement and Option Agreement</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2020, we entered into an exclusive license agreement (the License Agreement), with The Board of Trustees of the Leland Stanford Junior University (Stanford), pursuant to which Stanford granted us a worldwide license to specified technology and patent rights to develop, manufacture and commercialize human prophylactic and therapeutic products. Other than with respect to specified, broadly applicable assays and procedures and subject to retained rights by Stanford, the license is exclusive with respect to human prophylactic and therapeutic products for the treatment of SCD, XSCID and beta thalassemia. The license is non-exclusive with respect to those broadly applicable assays and procedures and with respect to all human prophylactic and therapeutic products other than for the treatment of SCD, XSCID and beta thalassemia. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To date, pursuant to the License Agreement, we have paid an upfront license fee to Stanford of $50,000 and issued to Stanford and its designees an aggregate of approximately 0.6 million shares of our common stock. The acquisition of the exclusive license, including patent rights and know-how, and clinical supplies was accounted for as an asset acquisition and as the acquired technology and inventories did not have an alternative use, the total consideration of $2.8 million was recorded as research and development expense in the statements of operations and comprehensive loss for the year ended December 31, 2020. We are obligated to pay Stanford an annual license maintenance fee on each anniversary of the effective date of the License Agreement. The annual license maintenance fee initially is $5,000 and will increase to $50,000 in three increments over the first seven anniversaries of the effective date of the License Agreement. After the first commercial sale of a product falling within the scope of the license (Licensed Product), the annual license maintenance fee is $200,000. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2021, the Company issued 640,861 shares of our common stock in connection with the License Agreement. Subsequently, in June 2021, related to the License Agreement, the Company repurchased 624,845 shares of our common stock from investors and founders.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are required to share with Stanford a portion of any non-royalty income we receive from sublicensing the licensed patent rights or technology, subject to specified exclusions. With respect to sublicenses granted to products for the treatment of SCD, XSCID and beta thalassemia, the portion of sublicense income we must share with Stanford varies by indication and declines from between a mid-teens to a second quartile double-digit percentage prior to the filing of an IND to between a high single-digit to very low double-digit percentage upon achievement of a specified clinical milestone. With respect to sublicenses granted under the licensed technology rights and not licensed patent rights, the portion of sublicense income shared with Stanford declines from between a mid single-digit and very low double-digit percentage prior to the filing of an IND to a low single-digit percentage after filing of an IND.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are obligated to make payments to Stanford with respect to each Licensed Product of up to an aggregate of $12.8 million upon the achievement of certain development, regulatory and commercial milestones. Such amounts are payable only once upon the first occurrence of a particular milestone event with respect to each Licensed Product and only once with respect to each new indication covered by any of the Licensed Products.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We also are obligated to pay Stanford low single-digit royalties based on worldwide annual net sales of any Licensed Product, subject to specified reductions. We will be obligated to continue to pay royalties on a Licensed Product-by-Licensed Product and country-by-country basis, until the latest of (i) the expiration of the last valid claim under the licensed patents that covers the sale or manufacture of such Licensed Product in such country, (ii) the expiration of any period of regulatory exclusivity with respect to such Licensed Product in such country or (iii) the expiration of ten years after the first commercial sale of such Licensed Product in such country.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The term of the License Agreement expires on the later of (i) the expiration of the last patent or abandonment of the last patent application within the license patent rights or (ii) the expiration of all royalty terms with respect to Licensed Products. The License Agreement may be terminated by us at will or by Stanford if we remain in breach of the License Agreement following a cure period to remedy the breach.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are required to use diligent efforts to manufacture, market and sell Licensed Products for the treatment of each of SCD, XSCID and beta thalassemia. In addition, we are required to achieve specified milestones by specified dates with respect to Licensed Products for the treatment of each of SCD, XSCID and beta thalassemia. If we fail to satisfy our diligence obligations, Stanford may terminate the License Agreement for our breach. For more details on the License Agreement, please see </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Note 6 of the Notes to Condensed Financial Statement</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">s</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2021, we entered into an option agreement (the First Option Agreement), with Stanford, pursuant to which Stanford granted us the right to obtain a license to specified patent rights relating to human prophylactic and therapeutic products. We may exercise the option in whole or in part to obtain a license under one or more of the optioned patent rights.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Subject to our exercise of the option under the First Option Agreement and our execution of an amendment to the License Agreement that incorporates the optioned patent rights and any optioned technology, we have agreed to issue to Stanford 132,137 shares of our common stock and pay a license execution fee of $10,000.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The term of the First Option Agreement expires 18 months after its effective date, subject to our right to extend such expiration date by up to an additional one year upon notice to Stanford and by another additional one year upon the reasonable agreement of Stanford. The First Option Agreement will terminate if the License Agreement terminates. As of June 30, 2021, we have not exercised the option under the First Option Agreement.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In April 2021, the Company entered into an option agreement (the &#8220;Second Option Agreement&#8221;) with Stanford to negotiate the license for additional technologies from Stanford. Pursuant to the Second Option Agreement, the Company agreed to pay Stanford option fees in an aggregate amount of $30,000 over the term of the option. </span><span style="color:#000000;">As of June 30, 2021, we have not exercised the option under the Second Option Agreement.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">IDT License Agreement</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">On June 7, 2021, the Company entered into a License Agreement (the IDT License Agreement) with Integrated DNA Technologies, Inc. (IDT). Pursuant to the IDT License Agreement, IDT granted the Company and our affiliates a worldwide, non-exclusive, sublicensable license to research and develop products incorporating HiFi Cas9 protein variants for use in human therapeutic applications for SCD, XSCID and Gaucher disease (the Field) and a worldwide, exclusive, sublicensable license to commercialize such products in the Field. The Company has also been granted the right to expand the licensed Field to include human therapeutic applications in the additional fields of beta thalassemia disorder and lysosomal storage disorders upon the payment of an exercise fee in the amount of $0.5 million per additional field or $1.0 million for both additional fields. </span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">In consideration of the licenses and rights granted to the Company under the IDT License Agreement, the Company agreed to pay to IDT an upfront payment in the amount of $3.0 million and up to $5.3 million (or $8.8 million if the Company elects to expand the Field as described above to include both the beta thalassemia and lysosomal storage disorders fields) in total regulatory milestone payments. Each regulatory milestone payment is payable once on an indication-by-indication basis. In addition, the Company has agreed to pay IDT a low single-digit royalty on the net sales of products, subject to reductions in specified circumstances.&#160;&#160;</span><span style="color:#000000;">The acquisition of the license was accounted for as an asset acquisition and as the acquired technology did not have an alternative use, the total consideration of $3.0 million was recorded as research and development expense in the statements of operations and comprehensive loss for the three and six months ended June 30, 2021.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The IDT License Agreement remains in effect on a country-by-country and product-by-product basis until the expiration of the royalty term for such product in such jurisdiction. We and IDT each have the right to terminate the IDT License Agreement for the other party&#8217;s material breach of its obligations under the IDT License Agreement, subject to specified rights to cure. Additionally, we may terminate the IDT License Agreement for any reason upon written notice.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Initial Public Offering</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:6.67%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June and July 2021, we completed an initial public offering of our common stock. As part of the IPO, we issued and sold 16,100,000&#160;shares of our common stock at a public offering price of $17.00 per share.  We received in June and July 2021 net proceeds of approximately $251.4 million from the IPO, after deducting underwriting discounts and commissions of $19.1 million and offering costs of approximately $3.2&#160;million. </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24</p>
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Components of Results of Operations</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Operating Expenses</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Research and Development</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development costs consist primarily of external and internal costs incurred for our research activities and the development of our gene editing platform and associated rights which we licensed in December 2020.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">External costs include:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>costs incurred under agreements with third-party CROs, CMOs and other third parties that conduct preclinical and clinical activities on our behalf and manufacture our product candidates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>costs associated with acquiring technology and intellectual property licenses that have no alternative future uses&#59; and</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>other costs associated with our research and development programs, including laboratory materials and supplies and consulting fees.</p></td></tr></table></div>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:6.67%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Internal costs include:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>employee-related costs, including salaries, benefits and stock-based compensation expense, for our research and development personnel&#59; and</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>facilities and other expenses incurred in connection with our research and development programs, including expenses for allocated rent and facilities maintenance, and depreciation and amortization.</p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development costs are expensed as incurred. In 2020, we did not track our internal indirect costs and external research and development costs by program. The intellectual property we licensed in late 2020 is fundamental to our platform and we did not focus on any specific programs. In the future, we expect to track research and development costs on a program by program basis as we identify the specific programs and product candidates to develop.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During 2020, we were eligible for a research and development tax credit. The tax incentive was available to us based on research and development activity within the United States and California during that year. These research and development tax incentives are recognized as a reduction to payroll tax expense when the right to receive has been attained and funds are collectible and are capped at $250,000 per year.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect our research and development expenses to increase substantially for the foreseeable future as we advance our product candidates into and through preclinical studies and clinical trials, pursue regulatory approval of our product candidates and expand our pipeline of product candidates. The process of conducting the necessary preclinical and clinical research to obtain regulatory approval is costly and time-consuming. The actual probability of success for our product candidates may be affected by a variety of factors, including the safety and efficacy of our product candidates, early clinical data, investment in our clinical programs, competition, manufacturing capability and commercial viability. We may never succeed in achieving regulatory approval for any of our product candidates. As a result of the uncertainties discussed above, we are unable to determine the duration and completion costs of our research and development projects or if, when and to what extent we will generate revenue from the commercialization and sale of our product candidates, if approved by the FDA and other applicable authorities.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our future research and development costs may vary significantly based on factors such as:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the scope, rate of progress, expense and results of our discovery and preclinical development activities&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the costs and timing of our CMC activities, including fulfilling GMP-related standards and compliance, and identifying and qualifying suppliers&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>per patient clinical trial costs&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the number and duration of clinical trials required for approval of our product candidates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the number of sites included in our clinical trials&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the countries in which the trials are conducted&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>delays in adding a sufficient number of trial sites and recruiting suitable patients to participate in our clinical trials&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the number of patients that participate in the trials&#59;</p></td></tr></table></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>patient drop-out or discontinuation rates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>potential partial reimbursement from governmental agencies for our clinical activities&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>potential additional safety monitoring requested by regulatory agencies&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the duration of patient participation in the trials and follow-up&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the cost and timing of manufacturing our product candidates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the phase of development of our product candidates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the efficacy and safety profile of our product candidates&#59; the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and non-U.S. regulators&#59;</p></td></tr></table></div>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>maintaining a continued acceptable safety profile of our product candidates following approval, if any, of our product candidates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>significant and changing government regulation and regulatory guidance&#59;</p></td></tr></table></div>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>changes in the standard of care on which a clinical development plan was based, which may require new or additional trials&#59;</p></td></tr></table></div>
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<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the extent to which we establish additional strategic collaborations or other arrangements&#59; and</p></td></tr></table></div>
<div style="align:left;">
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<tr>
<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span>the impact of any business interruptions to our operations or to those of the third parties with whom we work, particularly in light of the current COVID-19 pandemic environment.</p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">General and Administrative Expenses</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative expenses consist primarily of expenses related to employee-related costs, including salaries, benefits and stock-based compensation expense, for our executive, business development, finance and accounting, human resources and other administrative functions&#59; legal services, including relating to intellectual property and corporate matters&#59; accounting, auditing, consulting and tax services&#59; insurance&#59; and facility and other allocated costs not otherwise included in research and development expenses. We expect our general and administrative expenses to increase substantially for the foreseeable future as we anticipate an increase in our personnel headcount to support expansion of research and development activities, as well as to support our operations generally. We also expect an increase in expenses associated with being a public company, including costs related to accounting, audit, legal, regulatory, and tax-related services associated with maintaining compliance with applicable Nasdaq and SEC requirements&#59; additional director and officer insurance costs&#59; and investor and public relations costs.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Income (Expense), Net</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net includes interest expense incurred on our convertible notes and changes in the fair value of our redeemable convertible preferred stock tranche liabilities.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Results of Operations</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Three Months Ended June 30, 2021 and 2020</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table summarizes our statements of operations and comprehensive loss for the respective periods (in thousands):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
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<tr>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Three Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating expenses:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,667</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">423</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,866</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">869</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total operating expenses</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,533</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,292</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss from operations</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,533</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,292</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party convertible note interest expense</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(20</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in fair value of the Series A redeemable</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; convertible preferred stock tranche liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total other income (expense), net</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(20</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss and comprehensive loss</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(17,529</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,312</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Operating Expenses</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Research and Development Expenses</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:10pt;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:2pt;text-indent:4.17%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development expense increased by $12.3 million during the three months ended June 30, 2021, compared to the three months ended June 30, 2020. The increase was primarily attributable to an increase of $6.7 million in clinical trial related activities and contract manufacturing activities for our clinical trials and drug supply, technology and intellectual property license expense of $3.0 million which is attributed to the IDT license agreement, and an increase in personnel costs of $2.5 million.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">General and Administrative Expenses</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months ended June 30, 2021, we incurred $4.9 million in general and administrative expenses. The expenses incurred during the three months ended June 30, 2021 was primarily related to employee-related expenses of $2.4 million, which included salaries, benefits and stock-based compensation expenses, professional fees of $1.7 million, primarily related to accounting, audit and legal services and $0.5 million for other general office expenses primarily related to facilities and IT related costs, and $0.2 million for insurance.&#160;&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months ended June 30, 2020, we incurred $0.9 million in general and administrative expenses. The expenses incurred during the three months ended June 30, 2020 was primarily related to employee-related expenses of $0.2 million, which included salaries, benefits and stock-based compensation expenses,&#160;&#160;and professional fees of $0.7 million primarily related to accounting, audit and legal services. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Income (Expense), Net</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The other income (expense), net for the three months ended June 30, 2021 was comprised of income from money market funds. The other expense for the three months ended June 30, 2020 related to interest expense incurred on a convertible note from a related party. </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Six Months Ended June 30, 2021 and 2020</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table summarizes our statements of operations and comprehensive loss for the respective periods (in thousands):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Operating expenses:</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,044</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">423</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">General and administrative</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,857</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">990</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total operating expenses</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">26,901</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,413</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Loss from operations</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(26,901</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,413</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other income (expense), net</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Related party convertible note interest expense</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(40</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Change in fair value of the Series A redeemable</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:13.7pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; convertible preferred stock tranche liability</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,341</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:27.35pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Total other income (expense), net</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(10,337</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(40</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net loss and comprehensive loss</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(37,238</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Operating Expenses</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Research and Development Expenses</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Research and development expense increased by $17.6 million during the six months ended June 30, 2021, compared to the six months ended June 30, 2020. The increase was primarily attributable to an increase of $10.4 million in clinical trial related activities and contract manufacturing activities for our clinical trials and drug supply, an increase in personnel costs of $3.7 million, and&#160;&#160;intellectual property license expense of $3.0 million which is attributed to the IDT license agreement. </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">General and Administrative Expenses</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the six months ended June 30, 2021, we incurred $8.9 million in general and administrative expenses. The expenses incurred during the six months ended June 30, 2021 were comprised of professional fees of $4.1 million, primarily related to accounting, audit and legal services&#59; and employee-related expenses of $3.9 million, which included salaries, benefits and stock-based compensation expenses, and $0.5 million for other general office expenses primarily related to facilities and IT related costs, and $0.2 million for insurance.&#160;&#160;For the six months ended June 30, 2020, we incurred total expenses of $1.0 million consisting primarily of professional legal, tax, and accounting service fees.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Other Income (Expense), Net</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The other income (expense), net for the six months ended June 30, 2021 was comprised of the change in the fair value of our Series A redeemable convertible preferred stock tranche liability of $10.3 million. The other expense for the six months ended June 30, 2020 related to interest expense incurred on a convertible note from a related party.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Capital Resources</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have incurred losses since inception and have incurred negative cash flows from operations from inception through June 30, 2021. As of June 30, 2021, we had $382.1 million of cash and cash equivalents and restricted cash and our accumulated deficit was $107.8 million. <span style="color:#000000;">In June and July 2021, we raised net proceeds of $251.4&#160;million in our IPO, pursuant to which we sold an aggregate of 16,100,000 shares of common stock.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Prior to our IPO, w</span>e have funded our operations primarily from the sale of redeemable convertible preferred stock and issuance of convertible promissory notes. </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Future Funding Requirements</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our primary uses of cash are to fund our operations, which consist primarily of research and development expenditures related to our programs and, to a lesser extent, general and administrative expenditures. We anticipate that we will continue to incur significant expenses for the foreseeable future as we continue to advance our product candidates, expand our corporate infrastructure, including the costs associated with being a public company, further our research and development initiatives for our product candidates, scale our laboratory and manufacturing operations, and incur marketing costs associated with potential commercialization. We are subject to all of the risks typically related to the development of new drug candidates, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. We anticipate that we will need substantial additional funding in connection with our continuing operations. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based upon our current operating plan, we estimate that our existing cash and cash equivalents as of the date of the filing of this Form 10-Q, will be sufficient to fund our operating expenses and capital expenditure requirements for at least the next 12 months. Until we can generate a sufficient amount of revenue from the commercialization of our product candidates or from collaboration agreements with third parties, if ever, we expect to finance our future cash needs through public or private equity or debt financings, collaborations and other strategic alliances and licensing arrangements, or any combination of these approaches. The sale of equity or convertible debt securities may result in dilution to our stockholders and, in the case of preferred equity securities or convertible debt, those securities could provide for rights, preferences or privileges senior to those of our common stock. Debt financings may subject us to covenant limitations or restrictions on our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. Our ability to raise additional funds may be adversely impacted by negative global economic conditions and any disruptions to and volatility in the credit and financial markets in the United States and worldwide that may result from the ongoing COVID-19 pandemic or other factors. There can be no assurance that we will be successful in acquiring additional funding at levels sufficient to fund our operations or on terms favorable or acceptable to us. If we are unable to obtain adequate financing when needed or on terms favorable or acceptable to us, we may be forced to delay, reduce the scope of or eliminate one or more of our research and development programs.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our future capital requirements will depend on many factors, including:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the timing, scope, progress, results and costs of research and development, discovery, preclinical and non-clinical studies and clinical trials for our current and future product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the number, scope and duration of clinical trials required for regulatory approval of our current and future product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the outcome, timing and cost of seeking and obtaining regulatory approvals from the FDA and comparable foreign regulatory authorities for our product candidates, including any requirement to conduct more studies or generate additional data beyond that which we currently expect would be required to support a marketing application&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the cost of manufacturing clinical and commercial supplies of our current and future product candidates&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the costs and timing of future commercialization activities, including product manufacturing, marketing, sales and distribution, for any of our product candidates for which we receive marketing approval&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements and the financial terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such agreement&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">any product liability or other lawsuits related to our products&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the revenue, if any, received from commercial sales of any product candidates for which we may receive marketing approval&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">our ability to establish a commercially viable pricing structure and obtain approval for coverage and adequate reimbursement from third-party and government payers&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the costs to establish, maintain, expand, enforce and defend the scope of our intellectual property portfolio, including the amount and timing of any payments we may be required to make, or that we may receive, in connection with licensing, preparing, filing, prosecuting, defending and enforcing our patents or other intellectual property rights&#59;</span></p></td></tr></table></div>
<div style="align:left;">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">expenses needed to attract, hire and retain skilled personnel&#59;</span></p></td></tr></table></div>
<div style="align:left;">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the costs of operating as a public company&#59; and</span></p></td></tr></table></div>
<div style="align:left;">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></span><span style="font-size:10pt;font-family:'Times New Roman'">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;">the impact of the COVID-19 pandemic, which may exacerbate the magnitude of the factors discussed above.</span></p></td></tr></table></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A change in the outcome of any of these or other variables could significantly change the costs and timing associated with the development of our product candidates. Furthermore, our operating plans may change in the future, and we may need additional funds to meet operational needs and capital requirements associated with such change.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Cash Flows</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The following table summarizes our sources and uses of cash for the periods presented (in thousands):</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:70%;">
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Six Months Ended</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">June 30,</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2021</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:13.88%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="6" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:30.4%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(unaudited)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in operating activities</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(21,844</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(957</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:66.94%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net cash used in investing activities</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,123</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1.62%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(379</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">)</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net cash provided by financing activities</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">385,264</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,998</p></td>
<td valign="bottom" style="background-color:#CFF0FC;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:66.94%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Net increase in cash, cash equivalents</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160; and restricted cash</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">362,297</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;width:1.62%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:12.88%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,662</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%; border-bottom:double 2.5pt #000000;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:1pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Cash Flows from Operating Activities</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash used in operating activities during the six months ended June 30, 2021 was primarily due to our net loss of $37.2 million adjusted by non-cash charges of $13.6 million and a net change of $1.5 million in our net operating assets and liabilities. The non-cash charges consisted of a $10.3 million change in the fair value of the Series A redeemable convertible preferred stock tranche liability and $3.1 million of stock-based compensation expense. The change in our net operating assets and liabilities was primarily due to an increase of $3.2 million in accounts payable and accrued expenses, offset by a $1.4 million decrease in prepaid expenses and other current assets. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash used in operating activities during the six months ended June 30, 2020 was primarily due to our net loss of $1.5 million adjusted by a net change of $0.4 million in our net operating assets and liabilities. The change in our net operating assets and liabilities was primarily due to an increase of $0.8 million in accounts payable and accrued expenses, offset by a $0.4 million decrease in prepaid expenses and other current assets. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Cash Flows from Investing Activities</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the six months ended June 30, 2021, cash used in investing activities was $1.1 million and related primarily to the purchase of lab equipment.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the six months ended June 30, 2020, cash used in investing activities was $0.4 million and related primarily to the purchase of lab equipment.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Cash Flows from Financing Activities</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash provided by financing activities during the six months ended June 30, 2021 was $385.3 million, which consisted primarily of net proceeds net of issuance costs from the issuance of the shares of our Series A and Series B redeemable convertible preferred stock of $165.5 million, and proceeds from issuance of common stock in our initial public offering, net of issuance costs of $219.5 million. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash provided by financing activities during the six months ended June 30, 2020 was $15.0 million, which consisted primarily of net proceeds from the issuance of the shares of our Series A redeemable convertible preferred stock of $10.0 million and issuance of a $5.0 million convertible note to a related party. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Recently Adopted Accounting Pronouncements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For information on new accounting standards, see Note 2 to our financial statements included in Part I in<span style="Background-color:#FFFFFF;color:#000000;"> this Quarterly Report</span>.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Critical Accounting Policies and Significant Judgments and Estimates</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our management&#8217;s discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including but not limited to those related to accrued research and development costs, the fair value of derivative redeemable convertible preferred stock tranche liabilities, the fair value of redeemable convertible preferred stock and common stock and stock-based compensation expense, the valuation of deferred tax assets, and uncertain income tax positions. We base our estimates on historical experience, known trends and events and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the&#160;six&#160;months ended&#160;June 30, 2021, there were no material changes to our critical accounting policies or in the methodology used for estimates from those described in &#8220;<span style="Background-color:#FFFFFF;">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8221; included in </span><span style="color:#000000;">our Prospectus.</span></p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Off-Balance Sheet Arrangements</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the periods presented we did not have, nor do we currently have, any off-balance sheet arrangements as defined in the rules and regulations of the SEC.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Emerging Growth Company and Smaller Reporting Entity Status</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other exemptions and reduced reporting requirements under the JOBS Act for emerging growth companies include presentation of only two years of audited financial statements in a registration statement for an initial public offering, an exemption from the requirement to provide an auditor&#8217;s report on internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, as amended, an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation and less extensive disclosure about our executive compensation arrangements. We have elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that (i) we are no longer an emerging growth company or (ii) we affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, as described in Note 2 to our condensed financial statements included elsewhere in this Quarterly Report, we early adopted certain accounting standards, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies to the extent early adoption is permitted. As a result, our financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We will remain an emerging growth company until the earliest of (i) the last day of our first fiscal year in which we have total annual gross revenues of $1.07 billion or more, (ii) the last day of our fiscal year following the fifth anniversary of the completion of our initial public offering, (iii) the date on which we are deemed to be a &#8220;large accelerated filer,&#8221; under the rules of the SEC, which means the market value of equity securities that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we are a &#8220;smaller reporting company&#8221; at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_3_QUANTITATIVE_QUALITATIVE_DISCLOSU">Item 3. Quantitative and Qualitative Disclosures About Market Risk.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under SEC rules and regulations, as a smaller reporting company, we are not required to provide the information required by this item.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_4_CONTROLS_PROCEDURES"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Item 4. Controls </span><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">and Procedures.</span></p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Evaluation of Disclosure Controls and Procedures</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our management, with the participation of our Chief Executive Officer and our Chief Business Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended, or the Exchange Act) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our Chief Executive Officer and Chief Business Officer have concluded that, as of June 30, 2021, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC&#8217;s rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Business Officer, as appropriate, to allow timely decisions regarding required disclosure.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Changes in Internal Control Over Financial Reporting</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact on our internal control over financial reporting despite the fact that most of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the impact of the COVID-19 situation on our internal controls to minimize the impact on their design and operating effectiveness.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Inherent Limitations on Effectiveness of Controls</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our management, including our Chief Executive Officer and Chief Business Officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by<span style="Background-color:#FFFFFF;"> management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.</span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>

<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="PART_IIOR_INFORMATION">PART II&#8212;OTHER INFORMATION</p>
<p style="margin-bottom:12pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_1_LEGAL_PROCEEDINGS">Item 1. Legal Proceedings.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are not party to any material legal proceedings at this time. From time to time, we may become involved in various legal proceedings that arise in the ordinary course of our business. </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_1A_RISK_FACTORS">Item 1A. Risk Factors.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related to Our Financial Position, Limited Operating History and Need for Additional Capital</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We have incurred significant losses since our inception, we expect to incur significant losses for the foreseeable future, and we may never achieve or maintain profitability.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since our inception, we have incurred significant net losses, have not generated any revenue from product sales to date and have financed our operations principally through <span style="Background-color:#FFFFFF;color:#000000;">the net proceeds raised in our initial public offering</span> and private placements of our redeemable convertible preferred stock. Our net loss for the fiscal year ended December 31, 2020 was $68.4 million and for the six months ended June 30, 2021 and 2020 was $37.2 million and $1.5 million, respectively. As of June 30, 2021, we had an accumulated deficit of $107.8 million. We expect to continue to incur significant and increasing losses for the foreseeable future. The net losses we incur may fluctuate significantly from quarter to quarter and year to year, such that a period-to-period comparison of our results of operations may not be a good indication of our future performance. We anticipate that our expenses will increase substantially if and as we:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; initiate and conduct our clinical trials for GPH101 and our current and future product candidates that we may identify and develop&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; continue our current research programs and our preclinical development of product candidates from our current research programs&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; seek to identify additional research programs and additional product candidates&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; hire additional research and development and clinical personnel&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; maintain, expand, enforce, defend and protect our intellectual property portfolio and provide reimbursement of third-party expenses related to our patent portfolio&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; seek marketing approvals for any of our product candidates that successfully complete clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; establish our manufacturing capability, including developing our contract development and manufacturing relationships, and should we decide to do so, building and maintaining a commercial-scale current Good Manufacturing Practices (cGMP), manufacturing facility&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; ultimately establish a sales, marketing, and distribution infrastructure to commercialize any products for which we may obtain marketing approval&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; further develop our gene editing platform&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; add operational, financial, and management information systems and personnel&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; acquire or in-license product candidates, intellectual property and technologies&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; operate as a public company.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To date, we have not initiated a clinical trial for any product candidate and expect that it will be many years, if ever, before we have a product candidate ready for commercialization, if approved. To become and remain profitable, we must develop and eventually commercialize products with significant market potential. This will require us to be successful in a range of challenging activities, including identifying product candidates, completing preclinical testing and clinical trials of product candidates, obtaining marketing approval for these product candidates, manufacturing, marketing, and selling those products for which we may obtain marketing approval, obtaining market acceptance for such products and satisfying any post-marketing requirements. We may never succeed in these activities and, even if we do, may never generate revenue in an amount sufficient to achieve profitability. Most of our programs are currently only in the preclinical testing stage and early clinical development stage, and we expect to commence clinical trials for GPH101 in the second half of 2021. Because of the numerous risks and uncertainties associated with developing gene editing product candidates, we are unable to predict the extent of any future losses or when we will become profitable, if ever. If we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would decrease the value of our Company and our stock price and could impair our ability to raise capital, maintain and fund </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our research and development efforts, expand our business, or continue our operations. A decline in the value of our Company could also cause you to lose all or part of your investment. </span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our limited operating history may make it difficult for you to evaluate the performance of our business to date and to assess our future viability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are an early-stage company. We were founded in 2017 and commenced operations in 2020. Our operations to date have been limited to organizing and staffing our Company, business planning, raising capital, acquiring and developing our platform and technology, identifying potential product candidates, establishing and maintaining our intellectual property portfolio, undertaking preclinical studies and preparing for clinical trials. Other than GPH101, which is in early clinical development, all of our research programs are still in the preclinical or research stage of development, and their risk of failure is high. We have not demonstrated an ability to initiate or successfully complete any clinical trials, including large-scale, pivotal clinical trials, obtain marketing approvals, manufacture a commercial-scale product, or arrange for a third party to do so on our behalf, or conduct sales and marketing activities necessary for successful commercialization. Typically, it takes about 10 to 15 years to develop a new product from the time it is discovered to when it is available for treating patients. Consequently, any predictions you make about the likelihood of our future success or viability may not be as accurate as they could be if we had a longer operating history.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our limited operating history, particularly in light of the rapidly evolving gene editing field, may make it difficult to evaluate our technology and industry and predict our future performance. Our very short history as an operating company makes any assessment of the likelihood of our future success and viability subject to significant uncertainty. We will encounter risks and difficulties frequently experienced by very early stage companies in rapidly evolving fields. If we do not address these risks successfully, our business will suffer.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, as a new business, we may encounter other unforeseen expenses, difficulties, complications, delays, and other known and unknown factors. We will need to transition from a company with a research focus to a company capable of supporting commercial activities. We may not be successful in such a transition. If we do not adequately address these risks and difficulties or successfully make such a transition, our business will suffer.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We have never generated revenue from product sales, may never generate any revenue from product sales and may never become profitable.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our ability to generate revenue from product sales and achieve profitability, if ever, depends on our ability, alone or with collaborative partners, to successfully complete the development of, and obtain the regulatory approvals necessary to commercialize, our current product candidates and any product candidates we may identify for development. We do not anticipate generating revenues from product sales for the next several years, if ever.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if one or more of the product candidates we develop are approved for commercial sale, we anticipate incurring significant costs associated with commercializing any approved product candidate. Our expenses could increase beyond expectations if we are required by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), or other regulatory authorities to perform clinical and other studies in addition to those that we currently anticipate. Even if we are able to generate revenues from the sale of any approved product candidates, we may not become profitable and may need to obtain additional funding to continue operations.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We will need substantial additional funding. If we are unable to raise capital when needed on acceptable terms, or at all, we would be forced to delay, reduce, or terminate our research and product development programs, future commercialization efforts or other operations.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a very time-consuming, expensive and uncertain process that takes years to complete. Our operations have consumed substantial amounts of cash since inception, and we expect our expenses to increase in connection with our ongoing activities, particularly as we identify, continue the research and development of, initiate and conduct clinical trials of, and seek marketing approval for, our product candidates. In addition, if we obtain marketing approval for our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution to the extent that such sales, marketing, manufacturing, and distribution are not the responsibility of a collaborator. Other unanticipated costs may also arise. Furthermore, we expect to incur additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed or on acceptable terms, we would be forced to delay, reduce, or eliminate our research and product development programs, future commercialization efforts or other operations.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021, our cash, cash equivalents and marketable securities were $</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">382.1 </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">million. We expect that these funds, combined with the net proceeds from the closing on July 2, 2021 of the sale of additional shares pursuant to the underwriters&#8217; option in our initial public offering, will enable us to fund our operating expenses and capital expenditure requirements </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">into 2024. </span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> However, our operating plan may change as a result of factors currently unknown to us, and we may need to seek funding sooner than planned. Our future capital requirements will depend on many factors, including:</span></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the timing, scope, progress, results and costs of our planned clinical trials of GPH101 and other product candidates that we may identify and develop&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the costs, timing, and outcome of regulatory review of the product candidates we develop&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the costs of continuing to build our gene editing platform&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the timing, scope, progress, results, and costs of discovery, preclinical development and formulation development for the product candidates we develop&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the costs of preparing, filing, and prosecuting patent applications, establishing, maintaining and enforcing our intellectual property and proprietary rights, and defending intellectual property-related claims&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the costs of future activities, including product sales, medical affairs, marketing, manufacturing, distribution, coverage and reimbursement for any product candidates for which we receive regulatory approval&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; our ability to achieve sufficient market acceptance, coverage and adequate reimbursement from third-party payors and adequate market share and revenue for any approved products&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; our ability to establish and maintain additional collaborations, licenses or other similar arrangements on favorable terms, if at all&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the success of any collaborations that we may establish and of our license agreements&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the continued effect of the COVID-19 pandemic on our business&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the extent to which we acquire or in-license product candidates, intellectual property and technologies&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the costs of operating as a public company.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Identifying potential product candidates and conducting preclinical testing and clinical trials is a time-consuming, expensive, and uncertain process that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. We have no committed sources of additional capital and, if we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale back or discontinue the development or commercialization of our product candidates or other research and development initiatives. Without sufficient funding, our license agreements and any future collaboration agreements may also be terminated if we are unable to meet the payment or other obligations under such agreements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances, and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, declaring dividends, and possibly other restrictions.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we raise funds through additional collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs, or product candidates we develop, or we may have to grant licenses on terms that may not be favorable to us and/or that may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce, or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may be subject to adverse legislative or regulatory tax changes that could adversely affect our business and financial condition.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Changes to tax laws (which changes may have retroactive application) could adversely affect our stockholders or us. We cannot predict whether, when, in what form, or with what effective dates, tax laws, regulations and rulings may be enacted, promulgated or decided, which could result in an increase in our, or our stockholders&#8217;, tax liability or require changes in the manner in which we operate in order to minimize increases in our tax liability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our ability to use our U.S. net operating loss carryforwards and certain other U.S. tax attributes may be limited.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2020, we had U.S. federal net operating loss carryforwards of $10.8 million (which are not subject to expiration) and state net operating loss carryforwards of $29,000 (which begin to expire in various amounts in 2039). Our ability to use our U.S. federal and state net operating losses to offset potential future taxable income and reduce income taxes that would otherwise be due is dependent upon our generation of future taxable income, and we cannot predict with certainty when, or whether, we will generate sufficient taxable income to use all of our net operating losses.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under current law, unused U.S. federal net operating losses generated in taxable years beginning after December 31, 2017 are not subject to expiration and may be carried forward indefinitely. For taxable years beginning after December 31, 2020, however, the deductibility of such U.S. federal net operating losses is limited to 80% of our taxable income in such taxable years. In addition, both our current and our future unused U.S. federal net operating losses and tax credits may be subject to limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, or the Code, if we undergo an &#8220;ownership change,&#8221; generally defined as a greater than 50 percentage point change (by value) in its equity ownership by certain stockholders over a rolling three-year period. We may have experienced such ownership changes in the past, and we may experience ownership changes in the future as a result of our equity offerings or subsequent shifts in our stock ownership, some of which are outside our control. Our net operating losses and tax credits may also be impaired or restricted under state law.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We face risks related to health epidemics, pandemics and other widespread outbreaks of contagious disease, including the COVID-19 pandemic, which could significantly disrupt our operations, impact our financial results or otherwise adversely impact our business.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant outbreaks of contagious diseases, and other adverse public health developments, could have a material impact on our business operations and operating results. For example, the spread of COVID-19 has affected segments of the global economy and could affect our operations. As a result of the COVID-19 pandemic or similar public health crises that may arise, we may experience disruptions that could adversely impact our operations, research and development, including preclinical studies, clinical trials and manufacturing activities, including:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; delays or disruptions in clinical trials that we may be conducting, including patient screening, patient enrollment, patient dosing, clinical trial site activation, and study monitoring&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; delays or disruptions in preclinical experiments and IND-enabling and clinical trial application-enabling studies due to restrictions related to our staff being on site&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; interruption or delays in the operations of the FDA, the EMA and comparable foreign regulatory agencies&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; interruption of, or delays in, receiving, supplies of drug substance and drug product from our CMOs or delays or disruptions in our pre-clinical experiments or clinical trials performed by CROs due to staffing shortages, production and research slowdowns or stoppages and disruptions in delivery systems or research&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; limitations imposed on our business operations by local, state, or federal authorities to address such pandemics or similar public health crises could impact our ability to conduct preclinical or clinical activities, including conducting IND-enabling studies or our ability to select future development candidates&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the impact of the COVID-19 pandemic on our corporate culture&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; business disruptions caused by potential workplace, laboratory and office closures and an increased reliance on employees working from home, disruptions to or delays in ongoing laboratory experiments and operations, staffing shortages, travel limitations, cyber security and data accessibility, or communication or mass transit disruptions, any of which could adversely impact our business operations or delay necessary interactions with local regulators, ethics committees, manufacturing sites, research or clinical trial sites and other important agencies and contractors.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For example and in light of the ongoing COVID-19 pandemic, our partner Stanford was delayed in making an IND-filing. In addition, the trading prices for biopharmaceutical companies have been highly volatile as a result of the COVID-19 pandemic, and we may face similar volatility in our stock price.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We cannot predict the scope and severity of any potential business shutdowns or disruptions. If we or any of the third parties with whom we engage were to experience shutdowns or other business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on our business, financial condition, our results of operations and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For additional information regarding the impact of the COVID-19 pandemic on our Company, see the section titled &#8220;Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations&#8212; Business Impact of COVID-19 Pandemic.&#8221;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related to Discovery, Development, and Commercialization</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We are very early in our development efforts. Other than GPH101, which is in early clinical development, all of our product candidates are still in preclinical development or earlier stages and it will be many years before we or our collaborators commercialize a product candidate, if ever. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are very early in our development efforts and have focused our research and development efforts to date on gene editing technology, identifying our initial targeted disease indications and our initial product candidates. We have not achieved preclinical proof of concept for the majority of our programs and there is no guarantee that we will achieve it for these programs. Our future success depends heavily on the successful development of our gene editing product candidates. To date, we have invested substantially all of our efforts and financial resources in building our gene editing platform, and the identification and preclinical development of our current product candidates. Our ability to generate product revenue, which we do not expect will occur for many years, if ever, will depend heavily on the successful development and eventual commercialization of our product candidates, which may never occur.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Commencing clinical trials in the United States is also subject to acceptance by the FDA of our INDs, and finalizing the trial design based on discussions with the FDA and other regulatory authorities. In the event that the FDA requires us to complete additional preclinical studies or we are required to satisfy other FDA requests, the start of our clinical trials may be delayed. Even after we receive and incorporate guidance from these regulatory authorities, the FDA or other regulatory authorities could disagree that we have satisfied their requirements to commence our clinical trial or change their position on the acceptability of our trial design or the clinical endpoints selected, which may require us to complete additional preclinical studies or clinical trials or impose stricter approval conditions than we currently expect. There are equivalent processes and risks applicable to clinical trial applications in other countries, including in Europe.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Commercialization of our product candidates will require additional preclinical and clinical development&#59; regulatory and marketing approval in multiple jurisdictions, including by the FDA and the EMA&#59; obtaining manufacturing supply, capacity and expertise&#59; building of a commercial organization&#59; and significant marketing efforts. The success of product candidates we identify and develop will depend on many factors, including the following:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; sufficiency of our financial and other resources to complete the necessary preclinical studies, IND-enabling studies, and clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; successful enrollment in, and completion of, clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; receipt of marketing approvals from applicable regulatory authorities&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; establishment of arrangements with third-party manufacturers for clinical supply and commercial manufacturing and, where applicable, commercial manufacturing capabilities&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; successful development of our internal manufacturing processes and transfer to larger-scale facilities operated by either a contract manufacturing organization (CMO), or by us&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; obtaining and maintaining patent, trade secret, and other intellectual property protection and non-patent exclusivity for our products&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; launching commercial sales of the products, if and when approved, whether alone or in collaboration with others&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; acceptance of the products, if and when approved, by patients, the medical community, and third-party payors&#59;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; effectively competing with other therapies and treatment options&#59;</span></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; a continued acceptable safety profile of the products following approval&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; enforcing and defending intellectual property and proprietary rights and claims&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; supplying the product that is cost-effective and acceptable to the pricing or reimbursement authorities in different countries.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we do not successfully achieve one or more of these activities in a timely manner or at all, we could experience significant delays or an inability to successfully commercialize our product candidates, which would materially harm our business. If we do not receive regulatory approvals for our product candidates, we may not be able to continue our operations.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our gene editing technology is not approved for human therapeutic use. The approaches we are taking to discover and develop novel therapeutics may never lead to marketable products.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are focused on developing curative medicines utilizing the CRISPR gene editing technology. CRISPR-based gene editing technologies are relatively new and their therapeutic utility is largely unproven. Our successful development of products will require solving a number of issues, including developing or obtaining technologies to safely deliver a therapeutic agent into target cells within the human body or engineer human cells while outside of the body such that the modified cells can have a therapeutic effect when delivered to the patient, optimizing the efficacy and specificity of such products, and ensuring and demonstrating the therapeutic selectivity, efficacy, potency, purity and safety of such products. There can be no assurance we will be successful in solving any or all of these issues. Indeed, no gene editing cell therapy has been approved in the United States, the European Union (EU), other countries or other key jurisdictions. Accordingly, the potential to successfully obtain approval for any of our CRISPR technology-based therapies remains unproven.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our future success also is highly dependent on the successful development of CRISPR-based gene editing technologies and therapeutic applications for the indications on which we have focused our ongoing research and development efforts. We may decide to alter or abandon these programs as new data become available and we gain experience in developing CRISPR-based therapeutics. We cannot be sure that our gene editing technologies will yield satisfactory products that are safe and effective, sufficiently pure or potent, manufacturable, scalable or profitable in our selected indications.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We are subject to additional development challenges and risks due to the novel nature of our gene editing technology.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because our in vivo technology potentially involves gene editing across multiple cell and tissue types, we are subject to many of the challenges and risks that other gene editing therapeutics and gene therapies face, including:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; regulatory guidance regarding the requirements governing gene and gene editing therapy products have changed and may continue to change in the future&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; to date, only a limited number of products that involve in vivo gene transfer have been approved globally&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; improper modulation of a gene sequence, including unintended editing events or insertion of a sequence into certain locations in a patient&#8217;s chromosome, could lead to cancer, other aberrantly functioning cells or other diseases, including death&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; corrective expression of a missing protein in patients&#8217; cells could result in the protein being recognized as foreign, and lead to a sustained immunological reaction against the expressed protein or expressing cells, which could be severe or life-threatening&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; regulatory agencies may require extended follow-up observation periods of patients who receive treatment using gene editing products including, for example, the FDA&#8217;s recommended 15-year follow-up observation period for these patients, and we will need to adopt such observation periods for our product candidates if required by the relevant regulatory agency, which could vary by country or region.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Further, because our ex vivo product candidates involve editing human cells and then delivering modified cells to patients, we are subject to many of the challenges and risks that engineered cell therapies face. For example, clinical trials using engineered cell-based gene therapies may require unique products to be created for each patient and such individualistic manufacturing may be both inefficient and cost-prohibitive. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may not be successful in our efforts to identify and develop potential product candidates. If these efforts are unsuccessful, we may never become a commercial stage company or generate any revenues.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The success of our business depends primarily upon our ability to identify, develop, and commercialize product candidates based on our gene editing platform. Our research programs may fail to identify potential product candidates for clinical development for a </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">38</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">number of reasons: our research methodology may be unsuccessful in identifying potential product candidates&#59; our potential product candidates may be shown to have harmful side effects in preclinical in vitro experiments or animal model studies&#59; they may not show promising signals of therapeutic effect in such experiments or studies&#59; or they may have other characteristics that may make the product candidates impractical to manufacture, unmarketable, or unlikely to receive marketing approval.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If any of these events occur, we may be forced to abandon our research or development efforts for a program or programs, which would have a material adverse effect on our business, financial condition, results of operations, and prospects and could potentially cause us to cease operations. Research programs to identify new product candidates require substantial technical, financial, and human resources. We may focus our efforts and resources on potential programs or product candidates that ultimately prove to be unsuccessful, which would be costly and time-consuming.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If serious adverse events, undesirable side effects, or unexpected characteristics are identified with respect to our product candidates, we may need to abandon or limit our clinical development or commercialization of those product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To date, we have not evaluated any product candidates in human clinical trials. It is impossible to predict when or if any product candidates we develop, including our product candidates, GPH101, GPH201 and GPH301, will ultimately prove safe in humans. In the genomic medicine field, there have been several significant adverse events from gene therapy treatments in the past, including reported cases of leukemia and death. There can be no assurance that our gene editing technologies will not cause severe or undesirable side effects. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A significant potential risk in any gene editing product is that the edit will be &#8220;off-target&#8221; and cause serious adverse events, undesirable side effects, or unexpected characteristics. For example, off-target cuts could lead to disruption of a gene or a genetic regulatory sequence at an unintended site in the DNA. We cannot be certain that off-target editing will not occur in any of our clinical studies. There is also the potential risk of delayed adverse events following exposure to gene editing therapy due to the potential for persistent biological activity of the genetic material or other components of products used to carry the genetic material. If any adverse events or side effects are caused by any product candidate we develop and test, the administration process or related procedures, our clinical trials could be delayed, suspended or terminated.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Viral vectors, including AAV, which are relatively new approaches used for disease treatment, also have known side effects, and for which additional risks could develop in the future. In past clinical trials that were conducted by others with non-AAV vectors, significant side effects were caused by gene therapy treatments, including reported cases of myelodysplasia, leukemia and death. Other potential side effects could include an immunologic reaction and insertional oncogenesis, which is the process whereby the insertion of a functional gene near a gene that is important in cell growth or division results in uncontrolled cell division, which could potentially enhance the risk of cancer. If the vectors we use demonstrate a similar side effect, or other adverse events, we may be required to halt or delay further clinical development of any potential product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore, the FDA has stated that LVV possess characteristics that may pose high risks of delayed adverse events. Such delayed adverse events may also occur in other viral vectors, including AAV vectors. In addition to side effects and adverse events caused by our product candidates, the conditioning, administration process or related procedures which may be used to condition a patient for gene therapy treatment also can cause adverse side effects and adverse events. A gene therapy patient is generally administered cytotoxic drugs to remove stem cells from the bone marrow to create sufficient space in the bone marrow for the modified stem cells to engraft and produce new cells. This procedure compromises the patient&#8217;s immune system, and conditioning regimens have been associated with adverse events in clinical trial participants.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If any product candidates we develop are associated with serious adverse events, undesirable side effects, or unexpected characteristics, we may need to abandon their development or limit development to certain uses or subpopulations in which the serious adverse events, undesirable side effects or other characteristics are less prevalent, less severe, or more acceptable from a risk-benefit perspective, any of which would have a material adverse effect on our business, financial condition, results of operations, and prospects. Many product candidates, including gene therapy product candidates, that initially showed promise in early stage testing have later been found to cause side effects that prevented further clinical development of the product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we are unable to demonstrate that any of the above adverse events were caused by factors other than our product candidate, the FDA, the EMA or other regulatory authorities could order us to cease further development of, or deny approval of, any product candidates we are able to develop for any or all targeted indications. Even if we are able to demonstrate that all future serious adverse events are not product-related, such occurrences could affect patient recruitment. Moreover, if we elect, or are required, to delay, suspend or terminate any clinical trial of any product candidate we may develop, the commercial prospects of such product candidates may be harmed and our ability to generate product revenues from any of these product candidates may be delayed or eliminated. Any of these occurrences may harm our ability to identify and develop product candidates and could have a material adverse effect on our business, financial condition, result of operations, and prospects.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additionally, if we successfully develop a product candidate and it receives marketing approval, the FDA could require us to adopt a Risk Evaluation and Mitigation Strategy (REMS), to ensure that the benefits of treatment with such product candidate outweighs the risks for each potential patient, which may include, among other things, a medication guide outlining the risks of the product for distribution to patients, a communication plan to health care practitioners, extensive patient monitoring, or distribution systems and processes that are highly controlled, restrictive, and more costly than what is typical for the industry. Furthermore, if we or others later identify undesirable side effects caused by any product candidate that we develop, several potentially significant negative consequences could result, including:</span></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; regulatory authorities may suspend or withdraw approvals of such product candidate&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; regulatory authorities may require additional warnings on the label or limit the approved use of such product candidate&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; we may be required to conduct additional clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; we could be sued and held liable for harm caused to patients&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; our reputation may suffer.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any of these events could prevent us from achieving or maintaining market acceptance of any of our product candidates and could have a material adverse effect on our business, financial condition, results of operations, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We may find it difficult to enroll patients in our clinical trials given the limited number of patients who have the diseases for which our product candidates may be developed. If we experience delays or difficulties in the enrollment of patients in clinical trials, our clinical development activities and our receipt of necessary regulatory approvals could be delayed or prevented.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may not be able to initiate or continue clinical trials for any product candidates we identify or develop if we are unable to locate and enroll a sufficient number of eligible patients to participate in these trials as required by the FDA, the EMA or other analogous regulatory authorities outside the United States, or as needed to provide appropriate statistical power for a given trial. Enrollment may be particularly challenging for some of the rare genetically defined diseases we are targeting in our most advanced programs. In addition, if patients are unwilling to participate in our gene editing trials because of negative publicity from adverse events related to the biotechnology, gene therapy, or gene editing fields, competitive clinical trials for similar patient populations, clinical trials in competing products, or for other reasons, the timeline for recruiting patients, conducting studies, and obtaining regulatory approval of our product candidates may be delayed. Moreover, some of our competitors may have ongoing clinical trials for product candidates that would treat the same indications as our product candidates, and patients who would otherwise be eligible for our clinical trials may instead enroll in clinical trials of our competitors&#8217; product candidates.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patient enrollment is also affected by other factors, including:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; severity of the disease under investigation&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; size of the patient population and process for identifying patients&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; design of the trial protocol&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; availability and efficacy of approved medications for the disease under investigation&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; availability of genetic testing for potential patients&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; ability to obtain and maintain patient informed consent&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; risk that enrolled patients will drop out before completion of the trial&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; eligibility and exclusion criteria for the trial in question&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; perceived risks and benefits of the product candidate under trial&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; perceived risks and benefits of gene editing as a therapeutic approach&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; efforts to facilitate timely enrollment in clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; patient referral practices of physicians&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; ability to monitor patients adequately during and after treatment&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; proximity and availability of clinical trial sites for prospective patients, especially for those conditions which have small patient pools.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, the COVID-19 pandemic may affect the timing of our planned clinical trials. Clinical trial activities, including patient enrollment and data collection, are dependent upon global clinical trial sites which have been and continue to be adversely affected by the COVID-19 pandemic. For example, as the global healthcare community responded to the fluctuations in COVID-19 cases and hospitalizations, many hospitals, including those operating as clinical trial sites for other ongoing trials, temporarily paused elective procedures, which included dosing of new patients with investigational products. Additionally, the COVID-19 pandemic may cause delays in data collection and monitoring activities, which may present data integrity challenges or require modifications to our planned clinical trial protocol.</span></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, our ability to successfully initiate, enroll, and complete a clinical trial in any foreign country is subject to numerous risks unique to conducting business in foreign countries, including:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; difficulty in establishing or managing relationships with CROs and physicians&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; different standards for the conduct of clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; different standard-of-care for patients with a particular disease&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; difficulty in locating qualified local consultants, physicians, and partners&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; potential burden of complying with a variety of foreign laws, medical standards, and regulatory requirements, including the regulation of pharmaceutical and biotechnology products and treatment and of gene editing technologies.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Enrollment delays in our clinical trials may result in increased development costs for our product candidates, which would cause the value of our Company to decline and limit our ability to obtain additional financing. If we or our collaborators have difficulty enrolling a sufficient number of patients to conduct our clinical trials as planned, we may need to delay, limit, or terminate ongoing or planned clinical trials, any of which would have an adverse effect on our business, financial condition, results of operations, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If we are unable to successfully identify patients who are likely to benefit from therapy with our product candidates, or experience significant delays in doing so, we may not realize the full commercial potential of any products we may develop.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our success may depend, in part, on our ability to identify patients who are likely to benefit from therapy with our product candidates, which requires those potential patients to have their DNA analyzed for the presence or absence of a particular sequence. If we, or any third parties that we engage to assist us, are unable to successfully identify such patients, or experience delays in doing so, then:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; our ability to develop our product candidates may be adversely affected if we are unable to appropriately select patients for enrollment in our clinical trials&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; we may not realize the full commercial potential of any product candidates that receive marketing approval if, among other reasons, we are unable to appropriately select patients who are likely to benefit from therapy with our product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of these factors, we may be unable to successfully develop and realize the commercial potential of our product candidates, and our business, financial condition, results of operations, and prospects would be materially adversely affected.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming, and uncertain and may prevent us from obtaining approvals for the commercialization of our product candidates. If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals, we will not be able to commercialize, or will be delayed in commercializing, product candidates we develop, and our ability to generate revenue will be materially impaired.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any product candidates we develop and the activities associated with their development and commercialization, including their design, testing, manufacture, recordkeeping, labeling, storage, approval, advertising, promotion, sale, import, export, and distribution, are subject to comprehensive regulation by the FDA, the EMA and other regulatory authorities in the United States and by comparable authorities in other countries. Failure to obtain marketing approval for a product candidate will prevent us from commercializing the product candidate in a given jurisdiction. We have not received approval to market any product candidates from regulatory authorities in any jurisdiction. We have only limited experience in filing and supporting the applications necessary to gain marketing approvals and expect to rely on third parties to assist us in this process. Securing regulatory approval requires the submission of extensive preclinical and clinical data and supporting information to the various regulatory authorities for each therapeutic indication to establish the biological product candidate&#8217;s safety, purity, and potency. Securing regulatory approval also requires the submission of extensive information about the product manufacturing process, and inspection of manufacturing facilities by, the relevant regulatory authority. Our product candidates may not be effective, may be only moderately effective, or may prove to have undesirable or unintended side effects, toxicities, or other characteristics that may preclude our obtaining marketing approval or prevent or limit commercial use.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The process of obtaining marketing approvals, both in the United States and abroad, is expensive, may take many years if approval is obtained at all, and can vary substantially based upon a variety of factors, including the type, complexity, and novelty of the product candidates involved. Changes in marketing approval policies during the development period, changes in or the enactment of additional statutes or regulations, or changes in regulatory review for each submitted product application, may cause delays in the approval or rejection of an application. The FDA and comparable authorities in other countries have substantial discretion in the approval process and may refuse to accept any application or may decide that our data is insufficient for approval and require additional preclinical, clinical, or other studies. In addition, varying interpretations of the data obtained from preclinical and clinical testing could delay, limit, or prevent marketing approval of a product candidate. Any marketing approval we ultimately obtain may be limited or subject to restrictions or post-approval commitments that render the approved product not commercially viable. </span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we experience delays in obtaining approval or if we fail to obtain approval of our product candidates, the commercial prospects for those product candidates may be harmed, and our ability to generate revenues will be materially impaired.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">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.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because we have limited financial and managerial resources, we focus on research programs and product candidates that we identify for specific indications among many potential options. As a result, we may forego or delay pursuit of opportunities with other product candidates or for other indications that later prove to have greater commercial potential. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future research and development programs and product candidates for specific indications may not yield any commercially viable products. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we may relinquish valuable rights to that product candidate through collaboration, licensing, or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate. Any such event could have a material adverse effect on our business, financial condition, results of operations, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even if we complete the necessary clinical trials, we cannot predict when, or if, we will obtain regulatory approval to commercialize a product candidate we may develop in the United States or any other jurisdiction, and any such approval may be for a more narrow indication than we seek.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We cannot commercialize a product candidate until the appropriate regulatory authorities have reviewed and approved the product candidate. Even if our product candidates meet their safety and efficacy endpoints in clinical trials, the regulatory authorities may not complete their review processes in a timely manner, or we may not be able to obtain regulatory approval. Additional delays may result if an FDA Advisory Committee or other regulatory authority recommends non-approval or restrictions on approval. In addition, we may experience delays or rejections based upon additional government regulation from future legislation or administrative action, or changes in regulatory authority policy during the period of product development, clinical trials, and the review process.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Regulatory authorities also may approve a product candidate for more limited indications than requested or they may impose significant limitations in the form of narrow indications, warnings or a REMS. These regulatory authorities may require labeling that includes precautions or contraindications with respect to conditions of use, or they may grant approval subject to the performance of costly post-marketing clinical trials. In addition, regulatory authorities may not approve the labeling claims that are necessary or desirable for the successful commercialization of our product candidates. Any of the foregoing scenarios could materially harm the commercial prospects for our product candidates and materially adversely affect our business, financial condition, results of operations, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Marketing approval by the FDA in the United States, if obtained, does not ensure approval by regulatory authorities in other countries or jurisdictions. In addition, clinical trials conducted in one country may not be accepted by regulatory authorities in other countries, and regulatory approval in one country does not guarantee regulatory approval in any other country. Approval processes vary among countries and can involve additional product candidate testing and validation and additional administrative review periods. Seeking regulatory approval outside the United States could result in difficulties and costs for us and require additional preclinical studies or clinical trials which could be costly and time-consuming. Regulatory requirements can vary widely from country to country and could delay or prevent the introduction of our product candidates in those countries. The foreign regulatory approval process involves all of the risks associated with FDA approval. We do not have any product candidates approved for sale in any jurisdiction, including international markets, and we do not have experience in obtaining regulatory approval in international markets. If we fail to comply with regulatory requirements in international markets or to obtain and maintain required approvals, or if regulatory approvals in international markets are delayed, our target market will be reduced and our ability to realize the full market potential of our product candidates will be unrealized.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our product candidates 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.</span></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The commercial success of any of our product candidates will depend upon its degree of market acceptance by physicians, patients, third-party payors, and others in the medical community. Ethical, social, and legal concerns about genetic medicines generally and gene editing technologies specifically could result in additional regulations restricting or prohibiting the marketing of our product candidates. Even if our product candidates receive marketing approval, they may nonetheless fail to gain sufficient market acceptance by physicians, patients, third-party payors, and others in the medical community. The degree of market acceptance of our product candidates, if approved for commercial sale, will depend on a number of factors, including:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the efficacy and safety of such product candidates as demonstrated in clinical trials&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the potential and perceived advantages compared to alternative treatments&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the limitation to our targeted patient population and limitations or warnings contained in approved labeling by the FDA or other regulatory authorities&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the ability to offer our products for sale at cost-effective or competitive prices&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; convenience and ease of administration compared to alternative treatments&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the clinical indications for which the product candidate is approved by the FDA, the EMA, or other regulatory agencies&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; public attitudes regarding genetic medicine generally and gene editing technologies specifically&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the willingness of the target patient population to try novel therapies and of physicians to prescribe these therapies, as well as their willingness to accept a therapeutic intervention that involves the editing of the patient&#8217;s gene&#59;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; product labeling or product insert requirements of the FDA, the EMA, or other regulatory authorities,</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:5.83%;text-indent:-1.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including any limitations or warnings contained in a product&#8217;s approved labeling&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; relative convenience and ease of administration&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the timing of market introduction of competitive products&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; publicity concerning our products or competing products and treatments&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the strength and effectiveness of sales, marketing and distribution efforts&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; sufficient third-party coverage and adequate reimbursement, including the ability to supply product that is cost-effective and acceptable to the pricing or reimbursement authorities in different countries&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the prevalence and severity of any side effects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if any of our product candidates obtain regulatory approval, such products may not achieve an adequate level of acceptance, we may not generate or derive sufficient product revenues, and we may not become profitable.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer, less expensive or more advanced or effective than ours, which may harm our financial condition and our ability to successfully market or commercialize our product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The development and commercialization of new drug products is highly competitive. Moreover, the gene editing field is characterized by rapidly changing technologies, significant competition, and a strong emphasis on intellectual property. We will face competition with respect to any product candidates that we may develop or commercialize in the future from major pharmaceutical companies, specialty pharmaceutical companies, and biotechnology companies worldwide. Potential competitors also include academic institutions, government agencies, and other public and private research organizations that conduct research, seek patent protection, and establish collaborative arrangements for research, development, manufacturing, and commercialization.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are a number of large pharmaceutical and biotechnology companies that currently market and sell products or are pursuing the development of products for the treatment of the disease indications for which we have research programs. Some of these competitive products and therapies are based on scientific approaches that are the same as or similar to our approach, and others are based on entirely different approaches.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are several other companies advancing gene editing and gene therapy product candidates in preclinical or clinical development in sickle cell disease, including Beam Therapeutics Inc., bluebird bio, Inc., CRISPR Therapeutics AG, Editas Medicine, </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inc., Intellia Therapeutics, Inc., and Sangamo Therapeutics, Inc. Companies advancing gene therapy programs in XSCID include Mustang Bio, Inc. Companies advancing gene therapy programs in Gaucher Disease include AVROBio, Inc. and Freeline Therapeutics Holdings plc. Companies combining CRISPR with HDR</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> ((homology directed repair)</span><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> include CRISPR Therapeutics AG, which, for oncology applications, inserts a chimeric antigen receptor (CAR) construct into the TCR alpha constant (TRAC) locus in T-cells using HDR. Additionally, an academic collaboration between the University of California, San Francisco and the University of California, Los Angeles is seeking to correct the sickle cell mutation using CRISPR followed by delivery of a single-stranded oligonucleotide DNA donor to potentially harness HDR.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any product candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available in the future that are approved to treat the same diseases for which we may obtain approval for our product candidates. This may include other types of therapies, such as small molecule, antibody, and/or protein therapies.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many of our current or potential competitors, either alone or with their collaboration partners, may have significantly greater financial resources and expertise than we do in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals, and marketing approved products. Mergers and acquisitions in the pharmaceutical, biotechnology, and gene therapy industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our programs. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize product candidates that are safer, more effective, have fewer or less severe side effects, are more convenient, or are less expensive than any product candidates that we may develop or that would render any product candidates that we may develop obsolete or non-competitive. Our competitors also may obtain FDA or other regulatory approval for their product candidates more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. Additionally, technologies developed by our competitors may render our potential product candidates uneconomical or obsolete, and we may not be successful in marketing our product candidates against competitors.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, as a result of the expiration or successful challenge of our patent rights, we could face more litigation with respect to the validity and/or scope of patents relating to our competitors&#8217; products. The availability of our competitors&#8217; products could limit the demand, and the price we are able to charge, for any product candidates that we may develop and commercialize.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If, in the future, we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market our product candidates, we may not be successful in commercializing those product candidates if and when they are approved.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not have a sales or marketing infrastructure and have limited experience in the sale, marketing, or distribution of pharmaceutical products. To achieve commercial success for any approved products for which we retain sales and marketing responsibilities, we must either develop a sales and marketing organization or outsource these functions to third parties. In the future, we may choose to build a focused sales, marketing, and commercial support infrastructure to sell, or participate in sales activities with our collaborators for, some of our product candidates if and when they are approved.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There are risks involved with both establishing our own commercial capabilities and entering into arrangements with third parties to perform these services. For example, recruiting and training a sales force or reimbursement specialists is expensive and time consuming and could delay any product launch. If the commercial launch of a product candidate for which we recruit a sales force and establish marketing and other commercialization capabilities is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be costly, and our investment would be lost if we cannot retain or reposition our commercialization personnel. </p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Factors that may inhibit our efforts to commercialize our product candidates on our own include:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; our inability to recruit and retain adequate numbers of effective sales, marketing, reimbursement, customer service, medical affairs, and other support personnel&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the inability of sales personnel to obtain access to physicians or educate adequate numbers of physicians on the benefits of prescribing any future products&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the inability of reimbursement professionals to negotiate arrangements for formulary access, reimbursement, and other acceptance by payors&#59;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; restricted or closed distribution channels that make it difficult to distribute our product candidates to segments of the patient population&#59;</span></p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; the lack of complementary products to be offered by sales personnel, which may put us at a competitive disadvantage relative to companies with more extensive product lines&#59; and </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; unforeseen costs and expenses associated with creating an independent commercialization organization.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we enter into arrangements with third parties to perform sales, marketing, commercial support, and distribution services, our product revenues or the profitability of these product revenues to us may be lower than if we were to market and sell any products we may develop ourselves. In addition, we may not be successful in entering into arrangements with third parties to commercialize our product candidates or may be unable to do so on terms that are favorable to us. We may have little control over such third parties, and any of them may fail to devote the necessary resources and attention to sell and market our products effectively. If we do not establish commercialization capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing our product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Adverse public perception of genetic medicines and gene editing in particular, may negatively impact regulatory approval of, and/or demand for, our potential products, if approved<span style="font-weight:normal;font-style:normal;">.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our potential therapeutic products involve editing the human genome. The clinical and commercial success of our potential products will depend in part on public understanding and acceptance of the use of gene editing therapy for the prevention or treatment of human diseases. Public perception and related media coverage of potential gene therapy-related efficacy or safety issues, including adoption of new therapeutics or novel approaches to treatment, as well as ethical concerns related specifically to gene editing, may adversely influence the willingness of subjects to participate in clinical trials, or if any therapeutic is approved, of physicians and patients to accept these novel and personalized treatments. Physicians, health care providers and third-party payors often are slow to adopt new products, technologies and treatment practices, particularly those that may also require additional upfront costs and training. Physicians may not be willing to undergo training to adopt these novel and potentially personalized therapies, may decide the particular therapy is too complex or potentially risky to adopt without appropriate training, and may choose not to administer the therapy. Further, due to health conditions, genetic profile or other reasons, certain patients may not be candidates for the therapies.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, responses by federal and state agencies, congressional committees and foreign governments to negative public perception, ethical concerns or financial considerations may result in new legislation, regulations, or medical standards, such as stricter labeling requirements, that could limit our ability to develop or commercialize any product candidates, obtain or maintain regulatory approval or otherwise achieve profitability. New government requirements may be established that could delay or prevent regulatory approval of our product candidates under development. It is impossible to predict whether legislative changes will be enacted, regulations, policies or guidance changed, or interpretations by agencies or courts changed, or what the impact of such changes, if any, may be. Based on these and other factors, health care providers and payors may decide that the benefits of these new therapies do not or will not outweigh their costs.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">More restrictive government regulations or negative public opinion would have a negative effect on our business or financial condition and may delay or impair our development and commercialization of product candidates or demand for our product candidates. Adverse events in our preclinical studies or clinical trials or those of our competitors or of academic researchers utilizing gene editing technologies, even if not ultimately attributable to product candidates we identify and develop, and the resulting publicity could result in increased governmental regulation, unfavorable public perception, potential regulatory delays in the testing or approval of potential product candidates we identify and develop, stricter labeling requirements for those product candidates that are approved, and a decrease in demand for any such product candidates. Use of gene editing technology by a third party or government to develop biological agents or products that threaten U.S. national security could similarly result in such negative impacts to us.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices, or healthcare reform initiatives, which would harm our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The regulations that govern marketing approvals, pricing, and reimbursement for new products vary widely from country to country. Some countries require approval of the sale price of a product before it can be marketed. In many countries, the pricing review period begins after marketing or product licensing approval is granted. In some foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control even after initial approval is granted. As a result, we might obtain marketing approval for a product in a particular country, but then be subject to price regulations that delay or might even prevent our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenues we are able to generate from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more product candidates we develop, even if any of our product candidates obtain marketing approval.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our ability to commercialize any products successfully also will depend in part on the extent to which reimbursement for these products and related treatments will be available from government authorities or healthcare programs, private health plans, and other organizations. Government authorities and third-party payors, such as private health plans, decide which medications they will pay for and establish reimbursement levels. A primary trend in the U.S. healthcare industry is cost containment. Government authorities and other third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medications. Increasingly, third-party payors are challenging the prices charged for medical products and requiring that drug companies provide them with predetermined discounts from list prices. Novel medical products, if covered at all, may be subject to enhanced utilization management controls designed to ensure that the products are used only when medically necessary. Such utilization management controls may discourage the prescription or use of a medical product by increasing the administrative burden associated with its prescription or creating coverage uncertainties for prescribers and patients. We cannot be sure that reimbursement will be available for any products that we commercialize and, if reimbursement is available, that the level of reimbursement will be adequate. Reimbursement may impact the demand for, or the price of, any product candidate for which we obtain marketing approval. If reimbursement is not available or is available only to limited levels, we may not be able to successfully commercialize any product candidate for which we obtain marketing approval.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There may be significant delays in obtaining reimbursement for newly approved products, and coverage may be more limited than the purposes for which the product is approved by the FDA, the EMA or other regulatory authorities outside the United States. Moreover, eligibility for reimbursement does not imply that any product will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture, sale, and distribution. Interim reimbursement levels for new products, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according to the use of the product and the clinical setting in which it is used, may be based on reimbursement levels already set for lower cost products and may be incorporated into existing payments for other services. Net prices for products may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports of products from countries where they may be sold at lower prices than in the United States. Our inability to promptly obtain coverage and profitable payment rates from both government-funded and private payors for any approved products we may develop could have a material adverse effect on our operating results, our ability to raise capital needed to commercialize products, and our overall financial condition.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Due to the novel nature of our technology and the potential for our product candidates to offer therapeutic benefit in a single administration or limited number of administrations, we face uncertainty related to pricing and reimbursement for these product candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our initial target patient populations are relatively small, as a result of which the pricing and reimbursement of any of our product candidates, if approved, must be adequate to support the necessary commercial infrastructure. If we are unable to obtain adequate levels of reimbursement, our ability to successfully market and sell any such product candidates will be adversely affected. The manner and level at which reimbursement is provided for services related to any product candidates we develop (e.g., for administration of our product candidate to patients) is also important. Inadequate reimbursement for such services may lead to physician and payor resistance and adversely affect our ability to market or sell our product candidates. In addition, we may need to develop new reimbursement models in order to realize adequate value. Payors may not be able or willing to adopt such new models, and patients may be unable to afford that portion of the cost that such models may require them to bear. If we determine such new models are necessary but we are unsuccessful in developing them, or if such models are not adopted by payors, our business, financial condition, results of operations, and prospects could be adversely affected.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We expect the cost of a single administration of a gene editing therapy, such as those we are seeking to develop, to be substantial, when and if they achieve regulatory approval. We expect that coverage and reimbursement by government and private payors will be essential for most patients to be able to afford these treatments. Accordingly, sales of any such product candidates will depend substantially, both domestically and abroad, on the extent to which the costs of any of our product candidates will be paid by government authorities, private health plans, and other third-party payors. Payors may not be willing to pay high prices for a single administration. Coverage and reimbursement by a third-party payor may depend upon several factors, including the third-party payor&#8217;s determination that use of a product is:</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; a covered benefit under its health plan&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; safe, effective, and medically necessary&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; appropriate for the specific patient&#59;</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; cost-effective&#59; and</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226; neither experimental nor investigational.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Obtaining coverage and reimbursement for a product from third-party payors is a time-consuming and costly process that could require us to provide to the payor supporting scientific, clinical, and cost-effectiveness data. There is significant uncertainty related to third-party coverage and reimbursement of newly approved products. We may not be able to provide data sufficient to gain acceptance with respect to coverage and reimbursement. If coverage and reimbursement are not available, or are available only at limited levels, we may not be able to successfully commercialize any of our product candidates. Even if coverage is provided, the approved reimbursement amount may not be adequate to realize a sufficient return on our investment. </span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the United States, no uniform policy exists for coverage and reimbursement for products among third-party payors. Therefore, decisions regarding the extent of coverage and amount of reimbursement to be provided can differ significantly from payor to payor. The process for determining whether a payor will provide coverage for a product may be separate from the process for setting the reimbursement rate a payor will pay for the product. One third-party payor&#8217;s decision to cover a particular product or service does not ensure that other payors will also provide coverage for the medical product or service. Third-party payors may limit coverage to specific products on an approved list or formulary, which may not include all FDA-approved products for a particular indication.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Further, third-party payors are increasingly challenging the price and examining the medical necessity and cost-effectiveness of medical products and services, in addition to their safety and efficacy. In order to secure coverage and reimbursement for any product that might be approved for sale, we may need to conduct expensive pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of our products, in addition to the costs required to obtain FDA or comparable regulatory approvals. Additionally, we may also need to provide discounts to purchasers, private health plans or government healthcare programs. Despite our best efforts, our product candidates may not be considered medically necessary or cost-effective. If third-party payors do not consider a product to be cost-effective compared to other available therapies, they may not cover an approved product as a benefit under their plans or, if they do, the level of payment may not be sufficient to allow us to sell our products at a profit. A decision by a third-party payor not to cover a product could reduce physician utilization once the product is approved and have a material adverse effect on sales, our operations and financial condition. Finally, in some foreign countries, the proposed pricing for a product candidate must be approved before it may be lawfully marketed. The requirements governing product pricing vary widely from country to country. For example, in the EU, pricing and reimbursement of pharmaceutical products are regulated at a national level under the individual EU Member States&#8217; social security systems. Some foreign countries provide options to restrict the range of medicinal products for which their national health insurance systems provide reimbursement and can control the prices of medicinal products for human use. To obtain reimbursement or pricing approval, some of these countries may require the completion of clinical trials that compare the cost effectiveness of a particular product candidate to currently available therapies. A country may approve a specific price for the medicinal product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product on the market. There can be no assurance that any country that has price controls or reimbursement limitations for products will allow favorable reimbursement and pricing arrangements for any of our product candidates. Even if approved for reimbursement, historically, product candidates launched in some foreign countries, such as some countries in the EU, do not follow price structures of the United States and prices generally tend to be significantly lower.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If the market opportunities for any product candidates we develop are smaller than we believe they are, our potential revenues may be adversely affected, and our business may suffer. Because the target patient populations for many of our product candidates are small, we must be able to successfully identify patients and achieve a significant market share to maintain profitability and growth.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We focus our research and product development on treatments for rare genetically defined diseases. Many of our product candidates are expected to target a single mutation&#59; as a result, the relevant patient population may therefore be small. Our projections of both the number of people who have these diseases, as well as the subset of people with these diseases who have the potential to benefit from treatment with our product candidates, are based on estimates. These estimates may prove to be incorrect and new studies may change the estimated incidence or prevalence of these diseases. The number of patients in the United States, Europe, and elsewhere may turn out to be lower than expected, and patients may not be amenable to treatment with our product candidates, or may become increasingly difficult to identify or gain access to, all of which would adversely affect our business, financial condition, results of operations, and prospects. Additionally, because of the potential that any product candidates we develop could cure a target disease, we may not receive recurring revenues from patients and may deplete the patient population prevalence through curative therapy.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Genetic medicines are novel, and any product candidates we develop may be complex and difficult to manufacture. We could experience delays in complying with regulatory requirements or production problems that result in delays in our development or commercialization programs, limit the supply of our product candidates, or otherwise harm our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our product candidates will likely require processing steps that are more complex than those required for most chemical pharmaceuticals.&#160;&#160;Moreover, unlike chemical&#160;&#160;pharmaceuticals,&#160;&#160;the&#160;&#160;physical&#160;&#160;and&#160;&#160;chemical properties of a biologic such as the product candidates we are developing generally cannot be fully characterized. As a result, assays of the finished product candidate may not be sufficient to ensure that the product candidate will perform in the intended manner. Problems with the manufacturing process, even </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">minor deviations from the normal process, could result in product defects or manufacturing failures that result in unusable products, product recalls, product liability claims, insufficient inventory, or potentially delay progression of our potential IND filings. We may also encounter problems achieving adequate quantities and quality of clinical-grade materials that meet FDA, EMA or other comparable applicable foreign standards or specifications with consistent and acceptable production yields and costs. For example, the current approach of manufacturing AAV vectors may fall short of supplying required number of doses needed for advanced stages of pre-clinical studies or clinical trials, and the FDA may ask us to demonstrate that we have the appropriate manufacturing processes in place to support the higher-dose group in our future pre-clinical studies or clinical trials.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition, the FDA, the EMA, and other regulatory authorities may require us to submit samples of any of the approved product together with the protocols showing the results of applicable tests at any time. Under some circumstances, the FDA, the EMA, or other regulatory authorities may require that we not distribute a sample until the agency authorizes its release. Slight deviations in the manufacturing process, including those affecting quality attributes and stability, may result in unacceptable changes in the product that could result in product recalls. Product recalls could cause us to delay clinical trials or product launches, which could be costly to us and otherwise harm our business, financial condition, results of operations, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We also may encounter problems hiring and retaining the experienced scientific, quality control, and manufacturing personnel needed to manage our manufacturing process, which could result in delays in our production or difficulties in maintaining compliance with applicable regulatory requirements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Given the nature of biologics manufacturing, including for AAV vectors, there is a risk of contamination during manufacturing. Any contamination could materially harm our ability to produce product candidates on schedule and could harm our results of operations and cause reputational damage. Some of the raw materials that we anticipate will be required in our manufacturing process are derived from biologic sources.&#160;&#160;Such raw materials are difficult to procure and may be subject to contamination or recall. A material shortage, contamination, recall, or restriction on the use of biologically derived substances in the manufacture of our current or future product candidates could adversely impact or disrupt the commercial manufacturing or the production of clinical material, which could materially harm our development timelines and our&#160;&#160;business, financial condition, results of operations, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any problems in our manufacturing process or the facilities with which we contract could make us a less attractive collaborator for potential partners, including larger pharmaceutical companies and academic research institutions, which could limit our access to additional attractive development programs. Problems in third-party manufacturing process or facilities also could restrict our ability to ensure sufficient clinical material for our planned clinical trials and to meet market demand for any product candidates we develop and commercialize.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Product<span style="letter-spacing:0.05pt;"> </span>liability<span style="letter-spacing:0.2pt;"> </span>lawsuits<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>cause<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>liabilities<span style="letter-spacing:0.2pt;"> </span>and could limit commercialization<span style="letter-spacing:0.2pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We face<span style="letter-spacing:0.05pt;"> </span>an inherent<span style="letter-spacing:0.1pt;"> </span>risk<span style="letter-spacing:0.05pt;"> </span>of product<span style="letter-spacing:0.05pt;"> </span>liability<span style="letter-spacing:0.15pt;"> </span>exposure<span style="letter-spacing:0.05pt;"> </span>related<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>testing<span style="letter-spacing:0.1pt;"> </span>in human<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:1.2pt;"> </span>candidates<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>will<span style="letter-spacing:1.2pt;"> </span>face<span style="letter-spacing:1.2pt;"> </span>an<span style="letter-spacing:1.1pt;"> </span>even<span style="letter-spacing:1.1pt;"> </span>greater<span style="letter-spacing:1.2pt;"> </span>risk<span style="letter-spacing:1.15pt;"> </span>if<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.1pt;"> </span>commercially<span style="letter-spacing:1.25pt;"> </span>sell<span style="letter-spacing:1.15pt;"> </span>any<span style="letter-spacing:1.1pt;"> </span>products<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.1pt;"> </span>develop.<span style="letter-spacing:1.15pt;"> </span>If<span style="letter-spacing:1.15pt;"> </span>we cannot<span style="letter-spacing:0.1pt;"> </span>successfully<span style="letter-spacing:0.15pt;"> </span>defend<span style="letter-spacing:0.1pt;"> </span>ourselves<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>caused<span style="letter-spacing:0.05pt;"> </span>injuries,<span style="letter-spacing:0.1pt;"> </span>we could<span style="letter-spacing:0.05pt;"> </span>incur substantial<span style="letter-spacing:0.1pt;"> </span>liabilities.<span style="letter-spacing:0.15pt;"> </span>Regardless<span style="letter-spacing:0.05pt;"> </span>of merit<span style="letter-spacing:0.1pt;"> </span>or eventual<span style="letter-spacing:0.05pt;"> </span>outcome,<span style="letter-spacing:0.05pt;"> </span>liability<span style="letter-spacing:0.15pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">decreased<span style="letter-spacing:0.1pt;"> </span>demand<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>any of our current<span style="letter-spacing:0.1pt;"> </span>or future<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">injury<span style="letter-spacing:0.05pt;"> </span>to our reputation<span style="letter-spacing:0.1pt;"> </span>and significant<span style="letter-spacing:0.15pt;"> </span>negative<span style="letter-spacing:0.05pt;"> </span>media<span style="letter-spacing:0.05pt;"> </span>attention&#59;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">withdrawal<span style="letter-spacing:0.05pt;"> </span>of clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>participants&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">significant<span style="letter-spacing:0.15pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>and costs<span style="letter-spacing:0.05pt;"> </span>to defend<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>related<span style="letter-spacing:0.1pt;"> </span>litigation&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">substantial<span style="letter-spacing:0.1pt;"> </span>monetary<span style="letter-spacing:0.1pt;"> </span>awards<span style="letter-spacing:0.05pt;"> </span>to trial<span style="letter-spacing:0.1pt;"> </span>participants<span style="letter-spacing:0.15pt;"> </span>or patients&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>inability<span style="letter-spacing:0.1pt;"> </span>to commercialize<span style="letter-spacing:0.2pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates.</p></td></tr></table></div>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>maintain<span style="letter-spacing:1.25pt;"> </span>product<span style="letter-spacing:1.2pt;"> </span>liability<span style="letter-spacing:1.3pt;"> </span>insurance<span style="letter-spacing:1.25pt;"> </span>coverage,<span style="letter-spacing:1.2pt;"> </span>it<span style="letter-spacing:1.15pt;"> </span>may<span style="letter-spacing:1.15pt;"> </span>not<span style="letter-spacing:1.1pt;"> </span>be<span style="letter-spacing:1.1pt;"> </span>adequate<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>cover<span style="letter-spacing:1.15pt;"> </span>all<span style="letter-spacing:1.15pt;"> </span>liabilities that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>incur.<span style="letter-spacing:0.05pt;"> </span>We anticipate<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>need to increase<span style="letter-spacing:0.1pt;"> </span>our insurance<span style="letter-spacing:0.1pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>when we begin<span style="letter-spacing:0.05pt;"> </span>clinical trials<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>successfully<span style="letter-spacing:0.15pt;"> </span>commercialize<span style="letter-spacing:0.25pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>products.<span style="letter-spacing:0.1pt;"> </span>Insurance<span style="letter-spacing:0.15pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>increasingly<span style="letter-spacing:0.1pt;"> </span>expensive.<span style="letter-spacing:0.05pt;"> </span>We may not be able<span style="letter-spacing:0.05pt;"> </span>to maintain<span style="letter-spacing:0.1pt;"> </span>insurance<span style="letter-spacing:0.1pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>a reasonable<span style="letter-spacing:0.1pt;"> </span>cost<span style="letter-spacing:0.05pt;"> </span>or in an amount<span style="letter-spacing:0.05pt;"> </span>adequate<span style="letter-spacing:0.05pt;"> </span>to satisfy<span style="letter-spacing:0.1pt;"> </span>any liability that<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>arise.</p>
<p style="line-height:8pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>contract<span style="letter-spacing:0.1pt;"> </span>manufacturers<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>suppliers<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>engage<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with environmental,<span style="letter-spacing:0.1pt;"> </span>health,<span style="letter-spacing:0.05pt;"> </span>and safety<span style="letter-spacing:1.3pt;"> </span>laws<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>regulations,<span style="letter-spacing:1.3pt;"> </span>we<span style="letter-spacing:1.2pt;"> </span>could<span style="letter-spacing:1.2pt;"> </span>become<span style="letter-spacing:1.25pt;"> </span>subject<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>fines<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>penalties<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>incur<span style="letter-spacing:1.2pt;"> </span>costs<span style="letter-spacing:1.25pt;"> </span>that<span style="letter-spacing:1.25pt;"> </span>could<span style="letter-spacing:1.2pt;"> </span>have<span style="letter-spacing:1.2pt;"> </span>a material<span style="letter-spacing:0.1pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on the success<span style="letter-spacing:0.05pt;"> </span>of our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.45pt;"> </span>any<span style="letter-spacing:1.45pt;"> </span>contract<span style="letter-spacing:1.55pt;"> </span>manufacturers<span style="letter-spacing:1.6pt;"> </span>and<span style="letter-spacing:1.45pt;"> </span>suppliers<span style="letter-spacing:1.55pt;"> </span>we<span style="letter-spacing:1.45pt;"> </span>engage<span style="letter-spacing:1.5pt;"> </span>are<span style="letter-spacing:1.5pt;"> </span>subject<span style="letter-spacing:1.5pt;"> </span>to<span style="letter-spacing:1.45pt;"> </span>numerous<span style="letter-spacing:1.5pt;"> </span>federal,<span style="letter-spacing:1.55pt;"> </span>state,<span style="letter-spacing:1.5pt;"> </span>and local<span style="letter-spacing:0.1pt;"> </span>environmental,<span style="letter-spacing:0.2pt;"> </span>health,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.1pt;"> </span>laws,<span style="letter-spacing:0.05pt;"> </span>regulations,<span style="letter-spacing:0.1pt;"> </span>and permitting<span style="letter-spacing:0.15pt;"> </span>requirements,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>governing laboratory<span style="letter-spacing:0.15pt;"> </span>procedures&#59;<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>generation,<span style="letter-spacing:0.1pt;"> </span>handling,<span style="letter-spacing:0.05pt;"> </span>use, storage,<span style="letter-spacing:0.05pt;"> </span>treatment,<span style="letter-spacing:0.15pt;"> </span>and disposal<span style="letter-spacing:0.05pt;"> </span>of hazardous<span style="letter-spacing:0.05pt;"> </span>and regulated materials<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>wastes&#59;<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>emission<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>discharge<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>hazardous<span style="letter-spacing:0.1pt;"> </span>materials<span style="letter-spacing:0.2pt;"> </span>into<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ground, air,<span style="letter-spacing:0.05pt;"> </span>and water&#59;<span style="letter-spacing:0.05pt;"> </span>and employee<span style="letter-spacing:0.05pt;"> </span>health<span style="letter-spacing:0.05pt;"> </span>and safety.<span style="letter-spacing:0.05pt;"> </span>Our operations<span style="letter-spacing:0.1pt;"> </span>involve<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>use of hazardous<span style="letter-spacing:0.05pt;"> </span>and flammable<span style="letter-spacing:0.15pt;"> </span>materials,<span style="letter-spacing:0.1pt;"> </span>including chemicals<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>biological<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>radioactive<span style="letter-spacing:0.15pt;"> </span>materials.<span style="letter-spacing:0.2pt;"> </span>Our<span style="letter-spacing:0.05pt;"> </span>operations<span style="letter-spacing:0.15pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>produce<span style="letter-spacing:0.1pt;"> </span>hazardous<span style="letter-spacing:0.1pt;"> </span>waste.<span style="letter-spacing:0.1pt;"> </span>We generally contract<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>disposal<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>materials<span style="letter-spacing:0.2pt;"> </span>and wastes.<span style="letter-spacing:0.05pt;"> </span>We cannot<span style="letter-spacing:0.05pt;"> </span>eliminate<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>risk<span style="letter-spacing:0.05pt;"> </span>of contamination<span style="letter-spacing:0.2pt;"> </span>or injury<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>materials.<span style="letter-spacing:0.15pt;"> </span>In the<span style="letter-spacing:0.05pt;"> </span>event<span style="letter-spacing:0.05pt;"> </span>of contamination<span style="letter-spacing:0.15pt;"> </span>or injury<span style="letter-spacing:0.05pt;"> </span>resulting<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>our use of hazardous<span style="letter-spacing:0.1pt;"> </span>materials,<span style="letter-spacing:0.2pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>held<span style="letter-spacing:0.1pt;"> </span>liable<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>resulting<span style="letter-spacing:0.1pt;"> </span>damages,<span style="letter-spacing:0.05pt;"> </span>and any liability<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>exceed<span style="letter-spacing:0.05pt;"> </span>our resources. <span style="letter-spacing:1.8pt;"> </span>Under certain<span style="letter-spacing:1.8pt;"> </span>environmental laws, we<span style="letter-spacing:1.7pt;"> </span>could be<span style="letter-spacing:1.7pt;"> </span>held<span style="letter-spacing:1.75pt;"> </span>responsible for costs relating to any contamination<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>our current<span style="letter-spacing:0.1pt;"> </span>or past<span style="letter-spacing:0.05pt;"> </span>facilities<span style="letter-spacing:0.15pt;"> </span>and at<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.15pt;"> </span>facilities.<span style="letter-spacing:0.15pt;"> </span>We also<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.1pt;"> </span>costs associated<span style="letter-spacing:0.1pt;"> </span>with civil<span style="letter-spacing:0.05pt;"> </span>or criminal<span style="letter-spacing:0.1pt;"> </span>fines<span style="letter-spacing:0.05pt;"> </span>and penalties.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Compliance<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>environmental<span style="letter-spacing:0.2pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be expensive,<span style="letter-spacing:0.05pt;"> </span>and current<span style="letter-spacing:0.1pt;"> </span>or future environmental<span style="letter-spacing:0.15pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>impair<span style="letter-spacing:0.1pt;"> </span>our research<span style="letter-spacing:0.1pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>efforts.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>we cannot<span style="letter-spacing:0.1pt;"> </span>entirely<span style="letter-spacing:0.15pt;"> </span>eliminate<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>risk<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>accidental<span style="letter-spacing:0.15pt;"> </span>injury<span style="letter-spacing:0.05pt;"> </span>or contamination<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>materials<span style="letter-spacing:0.15pt;"> </span>or wastes.<span style="letter-spacing:0.05pt;"> </span>Although we<span style="letter-spacing:0.05pt;"> </span>maintain<span style="letter-spacing:0.1pt;"> </span>workers&#8217;<span style="letter-spacing:0.05pt;"> </span>compensation<span style="letter-spacing:0.1pt;"> </span>insurance<span style="letter-spacing:0.1pt;"> </span>to cover<span style="letter-spacing:0.05pt;"> </span>us for<span style="letter-spacing:0.05pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>and expenses<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>due to injuries<span style="letter-spacing:0.1pt;"> </span>to our<span style="letter-spacing:0.05pt;"> </span>employees<span style="letter-spacing:0.15pt;"> </span>resulting<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>of hazardous<span style="letter-spacing:0.05pt;"> </span>materials,<span style="letter-spacing:0.15pt;"> </span>this<span style="letter-spacing:0.05pt;"> </span>insurance<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not provide<span style="letter-spacing:0.05pt;"> </span>adequate<span style="letter-spacing:0.05pt;"> </span>coverage against<span style="letter-spacing:0.1pt;"> </span>potential<span style="letter-spacing:0.15pt;"> </span>liabilities.<span style="letter-spacing:0.2pt;"> </span>We do not carry<span style="letter-spacing:0.05pt;"> </span>specific<span style="letter-spacing:0.1pt;"> </span>biological<span style="letter-spacing:0.1pt;"> </span>or hazardous<span style="letter-spacing:0.05pt;"> </span>waste<span style="letter-spacing:0.05pt;"> </span>insurance<span style="letter-spacing:0.1pt;"> </span>coverage,<span style="letter-spacing:0.05pt;"> </span>and our property,<span style="letter-spacing:0.1pt;"> </span>casualty,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>general<span style="letter-spacing:0.1pt;"> </span>liability<span style="letter-spacing:0.2pt;"> </span>insurance<span style="letter-spacing:0.15pt;"> </span>policies<span style="letter-spacing:0.1pt;"> </span>specifically<span style="letter-spacing:0.15pt;"> </span>exclude<span style="letter-spacing:0.05pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>damages<span style="letter-spacing:0.05pt;"> </span>and fines arising from<span style="letter-spacing:2pt;"> </span>biological or hazardous waste exposure<span style="letter-spacing:2pt;"> </span>or contamination. <span style="letter-spacing:2.1pt;"> </span>Accordingly,<span style="letter-spacing:2pt;"> </span>in the<span style="letter-spacing:2pt;"> </span>event<span style="letter-spacing:2pt;"> </span>of contamination<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>injury,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>held<span style="letter-spacing:0.1pt;"> </span>liable<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>damages<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>penalized<span style="letter-spacing:0.1pt;"> </span>with fines<span style="letter-spacing:0.05pt;"> </span>in an amount<span style="letter-spacing:0.05pt;"> </span>exceeding our<span style="letter-spacing:0.05pt;"> </span>resources,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>approvals<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>suspended,<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have a material adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.1pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>in order<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with current<span style="letter-spacing:0.1pt;"> </span>or future<span style="letter-spacing:0.05pt;"> </span>environmental,<span style="letter-spacing:0.1pt;"> </span>health, and safety<span style="letter-spacing:0.1pt;"> </span>laws,<span style="letter-spacing:0.05pt;"> </span>regulations, and permitting requirements. <span style="letter-spacing:0.15pt;"> </span>These current<span style="letter-spacing:0.1pt;"> </span>or future laws, regulations,<span style="letter-spacing:0.1pt;"> </span>and permitting<span style="letter-spacing:1.55pt;"> </span>requirements<span style="letter-spacing:1.55pt;"> </span>may<span style="letter-spacing:1.45pt;"> </span>impair<span style="letter-spacing:1.5pt;"> </span>our<span style="letter-spacing:1.4pt;"> </span>research,<span style="letter-spacing:1.5pt;"> </span>development,<span style="letter-spacing:1.5pt;"> </span>or<span style="letter-spacing:1.35pt;"> </span>production<span style="letter-spacing:1.4pt;"> </span>efforts.<span style="letter-spacing:1.45pt;"> </span>Failure<span style="letter-spacing:1.4pt;"> </span>to<span style="letter-spacing:1.35pt;"> </span>comply<span style="letter-spacing:1.4pt;"> </span>with these<span style="letter-spacing:0.1pt;"> </span>laws,<span style="letter-spacing:0.05pt;"> </span>regulations,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>permitting<span style="letter-spacing:0.2pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in substantial<span style="letter-spacing:0.1pt;"> </span>fines,<span style="letter-spacing:0.05pt;"> </span>penalties,<span style="letter-spacing:0.1pt;"> </span>or other sanctions<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>disruption,<span style="letter-spacing:0.15pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition, results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>contract<span style="letter-spacing:0.15pt;"> </span>manufacturers<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>suppliers<span style="letter-spacing:0.15pt;"> </span>we engage<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>be subject<span style="letter-spacing:0.05pt;"> </span>to these<span style="letter-spacing:0.05pt;"> </span>and other environmental,<span style="letter-spacing:0.2pt;"> </span>health,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.1pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regulations.<span style="letter-spacing:0.15pt;"> </span>Liabilities<span style="letter-spacing:0.2pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>incur<span style="letter-spacing:0.1pt;"> </span>pursuant<span style="letter-spacing:0.05pt;"> </span>to these<span style="letter-spacing:0.05pt;"> </span>laws and regulations<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>costs<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>an interruption<span style="letter-spacing:0.15pt;"> </span>in operations,<span style="letter-spacing:0.1pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related<span style="letter-spacing:0.05pt;"> </span>to Our Relationships<span style="letter-spacing:0.05pt;"> </span>with Third Parties</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:2.4pt;"> </span>expect<span style="letter-spacing:2.45pt;"> </span>to<span style="letter-spacing:2.4pt;"> </span>rely<span style="letter-spacing:2.45pt;"> </span>on<span style="letter-spacing:2.4pt;"> </span>third<span style="letter-spacing:2.45pt;"> </span>parties<span style="letter-spacing:2.4pt;"> </span>to<span style="letter-spacing:2.35pt;"> </span>conduct<span style="letter-spacing:2.35pt;"> </span>our<span style="letter-spacing:2.35pt;"> </span>clinical<span style="letter-spacing:2.45pt;"> </span>trials<span style="letter-spacing:2.45pt;"> </span>and<span style="letter-spacing:2.35pt;"> </span>some<span style="letter-spacing:2.4pt;"> </span>aspects<span style="letter-spacing:2.4pt;"> </span>of<span style="letter-spacing:2.35pt;"> </span>our<span style="letter-spacing:2.35pt;"> </span>research<span style="letter-spacing:2.4pt;"> </span>and preclinical<span style="letter-spacing:0.8pt;"> </span>testing,<span style="letter-spacing:0.75pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>those<span style="letter-spacing:0.75pt;"> </span>third<span style="letter-spacing:0.75pt;"> </span>parties<span style="letter-spacing:0.75pt;"> </span>may<span style="letter-spacing:0.75pt;"> </span>not<span style="letter-spacing:0.7pt;"> </span>perform<span style="letter-spacing:0.75pt;"> </span>satisfactorily,<span style="letter-spacing:0.8pt;"> </span>including<span style="letter-spacing:0.7pt;"> </span>failing<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>meet<span style="letter-spacing:0.7pt;"> </span>deadlines for<span style="letter-spacing:0.05pt;"> </span>the completion<span style="letter-spacing:0.1pt;"> </span>of such trials,<span style="letter-spacing:0.1pt;"> </span>research,<span style="letter-spacing:0.05pt;"> </span>or testing.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.1pt;"> </span>currently<span style="letter-spacing:0.2pt;"> </span>rely<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>expect<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>continue<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties,<span style="letter-spacing:0.15pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>CROs, clinical<span style="letter-spacing:0.15pt;"> </span>data<span style="letter-spacing:0.1pt;"> </span>management organizations,<span style="letter-spacing:0.15pt;"> </span>medical<span style="letter-spacing:0.1pt;"> </span>institutions,<span style="letter-spacing:0.15pt;"> </span>and clinical<span style="letter-spacing:0.1pt;"> </span>investigators,<span style="letter-spacing:0.15pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>some<span style="letter-spacing:0.05pt;"> </span>aspects<span style="letter-spacing:0.05pt;"> </span>of our research<span style="letter-spacing:0.1pt;"> </span>and preclinical<span style="letter-spacing:0.2pt;"> </span>testing,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>expect<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>help<span style="letter-spacing:0.1pt;"> </span>conduct<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>planned<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials.<span style="letter-spacing:0.1pt;"> </span>Any of these third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>terminate<span style="letter-spacing:0.2pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>engagements<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>any time<span style="letter-spacing:0.05pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>criteria.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we need to enter<span style="letter-spacing:0.05pt;"> </span>into alternative<span style="letter-spacing:0.15pt;"> </span>arrangements,<span style="letter-spacing:0.15pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>delay<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>activities.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>reliance<span style="letter-spacing:0.1pt;"> </span>on these<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>and for<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.1pt;"> </span>and development<span style="letter-spacing:0.1pt;"> </span>activities<span style="letter-spacing:0.15pt;"> </span>will reduce<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>activities<span style="letter-spacing:0.15pt;"> </span>but will<span style="letter-spacing:0.05pt;"> </span>not relieve<span style="letter-spacing:0.1pt;"> </span>us of our responsibilities.<span style="letter-spacing:0.2pt;"> </span>For example,<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>remain responsible<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>ensuring<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>each<span style="letter-spacing:0.05pt;"> </span>of our clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>conducted<span style="letter-spacing:0.05pt;"> </span>in accordance<span style="letter-spacing:0.1pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>general<span style="letter-spacing:0.05pt;"> </span>investigational plan<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>protocols<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>trial.<span style="letter-spacing:0.15pt;"> </span>Moreover,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>authorities<span style="letter-spacing:0.15pt;"> </span>require<span style="letter-spacing:0.1pt;"> </span>us to comply <span style="letter-spacing:0.1pt;">with</span><span style="letter-spacing:0.05pt;"> </span>standards, <span style="letter-spacing:0.15pt;"> </span>commonly <span style="letter-spacing:0.05pt;"> </span>referred <span style="letter-spacing:0.1pt;"> </span>to&#160;&#160;as&#160;&#160;Good&#160;&#160;Clinical <span style="letter-spacing:0.1pt;"> </span>Practices, <span style="letter-spacing:0.1pt;"> </span>for <span style="letter-spacing:0.05pt;"> </span>conducting, <span style="letter-spacing:0.05pt;"> </span>recording, <span style="letter-spacing:0.1pt;"> </span>and reporting<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>assure<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>data<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>reported<span style="letter-spacing:0.15pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>credible<span style="letter-spacing:0.1pt;"> </span>and accurate<span style="letter-spacing:0.1pt;"> </span>and that<span style="letter-spacing:0.05pt;"> </span>the rights,<span style="letter-spacing:0.05pt;"> </span>integrity,<span style="letter-spacing:0.1pt;"> </span>and confidentiality<span style="letter-spacing:0.15pt;"> </span>of trial<span style="letter-spacing:0.1pt;"> </span>participants<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>protected.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>intend<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>design<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.15pt;"> </span>CROs<span style="letter-spacing:-0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>conduct<span style="letter-spacing:0.05pt;"> </span>some<span style="letter-spacing:0.05pt;"> </span>or all<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials.<span style="letter-spacing:0.1pt;"> </span>As a result,<span style="letter-spacing:0.1pt;"> </span>many<span style="letter-spacing:0.05pt;"> </span>important<span style="letter-spacing:0.1pt;"> </span>aspects<span style="letter-spacing:0.05pt;"> </span>of our development<span style="letter-spacing:0.1pt;"> </span>programs,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>conduct<span style="letter-spacing:0.05pt;"> </span>and timing,<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>outside<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>direct<span style="letter-spacing:0.1pt;"> </span>control.<span style="letter-spacing:0.05pt;"> </span>Our reliance<span style="letter-spacing:0.1pt;"> </span>on third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>current<span style="letter-spacing:0.1pt;"> </span>and future<span style="letter-spacing:0.05pt;"> </span>preclinical studies<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>less<span style="letter-spacing:0.1pt;"> </span>direct<span style="letter-spacing:0.15pt;"> </span>control<span style="letter-spacing:0.1pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>management<span style="letter-spacing:0.15pt;"> </span>of data<span style="letter-spacing:0.05pt;"> </span>developed through<span style="letter-spacing:1.05pt;"> </span>preclinical<span style="letter-spacing:1.15pt;"> </span>studies<span style="letter-spacing:1.05pt;"> </span>and<span style="letter-spacing:1pt;"> </span>clinical<span style="letter-spacing:1.1pt;"> </span>trials<span style="letter-spacing:1.1pt;"> </span>than<span style="letter-spacing:1.05pt;"> </span>would<span style="letter-spacing:1pt;"> </span>be<span style="letter-spacing:0.95pt;"> </span>the<span style="letter-spacing:1pt;"> </span>case<span style="letter-spacing:1pt;"> </span>if<span style="letter-spacing:1pt;"> </span>we<span style="letter-spacing:0.95pt;"> </span>were<span style="letter-spacing:0.95pt;"> </span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">relying</span><span style="letter-spacing:1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">entirely</span><span style="letter-spacing:1.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">upon</span><span style="letter-spacing:0.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">own staff.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Communicating</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">can</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">also</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">challenging,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">potentially</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">leading</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">mistakes</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as well</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as difficulties</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in coordinating</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">activities.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Third</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may:</span></p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">have staffing<span style="letter-spacing:0.1pt;"> </span>difficulties&#59;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">fail<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with contractual<span style="letter-spacing:0.1pt;"> </span>obligations&#59;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">experience<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>compliance<span style="letter-spacing:0.1pt;"> </span>issues&#59;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">undergo<span style="letter-spacing:0.05pt;"> </span>changes<span style="letter-spacing:0.05pt;"> </span>in priorities<span style="letter-spacing:0.15pt;"> </span>or become<span style="letter-spacing:0.05pt;"> </span>financially<span style="letter-spacing:0.15pt;"> </span>distressed&#59;<span style="letter-spacing:0.15pt;"> </span>or</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">form<span style="letter-spacing:0.05pt;"> </span>relationships<span style="letter-spacing:0.15pt;"> </span>with other<span style="letter-spacing:0.05pt;"> </span>entities,<span style="letter-spacing:0.1pt;"> </span>some<span style="letter-spacing:0.05pt;"> </span>of which may<span style="letter-spacing:0.05pt;"> </span>be our competitors.</p></td></tr></table></div>
<p style="margin-top:0pt;line-height:12pt;margin-bottom:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These<span style="letter-spacing:0.05pt;"> </span>factors<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>materially<span style="letter-spacing:0.15pt;"> </span>adversely<span style="letter-spacing:0.1pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>willingness<span style="letter-spacing:0.1pt;"> </span>or ability<span style="letter-spacing:0.1pt;"> </span>of third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>our preclinical<span style="letter-spacing:0.2pt;"> </span>studies<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>us to unexpected<span style="letter-spacing:0.05pt;"> </span>cost<span style="letter-spacing:0.05pt;"> </span>increases<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>beyond our control. If<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>CROs and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>perform<span style="letter-spacing:0.15pt;"> </span>preclinical<span style="letter-spacing:0.2pt;"> </span>studies<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>in a satisfactory manner, <span style="letter-spacing:0.6pt;">breach </span>their obligations to us or fail to comply with<span style="letter-spacing:0.5pt;"> </span>regulatory requirements, the development, regulatory<span style="letter-spacing:0.15pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be delayed,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>and commercialize<span style="letter-spacing:0.2pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>or our development<span style="letter-spacing:0.05pt;"> </span>programs<span style="letter-spacing:0.05pt;"> </span>may be materially<span style="letter-spacing:1.7pt;"> </span>and<span style="letter-spacing:1.55pt;"> </span>irreversibly<span style="letter-spacing:1.7pt;"> </span>harmed.<span style="letter-spacing:1.6pt;"> </span>If<span style="letter-spacing:1.6pt;"> </span>we<span style="letter-spacing:1.55pt;"> </span>are<span style="letter-spacing:1.6pt;"> </span>unable<span style="letter-spacing:1.6pt;"> </span>to<span style="letter-spacing:1.55pt;"> </span>rely<span style="letter-spacing:1.6pt;"> </span>on<span style="letter-spacing:1.55pt;"> </span>preclinical<span style="letter-spacing:1.7pt;"> </span>and<span style="letter-spacing:1.55pt;"> </span>clinical<span style="letter-spacing:1.65pt;"> </span>data<span style="letter-spacing:1.6pt;"> </span>collected<span style="letter-spacing:1.6pt;"> </span>by<span style="letter-spacing:1.5pt;"> </span>our CROs and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>repeat,<span style="letter-spacing:0.1pt;"> </span>extend<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>duration<span style="letter-spacing:0.1pt;"> </span>of,<span style="letter-spacing:0.05pt;"> </span>or increase<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>size<span style="letter-spacing:0.05pt;"> </span>of any preclinical<span style="letter-spacing:0.2pt;"> </span>studies<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>conduct<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>this<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>significantly<span style="letter-spacing:0.15pt;"> </span>delay<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>and require greater<span style="letter-spacing:0.15pt;"> </span>expenditures,<span style="letter-spacing:0.15pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.2pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>of operation<span style="letter-spacing:0.1pt;">s</span>, and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>expect<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>store<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>distribute<span style="letter-spacing:0.15pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>supplies<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>our clinical<span style="letter-spacing:0.1pt;"> </span>trials.<span style="letter-spacing:0.1pt;"> </span>Any performance<span style="letter-spacing:0.15pt;"> </span>failure<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>part<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>distributors<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>delay<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>or marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of our product <span style="letter-spacing:0.05pt;">candidates</span> or commercialization<span style="letter-spacing:0.2pt;"> </span>of our therapies, producing additional losses and depriving us<span style="letter-spacing:2.45pt;"> </span>of potential<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>revenue.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Dr.<span style="letter-spacing:0.05pt;"> Matthew </span>Porteus,<span style="letter-spacing:0.1pt;"> </span>our co-founder<span style="letter-spacing:0.05pt;"> </span>and a member<span style="letter-spacing:0.05pt;"> </span>of our board of directors,<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>have actual<span style="letter-spacing:0.05pt;"> </span>or potential<span style="letter-spacing:0.1pt;"> </span>conflicts<span style="letter-spacing:0.1pt;"> </span>of interest<span style="letter-spacing:0.1pt;"> </span>because<span style="letter-spacing:0.05pt;"> </span>of his position<span style="letter-spacing:0.05pt;"> </span>with Stanford.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dr.<span style="letter-spacing:2pt;"> </span>Porteus<span style="letter-spacing:2.05pt;"> </span>serves<span style="letter-spacing:2.05pt;"> </span>on<span style="letter-spacing:2pt;"> </span>our<span style="letter-spacing:1.95pt;"> </span>board<span style="letter-spacing:2pt;"> </span>of<span style="letter-spacing:1.95pt;"> </span>directors,<span style="letter-spacing:2.05pt;"> </span>our<span style="letter-spacing:1.95pt;"> </span>Scientific<span style="letter-spacing:2.05pt;"> </span>&#38; Clinical<span style="letter-spacing:0.15pt;"> </span>Advisory<span style="letter-spacing:0.1pt;"> </span>Board<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>paid<span style="letter-spacing:0.1pt;"> </span>consultant<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>retains<span style="letter-spacing:0.1pt;"> </span>his<span style="letter-spacing:0.05pt;"> </span>position<span style="letter-spacing:0.05pt;"> </span>and affiliation<span style="letter-spacing:0.15pt;"> </span>with Stanford. Furthermore,<span style="letter-spacing:0.1pt;"> </span>Dr. Porteus<span style="letter-spacing:0.05pt;"> </span>holds<span style="letter-spacing:0.05pt;"> </span>shares<span style="letter-spacing:0.05pt;"> </span>of our restricted<span style="letter-spacing:0.15pt;"> </span>common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to vesting<span style="letter-spacing:0.05pt;"> </span>based,<span style="letter-spacing:0.05pt;"> </span>among<span style="letter-spacing:0.05pt;"> </span>other things,<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>his<span style="letter-spacing:0.05pt;"> </span>continued<span style="letter-spacing:0.05pt;"> </span>service<span style="letter-spacing:0.1pt;"> </span>to us as a director,<span style="letter-spacing:0.1pt;"> </span>employee<span style="letter-spacing:0.05pt;"> </span>or consultant.<span style="letter-spacing:0.1pt;"> </span>Dr. Porteus&#8217;<span style="letter-spacing:0.05pt;"> </span>position<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>Stanford creates,<span style="letter-spacing:0.1pt;"> </span>or may<span style="letter-spacing:0.05pt;"> </span>create<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>appearance<span style="letter-spacing:0.1pt;"> </span>of, conflicts<span style="letter-spacing:0.1pt;"> </span>of interest<span style="letter-spacing:0.1pt;"> </span>when we ask Dr. Porteus<span style="letter-spacing:0.05pt;"> </span>to make<span style="letter-spacing:0.05pt;"> </span>decisions<span style="letter-spacing:0.1pt;"> </span>that could<span style="letter-spacing:0.05pt;"> </span>have different<span style="letter-spacing:0.1pt;"> </span>implications<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>Stanford<span style="letter-spacing:0.05pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>decisions<span style="letter-spacing:0.1pt;"> </span>have for<span style="letter-spacing:0.05pt;"> </span>us or for<span style="letter-spacing:0.05pt;"> </span>himself,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>decisions related<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>license<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>intellectual<span style="letter-spacing:1.4pt;"> </span>property<span style="letter-spacing:1.3pt;"> </span>rights<span style="letter-spacing:1.3pt;"> </span>from<span style="letter-spacing:1.3pt;"> </span>Stanford<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>other<span style="letter-spacing:1.3pt;"> </span>contractual<span style="letter-spacing:1.35pt;"> </span>relationships<span style="letter-spacing:1.4pt;"> </span>we<span style="letter-spacing:1.2pt;"> </span>may enter<span style="letter-spacing:0.05pt;"> </span>into<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>to time<span style="letter-spacing:0.05pt;"> </span>with Stanford.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>contract<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the manufacture<span style="letter-spacing:0.05pt;"> </span>of materials<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our research<span style="letter-spacing:0.05pt;"> </span>programs<span style="letter-spacing:0.05pt;"> </span>and preclinical studies<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>expect<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>continue<span style="letter-spacing:0.05pt;"> </span>to do so for<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>and for<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates. This<span style="letter-spacing:0.05pt;"> </span>reliance<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>increases<span style="letter-spacing:0.05pt;"> </span>the risk<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>not have sufficient<span style="letter-spacing:0.1pt;"> </span>quantities<span style="letter-spacing:0.1pt;"> </span>of such materials, product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialize,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>supply<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>not be available<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>acceptable<span style="letter-spacing:0.15pt;"> </span>cost<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>timelines,<span style="letter-spacing:0.15pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>delay,<span style="letter-spacing:0.1pt;"> </span>prevent,<span style="letter-spacing:0.05pt;"> </span>or impair<span style="letter-spacing:0.05pt;"> </span>our development<span style="letter-spacing:0.1pt;"> </span>or commercialization<span style="letter-spacing:0.2pt;"> </span>efforts.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We do not have any manufacturing<span style="letter-spacing:0.15pt;"> </span>facilities<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>present<span style="letter-spacing:0.05pt;"> </span>time.<span style="letter-spacing:0.05pt;"> </span>We currently<span style="letter-spacing:0.1pt;"> </span>rely<span style="letter-spacing:0.05pt;"> </span>on third-party manufacturers<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.1pt;"> </span>of materials<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our research<span style="letter-spacing:0.1pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>and preclinical<span style="letter-spacing:0.15pt;"> </span>studies,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>our viral<span style="letter-spacing:0.1pt;"> </span>vectors,<span style="letter-spacing:0.1pt;"> </span>GMP<span style="letter-spacing:0.05pt;"> </span>plasmids,<span style="letter-spacing:0.15pt;"> </span>RNA guides<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Cas9, and expect<span style="letter-spacing:0.05pt;"> </span>to continue<span style="letter-spacing:0.05pt;"> </span>to rely<span style="letter-spacing:0.05pt;"> </span>on third<span style="letter-spacing:0.05pt;"> </span>parties,<span style="letter-spacing:0.1pt;"> </span>including Stanford,<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our planned<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>and for<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of any product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>which we obtain marketing<span style="letter-spacing:0.15pt;"> </span>approval.<span style="letter-spacing:0.1pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>to manufacture<span style="letter-spacing:0.1pt;"> </span>viral<span style="letter-spacing:0.05pt;"> </span>vectors.<span style="letter-spacing:0.05pt;"> </span>We do not have a long term<span style="letter-spacing:0.1pt;"> </span>supply<span style="letter-spacing:0.1pt;"> </span>agreement<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>manufacturers,<span style="letter-spacing:0.2pt;"> </span>and we purchase<span style="letter-spacing:0.05pt;"> </span>our required<span style="letter-spacing:0.1pt;"> </span>supply<span style="letter-spacing:0.05pt;"> </span>on a purchase<span style="letter-spacing:0.1pt;"> </span>order<span style="letter-spacing:0.1pt;"> </span>basis,<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>means<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>aside<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>binding<span style="letter-spacing:0.1pt;"> </span>purchase<span style="letter-spacing:0.1pt;"> </span>orders<span style="letter-spacing:0.1pt;"> </span>we have from<span style="letter-spacing:0.05pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>to time,<span style="letter-spacing:0.05pt;"> </span>our third-party<span style="letter-spacing:0.2pt;"> </span>manufacturers<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>cease<span style="letter-spacing:0.1pt;"> </span>manufacturing<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>change<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>terms<span style="letter-spacing:0.15pt;"> </span>on which they<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>willing<span style="letter-spacing:0.05pt;"> </span>to continue<span style="letter-spacing:0.05pt;"> </span>manufacturing<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>us at<span style="letter-spacing:0.05pt;"> </span>any time.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:1.3pt;"> </span>may<span style="letter-spacing:1.35pt;"> </span>be<span style="letter-spacing:1.3pt;"> </span>unable<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.3pt;"> </span>establish<span style="letter-spacing:1.4pt;"> </span>any<span style="letter-spacing:1.25pt;"> </span>agreements<span style="letter-spacing:1.35pt;"> </span>with<span style="letter-spacing:1.25pt;"> </span>third-party<span style="letter-spacing:1.4pt;"> </span>manufacturers<span style="letter-spacing:1.4pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>do<span style="letter-spacing:1.25pt;"> </span>so<span style="letter-spacing:1.25pt;"> </span>on<span style="letter-spacing:1.25pt;"> </span>acceptable terms<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>one<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>of our material<span style="letter-spacing:0.15pt;"> </span>needs.<span style="letter-spacing:0.05pt;"> </span>Even if<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.05pt;"> </span>to establish<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>with third-party manufacturers,<span style="letter-spacing:0.15pt;"> </span>reliance<span style="letter-spacing:0.1pt;"> </span>on third-party<span style="letter-spacing:0.15pt;"> </span>manufacturers<span style="letter-spacing:0.15pt;"> </span>entails<span style="letter-spacing:0.1pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>risks,<span style="letter-spacing:0.05pt;"> </span>including:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.4pt;"> </span>possible<span style="letter-spacing:0.4pt;"> </span>failure<span style="letter-spacing:0.45pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.35pt;"> </span>third<span style="letter-spacing:0.35pt;"> </span>party<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.3pt;"> </span>manufacture<span style="letter-spacing:0.4pt;"> </span>our<span style="letter-spacing:0.3pt;"> </span>product<span style="letter-spacing:0.35pt;"> </span>candidates<span style="letter-spacing:0.4pt;"> </span>according<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.3pt;"> </span>our<span style="letter-spacing:0.3pt;"> </span>schedule, or<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>all,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>party<span style="letter-spacing:0.1pt;"> </span>gives<span style="letter-spacing:0.1pt;"> </span>greater<span style="letter-spacing:0.15pt;"> </span>priority<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>supply<span style="letter-spacing:0.05pt;"> </span>of other<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>otherwise<span style="letter-spacing:0.05pt;"> </span>do not satisfactorily<span style="letter-spacing:0.2pt;"> </span>perform<span style="letter-spacing:0.1pt;"> </span>according<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>terms<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>agreements between<span style="letter-spacing:0.05pt;"> </span>us and them&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>possible<span style="letter-spacing:0.05pt;"> </span>breach<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>manufacturing<span style="letter-spacing:0.15pt;"> </span>agreement<span style="letter-spacing:0.1pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>party&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the <span style="letter-spacing:1.75pt;"> </span>possible <span style="letter-spacing:1.75pt;"> </span>misappropriation <span style="letter-spacing:1.85pt;"> </span>of <span style="letter-spacing:1.65pt;"> </span>our <span style="letter-spacing:1.65pt;"> </span>proprietary <span style="letter-spacing:1.75pt;"> </span>information, <span style="letter-spacing:1.8pt;"> </span>including <span style="letter-spacing:1.7pt;"> </span>our <span style="letter-spacing:1.65pt;"> </span>trade <span style="letter-spacing:1.7pt;"> </span>secrets <span style="letter-spacing:1.75pt;"> </span>and know-how&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:1pt;"> </span>possible<span style="letter-spacing:1pt;"> </span>termination<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:0.95pt;"> </span>nonrenewal<span style="letter-spacing:1pt;"> </span>of<span style="letter-spacing:0.95pt;"> </span>the<span style="letter-spacing:1pt;"> </span>agreement<span style="letter-spacing:1.05pt;"> </span>by<span style="letter-spacing:0.95pt;"> </span>the<span style="letter-spacing:1pt;"> </span>third<span style="letter-spacing:1pt;"> </span>party<span style="letter-spacing:1pt;"> </span>at<span style="letter-spacing:1pt;"> </span>a<span style="letter-spacing:0.9pt;"> </span>time<span style="letter-spacing:0.95pt;"> </span>that<span style="letter-spacing:0.95pt;"> </span>is<span style="letter-spacing:0.95pt;"> </span>costly<span style="letter-spacing:0.95pt;"> </span>or inconvenient<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>us&#59;<span style="letter-spacing:0.05pt;"> </span>and</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">reliance<span style="letter-spacing:0.5pt;"> </span>on<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>third<span style="letter-spacing:0.45pt;"> </span>party<span style="letter-spacing:0.4pt;"> </span>for<span style="letter-spacing:0.4pt;"> </span>regulatory<span style="letter-spacing:0.45pt;"> </span>compliance,<span style="letter-spacing:0.45pt;"> </span>quality<span style="letter-spacing:0.4pt;"> </span>assurance,<span style="letter-spacing:0.45pt;"> </span>safety,<span style="letter-spacing:0.4pt;"> </span>and<span style="letter-spacing:0.35pt;"> </span>pharmacovigilance and related<span style="letter-spacing:0.1pt;"> </span>reporting.</p></td></tr></table></div>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Third-party<span style="letter-spacing:0.15pt;"> </span>manufacturers<span style="letter-spacing:0.2pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.05pt;"> </span>with cGMP regulations<span style="letter-spacing:0.1pt;"> </span>or similar<span style="letter-spacing:0.1pt;"> </span>regulatory requirements<span style="letter-spacing:1.35pt;"> </span>outside<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>United<span style="letter-spacing:1.25pt;"> </span>States.<span style="letter-spacing:1.25pt;"> </span>Our<span style="letter-spacing:1.2pt;"> </span>failure,<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>failure<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>third-party<span style="letter-spacing:1.35pt;"> </span>manufacturers,<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>comply with<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in sanctions<span style="letter-spacing:0.1pt;"> </span>being<span style="letter-spacing:0.05pt;"> </span>imposed<span style="letter-spacing:0.05pt;"> </span>on us, including<span style="letter-spacing:0.05pt;"> </span>fines,<span style="letter-spacing:0.05pt;"> </span>injunctions,<span style="letter-spacing:0.1pt;"> </span>civil penalties,<span style="letter-spacing:0.15pt;"> </span>delays,<span style="letter-spacing:0.1pt;"> </span>suspension<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>withdrawal<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>approvals,<span style="letter-spacing:0.1pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>revocations,<span style="letter-spacing:0.15pt;"> </span>seizures<span style="letter-spacing:0.1pt;"> </span>or recalls<span style="letter-spacing:0.1pt;"> </span>of product candidates,<span style="letter-spacing:2pt;"> </span>operating<span style="letter-spacing:2pt;"> </span>restrictions,<span style="letter-spacing:2.05pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>criminal<span style="letter-spacing:2pt;"> </span>prosecutions,<span style="letter-spacing:2pt;"> </span>any<span style="letter-spacing:1.9pt;"> </span>of<span style="letter-spacing:1.9pt;"> </span>which<span style="letter-spacing:1.9pt;"> </span>could<span style="letter-spacing:1.95pt;"> </span>significantly<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.85pt;"> </span>adversely affect<span style="letter-spacing:0.1pt;"> </span>supplies<span style="letter-spacing:0.05pt;"> </span>of our products<span style="letter-spacing:0.05pt;"> </span>and harm<span style="letter-spacing:0.05pt;"> </span>our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>compete<span style="letter-spacing:0.05pt;"> </span>with other<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and products<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>access<span style="letter-spacing:0.05pt;"> </span>to manufacturing<span style="letter-spacing:0.2pt;"> </span>facilities.<span style="letter-spacing:0.2pt;"> </span>There<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.1pt;"> </span>number<span style="letter-spacing:0.05pt;"> </span>of suppliers<span style="letter-spacing:0.1pt;"> </span>or manufacturers<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>operate<span style="letter-spacing:0.05pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>cGMP regulations<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.15pt;"> </span>might<span style="letter-spacing:0.15pt;"> </span>be<span style="letter-spacing:0.1pt;"> </span>capable<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>manufacturing<span style="letter-spacing:0.25pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>us.<span style="letter-spacing:0.05pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>three<span style="letter-spacing:0.1pt;"> </span>vaccines<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>COVID-19 were granted<span style="letter-spacing:0.15pt;"> </span>Emergency<span style="letter-spacing:0.15pt;"> </span>Use<span style="letter-spacing:0.1pt;"> </span>Authorization<span style="letter-spacing:0.15pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA in<span style="letter-spacing:0.05pt;"> </span>late<span style="letter-spacing:0.1pt;"> </span>2020<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>early<span style="letter-spacing:0.1pt;"> </span>2021,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>likely<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be authorized<span style="letter-spacing:1.15pt;"> </span>in<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>coming<span style="letter-spacing:1.1pt;"> </span>months.<span style="letter-spacing:1.1pt;"> </span>The<span style="letter-spacing:1.05pt;"> </span>resultant<span style="letter-spacing:1.1pt;"> </span>demand<span style="letter-spacing:1.05pt;"> </span>for<span style="letter-spacing:1.05pt;"> </span>vaccines<span style="letter-spacing:1.05pt;"> </span>and<span style="letter-spacing:1pt;"> </span>potential<span style="letter-spacing:1.1pt;"> </span>for<span style="letter-spacing:1.05pt;"> </span>manufacturing<span style="letter-spacing:1.15pt;"> </span>facilities and<span style="letter-spacing:0.05pt;"> </span>materials<span style="letter-spacing:0.2pt;"> </span>to be commandeered<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Defense<span style="letter-spacing:0.05pt;"> </span>Production<span style="letter-spacing:0.05pt;"> </span>Act of 1950, or equivalent<span style="letter-spacing:0.1pt;"> </span>foreign<span style="letter-spacing:0.05pt;"> </span>legislation, may<span style="letter-spacing:1.25pt;"> </span>make<span style="letter-spacing:1.25pt;"> </span>it<span style="letter-spacing:1.25pt;"> </span>more<span style="letter-spacing:1.25pt;"> </span>difficult<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>obtain<span style="letter-spacing:1.2pt;"> </span>materials<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.15pt;"> </span>manufacturing<span style="letter-spacing:1.3pt;"> </span>slots<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>products<span style="letter-spacing:1.2pt;"> </span>needed<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>clinical trials,<span style="letter-spacing:0.1pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>lead<span style="letter-spacing:0.05pt;"> </span>to delays<span style="letter-spacing:0.05pt;"> </span>in these<span style="letter-spacing:0.05pt;"> </span>trials.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:1.25pt;"> </span>performance<span style="letter-spacing:1.35pt;"> </span>failure<span style="letter-spacing:1.35pt;"> </span>on the<span style="letter-spacing:1.3pt;"> </span>part of our existing or future manufacturers<span style="letter-spacing:1.4pt;"> </span>could<span style="letter-spacing:1.3pt;"> </span>delay clinical development<span style="letter-spacing:1.15pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>marketing<span style="letter-spacing:1.15pt;"> </span>approval.<span style="letter-spacing:1.1pt;"> </span>We<span style="letter-spacing:1.05pt;"> </span>do<span style="letter-spacing:1.05pt;"> </span>not<span style="letter-spacing:1pt;"> </span>currently<span style="letter-spacing:1.1pt;"> </span>have<span style="letter-spacing:1pt;"> </span>arrangements<span style="letter-spacing:1.15pt;"> </span>in<span style="letter-spacing:1pt;"> </span>place<span style="letter-spacing:1.05pt;"> </span>for<span style="letter-spacing:1.05pt;"> </span>redundant<span style="letter-spacing:1.05pt;"> </span>supply<span style="letter-spacing:1.05pt;"> </span>for bulk<span style="letter-spacing:0.05pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>substances.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>any one of our current<span style="letter-spacing:0.1pt;"> </span>contract<span style="letter-spacing:0.1pt;"> </span>manufacturer<span style="letter-spacing:0.15pt;"> </span>cannot<span style="letter-spacing:0.05pt;"> </span>perform<span style="letter-spacing:0.1pt;"> </span>as agreed,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>be required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>replace<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>manufacturer,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>forced<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>materials<span style="letter-spacing:0.2pt;"> </span>ourselves,<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>which we may<span style="letter-spacing:0.05pt;"> </span>not have the<span style="letter-spacing:0.05pt;"> </span>capabilities<span style="letter-spacing:0.15pt;"> </span>or resources,<span style="letter-spacing:0.1pt;"> </span>or enter<span style="letter-spacing:0.05pt;"> </span>into<span style="letter-spacing:0.05pt;"> </span>an agreement<span style="letter-spacing:0.1pt;"> </span>with a different<span style="letter-spacing:0.1pt;"> </span>third-party<span style="letter-spacing:0.1pt;"> </span>manufacturer, which<span style="letter-spacing:0.55pt;"> </span>we<span style="letter-spacing:0.55pt;"> </span>may<span style="letter-spacing:0.6pt;"> </span>not<span style="letter-spacing:0.55pt;"> </span>be<span style="letter-spacing:0.55pt;"> </span>able<span style="letter-spacing:0.55pt;"> </span>to<span style="letter-spacing:0.5pt;"> </span>do<span style="letter-spacing:0.5pt;"> </span>on<span style="letter-spacing:0.5pt;"> </span>reasonable<span style="letter-spacing:0.6pt;"> </span>terms,<span style="letter-spacing:0.6pt;"> </span>if<span style="letter-spacing:0.55pt;"> </span>at<span style="letter-spacing:0.55pt;"> </span>all.<span style="letter-spacing:0.55pt;"> </span>In<span style="letter-spacing:0.5pt;"> </span>either<span style="letter-spacing:0.6pt;"> </span>scenario,<span style="letter-spacing:0.6pt;"> </span>our<span style="letter-spacing:0.5pt;"> </span>clinical<span style="letter-spacing:0.6pt;"> </span>trials<span style="letter-spacing:0.6pt;"> </span>supply<span style="letter-spacing:0.55pt;"> </span>could be delayed<span style="letter-spacing:0.05pt;"> </span>significantly<span style="letter-spacing:0.15pt;"> </span>as we establish<span style="letter-spacing:0.1pt;"> </span>alternative<span style="letter-spacing:0.15pt;"> </span>supply<span style="letter-spacing:0.05pt;"> </span>sources.<span style="letter-spacing:0.05pt;"> </span>In some<span style="letter-spacing:0.05pt;"> </span>cases, the technical<span style="letter-spacing:0.05pt;"> </span>skills<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.05pt;"> </span>to manufacture<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be unique<span style="letter-spacing:0.05pt;"> </span>or proprietary<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>original<span style="letter-spacing:0.1pt;"> </span>third-party manufacturer and we may have<span style="letter-spacing:0.05pt;"> </span>difficulty, or there<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be contractual<span style="letter-spacing:0.1pt;"> </span>restrictions prohibiting us from, transferring<span style="letter-spacing:0.15pt;"> </span>such skills<span style="letter-spacing:0.1pt;"> </span>to a back-up<span style="letter-spacing:0.05pt;"> </span>or alternate<span style="letter-spacing:0.1pt;"> </span>supplier,<span style="letter-spacing:0.1pt;"> </span>or we may<span style="letter-spacing:0.05pt;"> </span>be unable<span style="letter-spacing:0.05pt;"> </span>to transfer<span style="letter-spacing:0.1pt;"> </span>such skills<span style="letter-spacing:0.1pt;"> </span>at all. In addition,<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>change<span style="letter-spacing:0.1pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>manufacturers<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>any reason,<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>be required<span style="letter-spacing:0.1pt;"> </span>to verify<span style="letter-spacing:0.05pt;"> </span>that the<span style="letter-spacing:0.1pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.15pt;"> </span>manufacturer<span style="letter-spacing:0.15pt;"> </span>maintains<span style="letter-spacing:0.1pt;"> </span>facilities<span style="letter-spacing:0.15pt;"> </span>and procedures<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.05pt;"> </span>with quality<span style="letter-spacing:0.05pt;"> </span>standards<span style="letter-spacing:0.1pt;"> </span>and with all<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>regulations.<span style="letter-spacing:0.1pt;"> </span>We will<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>need to verify,<span style="letter-spacing:0.05pt;"> </span>such as through<span style="letter-spacing:0.05pt;"> </span>a manufacturing<span style="letter-spacing:0.15pt;"> </span>comparability<span style="letter-spacing:0.15pt;"> </span>study,<span style="letter-spacing:0.05pt;"> </span>that any<span style="letter-spacing:0.05pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>manufacturing<span style="letter-spacing:0.2pt;"> </span>process<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>produce<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.15pt;"> </span>according<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>specifications<span style="letter-spacing:0.15pt;"> </span>previously submitted<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>FDA or<span style="letter-spacing:0.05pt;"> </span>another<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>authority.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>delays<span style="letter-spacing:0.1pt;"> </span>associated<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>verification<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>third- party<span style="letter-spacing:0.1pt;"> </span>manufacturer<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>negatively<span style="letter-spacing:0.15pt;"> </span>affect<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>or commercialize<span style="letter-spacing:0.2pt;"> </span>our products<span style="letter-spacing:0.05pt;"> </span>in a timely<span style="letter-spacing:0.1pt;"> </span>manner<span style="letter-spacing:0.05pt;"> </span>or within<span style="letter-spacing:0.05pt;"> </span>budget.<span style="letter-spacing:0.05pt;"> </span>Furthermore,<span style="letter-spacing:0.1pt;"> </span>a third-party<span style="letter-spacing:0.15pt;"> </span>manufacturer<span style="letter-spacing:0.1pt;"> </span>may possess technology related<span style="letter-spacing:0.15pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>such third-party<span style="letter-spacing:0.15pt;"> </span>manufacturer<span style="letter-spacing:0.15pt;"> </span>owns independently.<span style="letter-spacing:0.1pt;"> </span>This would<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>reliance<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>manufacturer<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>require<span style="letter-spacing:0.1pt;"> </span>us to obtain<span style="letter-spacing:0.05pt;"> </span>a license<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>such third- party<span style="letter-spacing:0.1pt;"> </span>manufacturer<span style="letter-spacing:0.15pt;"> </span>in order<span style="letter-spacing:0.05pt;"> </span>to have another<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.15pt;"> </span>manufacturer<span style="letter-spacing:0.15pt;"> </span>manufacture<span style="letter-spacing:0.1pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:1.75pt;"> </span>changes<span style="letter-spacing:1.75pt;"> </span>in<span style="letter-spacing:1.7pt;"> </span>manufacturers<span style="letter-spacing:1.85pt;"> </span>often<span style="letter-spacing:1.75pt;"> </span>involve<span style="letter-spacing:1.75pt;"> </span>changes<span style="letter-spacing:1.75pt;"> </span>in<span style="letter-spacing:1.7pt;"> </span>manufacturing<span style="letter-spacing:1.85pt;"> </span>procedures<span style="letter-spacing:1.8pt;"> </span>and<span style="letter-spacing:1.7pt;"> </span>processes,<span style="letter-spacing:1.75pt;"> </span>which could<span style="letter-spacing:1.05pt;"> </span>require<span style="letter-spacing:1.1pt;"> </span>that<span style="letter-spacing:1.05pt;"> </span>we<span style="letter-spacing:1pt;"> </span>conduct<span style="letter-spacing:1.05pt;"> </span>bridging<span style="letter-spacing:1.05pt;"> </span>studies<span style="letter-spacing:1.05pt;"> </span>between<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1pt;"> </span>prior<span style="letter-spacing:1pt;"> </span>clinical<span style="letter-spacing:1.05pt;"> </span>supply<span style="letter-spacing:1pt;"> </span>used<span style="letter-spacing:0.95pt;"> </span>in<span style="letter-spacing:0.95pt;"> </span>our<span style="letter-spacing:0.95pt;"> </span>clinical<span style="letter-spacing:1.05pt;"> </span>trials<span style="letter-spacing:1.05pt;"> </span>and that<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>manufacturer.<span style="letter-spacing:0.2pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>unsuccessful<span style="letter-spacing:0.1pt;"> </span>in demonstrating<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>comparability<span style="letter-spacing:0.15pt;"> </span>of clinical<span style="letter-spacing:0.1pt;"> </span>supplies which could<span style="letter-spacing:0.05pt;"> </span>require<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>conduct<span style="letter-spacing:0.05pt;"> </span>of additional<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>current<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>anticipated<span style="letter-spacing:0.15pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>dependence<span style="letter-spacing:0.1pt;"> </span>upon<span style="letter-spacing:0.05pt;"> </span>others<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or any<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>adversely<span style="letter-spacing:0.15pt;"> </span>affect<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>profit<span style="letter-spacing:0.1pt;"> </span>margins<span style="letter-spacing:0.1pt;"> </span>and our ability<span style="letter-spacing:0.1pt;"> </span>to commercialize<span style="letter-spacing:0.2pt;"> </span>any products<span style="letter-spacing:0.05pt;"> </span>that receive<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>on a timely<span style="letter-spacing:0.1pt;"> </span>and competitive<span style="letter-spacing:0.15pt;"> </span>basis.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>enter<span style="letter-spacing:0.1pt;"> </span>into<span style="letter-spacing:0.1pt;"> </span>collaborations<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the research,<span style="letter-spacing:0.05pt;"> </span>development,<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>of certain<span style="letter-spacing:0.75pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>the<span style="letter-spacing:0.7pt;"> </span>product<span style="letter-spacing:0.75pt;"> </span>candidates<span style="letter-spacing:0.75pt;"> </span>we<span style="letter-spacing:0.7pt;"> </span>may<span style="letter-spacing:0.75pt;"> </span>develop.<span style="letter-spacing:0.75pt;"> </span>If<span style="letter-spacing:0.75pt;"> </span>any<span style="letter-spacing:0.7pt;"> </span>such<span style="letter-spacing:0.7pt;"> </span>collaborations<span style="letter-spacing:0.8pt;"> </span>are<span style="letter-spacing:0.7pt;"> </span>not<span style="letter-spacing:0.7pt;"> </span>successful,<span style="letter-spacing:0.8pt;"> </span>we<span style="letter-spacing:0.7pt;"> </span>may<span style="letter-spacing:0.7pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to capitalize<span style="letter-spacing:0.1pt;"> </span>on the market<span style="letter-spacing:0.05pt;"> </span>potential<span style="letter-spacing:0.1pt;"> </span>of those<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6.5pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.95pt;"> </span>may<span style="letter-spacing:1pt;"> </span>seek<span style="letter-spacing:1pt;"> </span>third-party<span style="letter-spacing:1.1pt;"> </span>collaborators<span style="letter-spacing:1.1pt;"> </span>for<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1pt;"> </span>research,<span style="letter-spacing:1.05pt;"> </span>development,<span style="letter-spacing:1pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>commercialization<span style="letter-spacing:1.1pt;"> </span>of<span style="letter-spacing:0.9pt;"> </span>certain<span style="letter-spacing:1pt;"> </span>of the<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>develop.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>enter<span style="letter-spacing:0.1pt;"> </span>into<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>arrangements<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties,<span style="letter-spacing:0.1pt;"> </span>we will likely<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.15pt;"> </span>control<span style="letter-spacing:0.1pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>amount<span style="letter-spacing:0.05pt;"> </span>and timing<span style="letter-spacing:0.1pt;"> </span>of resources<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our collaborators<span style="letter-spacing:0.15pt;"> </span>dedicate<span style="letter-spacing:0.1pt;"> </span>to the development<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.05pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>with them.<span style="letter-spacing:0.05pt;"> </span>Our ability<span style="letter-spacing:0.1pt;"> </span>to generate<span style="letter-spacing:0.1pt;"> </span>revenues<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>arrangements<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>depend on our collaborators&#8217;<span style="letter-spacing:0.15pt;"> </span>abilities<span style="letter-spacing:0.15pt;"> </span>to successfully<span style="letter-spacing:0.1pt;"> </span>perform<span style="letter-spacing:0.05pt;"> </span>the functions<span style="letter-spacing:1.25pt;"> </span>assigned<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>them<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.15pt;"> </span>these<span style="letter-spacing:1.2pt;"> </span>arrangements.<span style="letter-spacing:1.3pt;"> </span>We<span style="letter-spacing:1.15pt;"> </span>cannot<span style="letter-spacing:1.2pt;"> </span>predict<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>success<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>any<span style="letter-spacing:1.15pt;"> </span>collaboration<span style="letter-spacing:1.25pt;"> </span>that<span style="letter-spacing:1.15pt;"> </span>we enter<span style="letter-spacing:0.05pt;"> </span>into.</p>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Collaborations<span style="letter-spacing:0.15pt;"> </span>involving<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>programs<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>pose numerous<span style="letter-spacing:0.05pt;"> </span>risks<span style="letter-spacing:0.05pt;"> </span>to us, including<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>following:</p>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators<span style="letter-spacing:0.15pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>discretion<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>determining<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>efforts<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>apply<span style="letter-spacing:0.1pt;"> </span>to these<span style="letter-spacing:0.05pt;"> </span>collaborations.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators<span style="letter-spacing:1.25pt;"> </span>may<span style="letter-spacing:1.2pt;"> </span>not<span style="letter-spacing:1.15pt;"> </span>pursue<span style="letter-spacing:1.2pt;"> </span>development<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>commercialization<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>product<span style="letter-spacing:1.15pt;"> </span>candidates<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>may elect<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>continue<span style="letter-spacing:0.05pt;"> </span>or renew development<span style="letter-spacing:0.1pt;"> </span>or commercialization<span style="letter-spacing:0.2pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>based<span style="letter-spacing:0.05pt;"> </span>on clinical<span style="letter-spacing:0.1pt;"> </span>trial results,<span style="letter-spacing:0.15pt;"> </span>changes<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>collaborator&#8217;s<span style="letter-spacing:0.2pt;"> </span>strategic<span style="letter-spacing:0.15pt;"> </span>focus<span style="letter-spacing:0.05pt;"> </span>or available<span style="letter-spacing:0.1pt;"> </span>funding<span style="letter-spacing:0.05pt;"> </span>or external<span style="letter-spacing:0.1pt;"> </span>factors<span style="letter-spacing:0.1pt;"> </span>such as an acquisition<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>diverts<span style="letter-spacing:0.15pt;"> </span>resources<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>creates<span style="letter-spacing:0.15pt;"> </span>competing<span style="letter-spacing:0.15pt;"> </span>priorities.<span style="letter-spacing:0.2pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>present<span style="letter-spacing:0.1pt;"> </span>or future<span style="letter-spacing:0.05pt;"> </span>collaborator<span style="letter-spacing:0.15pt;"> </span>of ours<span style="letter-spacing:0.1pt;"> </span>were<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>involved<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>combination,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>continued<span style="letter-spacing:0.05pt;"> </span>pursuit<span style="letter-spacing:0.05pt;"> </span>and emphasis<span style="letter-spacing:0.1pt;"> </span>on our product development<span style="letter-spacing:0.15pt;"> </span>or commercialization<span style="letter-spacing:0.2pt;"> </span>program<span style="letter-spacing:0.05pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>such collaboration<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be delayed,<span style="letter-spacing:0.05pt;"> </span>diminished,<span style="letter-spacing:0.1pt;"> </span>or terminated.</p></td>
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<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators<span style="letter-spacing:0.7pt;"> </span>may<span style="letter-spacing:0.65pt;"> </span>delay<span style="letter-spacing:0.65pt;"> </span>clinical<span style="letter-spacing:0.7pt;"> </span>trials,<span style="letter-spacing:0.7pt;"> </span>provide<span style="letter-spacing:0.65pt;"> </span>insufficient<span style="letter-spacing:0.75pt;"> </span>funding<span style="letter-spacing:0.65pt;"> </span>for<span style="letter-spacing:0.65pt;"> </span>a<span style="letter-spacing:0.6pt;"> </span>clinical<span style="letter-spacing:0.7pt;"> </span>trial<span style="letter-spacing:0.7pt;"> </span>program,<span style="letter-spacing:0.65pt;"> </span>stop<span style="letter-spacing:0.65pt;"> </span>a clinical<span style="letter-spacing:0.15pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>or abandon a product<span style="letter-spacing:0.05pt;"> </span>candidate,<span style="letter-spacing:0.1pt;"> </span>repeat<span style="letter-spacing:0.05pt;"> </span>or conduct<span style="letter-spacing:0.05pt;"> </span>new clinical<span style="letter-spacing:0.1pt;"> </span>trials,<span style="letter-spacing:0.1pt;"> </span>or require<span style="letter-spacing:0.1pt;"> </span>a new formulation<span style="letter-spacing:0.15pt;"> </span>of a product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>testing.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators <span style="letter-spacing:0.45pt;"> </span>could <span style="letter-spacing:0.4pt;"> </span>independently <span style="letter-spacing:0.45pt;"> </span>develop, <span style="letter-spacing:0.4pt;"> </span>or <span style="letter-spacing:0.35pt;"> </span>develop <span style="letter-spacing:0.4pt;"> </span>with <span style="letter-spacing:0.35pt;"> </span>third <span style="letter-spacing:0.4pt;"> </span>parties, <span style="letter-spacing:0.4pt;"> </span>products <span style="letter-spacing:0.35pt;"> </span>that <span style="letter-spacing:0.35pt;"> </span>compete directly<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>indirectly<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.15pt;"> </span>believe<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>competitive<span style="letter-spacing:0.15pt;"> </span>products are<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>likely<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>successfully<span style="letter-spacing:0.15pt;"> </span>developed<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>can be commercialized<span style="letter-spacing:0.2pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>terms<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>more economically<span style="letter-spacing:0.1pt;"> </span>attractive<span style="letter-spacing:0.15pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>ours.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>and distribution<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to one or more<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not commit<span style="letter-spacing:0.1pt;"> </span>sufficient resources<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>and distribution<span style="letter-spacing:0.15pt;"> </span>of such products.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators <span style="letter-spacing:0.45pt;"> </span>may <span style="letter-spacing:0.4pt;"> </span>not <span style="letter-spacing:0.35pt;"> </span>properly <span style="letter-spacing:0.4pt;"> </span>obtain, <span style="letter-spacing:0.4pt;"> </span>maintain, <span style="letter-spacing:0.45pt;"> </span>enforce, <span style="letter-spacing:0.35pt;"> </span>or <span style="letter-spacing:0.3pt;"> </span>defend <span style="letter-spacing:0.35pt;"> </span>our <span style="letter-spacing:0.3pt;"> </span>intellectual <span style="letter-spacing:0.45pt;"> </span>property <span style="letter-spacing:0.35pt;"> </span>or proprietary<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.15pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>in such a way as to invite<span style="letter-spacing:0.05pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>could jeopardize<span style="letter-spacing:0.1pt;"> </span>or invalidate<span style="letter-spacing:0.1pt;"> </span>our proprietary<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>or expose<span style="letter-spacing:0.05pt;"> </span>us to potential<span style="letter-spacing:0.1pt;"> </span>litigation.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Disputes<span style="letter-spacing:1.9pt;"> </span>may<span style="letter-spacing:1.9pt;"> </span>arise<span style="letter-spacing:1.9pt;"> </span>between<span style="letter-spacing:1.9pt;"> </span>the<span style="letter-spacing:1.9pt;"> </span>collaborators<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.85pt;"> </span>us<span style="letter-spacing:1.8pt;"> </span>that<span style="letter-spacing:1.85pt;"> </span>result<span style="letter-spacing:1.9pt;"> </span>in<span style="letter-spacing:1.8pt;"> </span>the<span style="letter-spacing:1.85pt;"> </span>delay<span style="letter-spacing:1.85pt;"> </span>or<span style="letter-spacing:1.8pt;"> </span>termination<span style="letter-spacing:1.95pt;"> </span>of<span style="letter-spacing:1.8pt;"> </span>the research,<span style="letter-spacing:0.15pt;"> </span>development,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of our therapies<span style="letter-spacing:0.1pt;"> </span>or product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or that<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in costly<span style="letter-spacing:0.05pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>or arbitration<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>diverts<span style="letter-spacing:0.1pt;"> </span>management<span style="letter-spacing:0.1pt;"> </span>attention<span style="letter-spacing:0.1pt;"> </span>and resources.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators <span style="letter-spacing:0.85pt;"> </span>may <span style="letter-spacing:0.8pt;"> </span>not <span style="letter-spacing:0.75pt;"> </span>provide <span style="letter-spacing:0.8pt;"> </span>us <span style="letter-spacing:0.75pt;"> </span>with <span style="letter-spacing:0.75pt;"> </span>timely <span style="letter-spacing:0.85pt;"> </span>and <span style="letter-spacing:0.75pt;"> </span>accurate <span style="letter-spacing:0.8pt;"> </span>information <span style="letter-spacing:0.85pt;"> </span>regarding <span style="letter-spacing:0.8pt;"> </span>development progress<span style="letter-spacing:0.05pt;"> </span>and activities<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>collaboration<span style="letter-spacing:0.15pt;"> </span>or may<span style="letter-spacing:0.05pt;"> </span>limit<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to share<span style="letter-spacing:0.05pt;"> </span>such information,<span style="letter-spacing:0.1pt;"> </span>which could<span style="letter-spacing:0.1pt;"> </span>adversely<span style="letter-spacing:0.15pt;"> </span>impact<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>report<span style="letter-spacing:0.05pt;"> </span>progress<span style="letter-spacing:0.05pt;"> </span>to our investors<span style="letter-spacing:0.1pt;"> </span>and otherwise<span style="letter-spacing:0.05pt;"> </span>plan<span style="letter-spacing:0.05pt;"> </span>our own development<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">We<span style="letter-spacing:0.75pt;"> </span>may<span style="letter-spacing:0.8pt;"> </span>lose<span style="letter-spacing:0.8pt;"> </span>certain<span style="letter-spacing:0.85pt;"> </span>valuable<span style="letter-spacing:0.8pt;"> </span>rights<span style="letter-spacing:0.8pt;"> </span>under<span style="letter-spacing:0.8pt;"> </span>circumstances<span style="letter-spacing:0.9pt;"> </span>identified<span style="letter-spacing:0.85pt;"> </span>in<span style="letter-spacing:0.75pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>collaborations,<span style="letter-spacing:0.85pt;"> </span>including<span style="letter-spacing:0.75pt;"> </span>if we undergo<span style="letter-spacing:0.05pt;"> </span>a change<span style="letter-spacing:0.05pt;"> </span>of control.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborators<span style="letter-spacing:1.4pt;"> </span>may<span style="letter-spacing:1.35pt;"> </span>require<span style="letter-spacing:1.4pt;"> </span>us<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.3pt;"> </span>incur<span style="letter-spacing:1.35pt;"> </span>non-recurring<span style="letter-spacing:1.4pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>other<span style="letter-spacing:1.3pt;"> </span>charges,<span style="letter-spacing:1.3pt;"> </span>increase<span style="letter-spacing:1.35pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>near-<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>long- term<span style="letter-spacing:0.1pt;"> </span>expenditures,<span style="letter-spacing:0.15pt;"> </span>issue<span style="letter-spacing:0.1pt;"> </span>securities<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>dilute<span style="letter-spacing:0.05pt;"> </span>our existing<span style="letter-spacing:0.1pt;"> </span>stockholders,<span style="letter-spacing:0.1pt;"> </span>or disrupt<span style="letter-spacing:0.05pt;"> </span>our management<span style="letter-spacing:0.1pt;"> </span>and business.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaborations<span style="letter-spacing:1.75pt;"> </span>may<span style="letter-spacing:1.7pt;"> </span>be<span style="letter-spacing:1.65pt;"> </span>terminated<span style="letter-spacing:1.8pt;"> </span>and,<span style="letter-spacing:1.65pt;"> </span>if<span style="letter-spacing:1.7pt;"> </span>terminated,<span style="letter-spacing:1.8pt;"> </span>may<span style="letter-spacing:1.65pt;"> </span>result<span style="letter-spacing:1.7pt;"> </span>in<span style="letter-spacing:1.6pt;"> </span>a<span style="letter-spacing:1.6pt;"> </span>need<span style="letter-spacing:1.6pt;"> </span>for<span style="letter-spacing:1.65pt;"> </span>additional<span style="letter-spacing:1.7pt;"> </span>capital<span style="letter-spacing:1.7pt;"> </span>to pursue<span style="letter-spacing:0.05pt;"> </span>further<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>or commercialization<span style="letter-spacing:0.2pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>we develop.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Collaboration<span style="letter-spacing:0.7pt;"> </span>agreements<span style="letter-spacing:0.7pt;"> </span>may<span style="letter-spacing:0.65pt;"> </span>not<span style="letter-spacing:0.6pt;"> </span>lead<span style="letter-spacing:0.65pt;"> </span>to<span style="letter-spacing:0.6pt;"> </span>development<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.55pt;"> </span>commercialization<span style="letter-spacing:0.75pt;"> </span>of<span style="letter-spacing:0.55pt;"> </span>product<span style="letter-spacing:0.6pt;"> </span>candidates<span style="letter-spacing:0.65pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>most<span style="letter-spacing:0.05pt;"> </span>efficient<span style="letter-spacing:0.15pt;"> </span>manner<span style="letter-spacing:0.05pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>collaborations<span style="letter-spacing:0.2pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not result<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>successful<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>of product candidates,<span style="letter-spacing:2.15pt;"> </span>or<span style="letter-spacing:2.05pt;"> </span>if<span style="letter-spacing:2.1pt;"> </span>one<span style="letter-spacing:2.05pt;"> </span>of<span style="letter-spacing:2.05pt;"> </span>our<span style="letter-spacing:2.05pt;"> </span>collaborators<span style="letter-spacing:2.2pt;"> </span>terminates<span style="letter-spacing:2.2pt;"> </span>its<span style="letter-spacing:2.05pt;"> </span>agreement<span style="letter-spacing:2.1pt;"> </span>with<span style="letter-spacing:2pt;"> </span>us,<span style="letter-spacing:2pt;"> </span>we<span style="letter-spacing:2pt;"> </span>may<span style="letter-spacing:2.05pt;"> </span>not<span style="letter-spacing:2pt;"> </span>receive<span style="letter-spacing:2.1pt;"> </span>any<span style="letter-spacing:2pt;"> </span>future research<span style="letter-spacing:0.15pt;"> </span>funding<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>milestone<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>royalty<span style="letter-spacing:0.1pt;"> </span>payments<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>collaboration.<span style="letter-spacing:0.2pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not receive<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>funding<span style="letter-spacing:0.05pt;"> </span>we expect<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>agreements,<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>delayed,<span style="letter-spacing:0.1pt;"> </span>and we may<span style="letter-spacing:0.05pt;"> </span>need additional<span style="letter-spacing:0.1pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>one of our collaborators<span style="letter-spacing:0.15pt;"> </span>terminates<span style="letter-spacing:0.15pt;"> </span>its agreement<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>us,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>find<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.05pt;"> </span>difficult<span style="letter-spacing:0.15pt;"> </span>to find<span style="letter-spacing:0.05pt;"> </span>a suitable<span style="letter-spacing:0.1pt;"> </span>replacement<span style="letter-spacing:0.15pt;"> </span>collaborator<span style="letter-spacing:0.15pt;"> </span>or attract<span style="letter-spacing:0.1pt;"> </span>new collaborators,&#160;&#160;and<span style="letter-spacing:2.35pt;"> </span>our<span style="letter-spacing:2.35pt;"> </span>development<span style="letter-spacing:2.45pt;"> </span>programs<span style="letter-spacing:2.45pt;"> </span>may<span style="letter-spacing:2.4pt;"> </span>be<span style="letter-spacing:2.35pt;"> </span>delayed<span style="letter-spacing:2.4pt;"> </span>or<span style="letter-spacing:2.35pt;"> </span>the<span style="letter-spacing:2.4pt;"> </span>perception<span style="letter-spacing:2.4pt;"> </span>of<span style="letter-spacing:2.3pt;"> </span>us<span style="letter-spacing:2.3pt;"> </span>in<span style="letter-spacing:2.3pt;"> </span>the<span style="letter-spacing:2.35pt;"> </span>business<span style="letter-spacing:2.35pt;"> </span>and financial<span style="letter-spacing:0.15pt;"> </span>communities<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.15pt;"> </span>affected.<span style="letter-spacing:0.15pt;"> </span>All<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>risks<span style="letter-spacing:0.05pt;"> </span>relating<span style="letter-spacing:0.1pt;"> </span>to product<span style="letter-spacing:0.05pt;"> </span>development,<span style="letter-spacing:0.1pt;"> </span>regulatory approval,<span style="letter-spacing:0.05pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>described<span style="letter-spacing:0.1pt;"> </span>here<span style="letter-spacing:0.1pt;"> </span>apply<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>activities<span style="letter-spacing:0.15pt;"> </span>of our collaborators.</p>
<p style="line-height:9pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>conflicts<span style="letter-spacing:0.15pt;"> </span>arise<span style="letter-spacing:0.1pt;"> </span>between<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>strategic<span style="letter-spacing:0.15pt;"> </span>partners,<span style="letter-spacing:0.1pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>act<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a manner adverse<span style="letter-spacing:0.05pt;"> </span>to us and could limit<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to implement<span style="letter-spacing:0.1pt;"> </span>our strategies.</p>
<p style="margin-top:6pt;line-height:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If<span style="letter-spacing:1.55pt;"> </span>conflicts<span style="letter-spacing:1.6pt;"> </span>arise<span style="letter-spacing:1.5pt;"> </span>between<span style="letter-spacing:1.5pt;"> </span>our<span style="letter-spacing:1.45pt;"> </span>corporate<span style="letter-spacing:1.55pt;"> </span>or<span style="letter-spacing:1.45pt;"> </span>academic<span style="letter-spacing:1.55pt;"> </span>collaborators<span style="letter-spacing:1.6pt;"> </span>or<span style="letter-spacing:1.45pt;"> </span>strategic<span style="letter-spacing:1.55pt;"> </span>partners<span style="letter-spacing:1.55pt;"> </span>and<span style="letter-spacing:1.45pt;"> </span>us,<span style="letter-spacing:1.45pt;"> </span>the<span style="letter-spacing:1.5pt;"> </span>other party<span style="letter-spacing:1.25pt;"> </span>may<span style="letter-spacing:1.25pt;"> </span>act<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>a<span style="letter-spacing:1.15pt;"> </span>manner<span style="letter-spacing:1.2pt;"> </span>adverse<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>us<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>could<span style="letter-spacing:1.2pt;"> </span>limit<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>ability<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>implement<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>strategies.<span style="letter-spacing:1.3pt;"> </span>Some<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>our academic<span style="letter-spacing:0.1pt;"> </span>collaborators<span style="letter-spacing:0.15pt;"> </span>and strategic<span style="letter-spacing:0.1pt;"> </span>partners<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>conducting<span style="letter-spacing:0.05pt;"> </span>multiple<span style="letter-spacing:0.05pt;"> </span>product development<span style="letter-spacing:0.05pt;"> </span>efforts<span style="letter-spacing:0.05pt;"> </span>within each area<span style="letter-spacing:2.25pt;"> </span>that<span style="letter-spacing:2.25pt;"> </span>is<span style="letter-spacing:2.25pt;"> </span>the<span style="letter-spacing:2.25pt;"> </span>subject<span style="letter-spacing:2.25pt;"> </span>of<span style="letter-spacing:2.2pt;"> </span>the<span style="letter-spacing:2.25pt;"> </span>collaboration<span style="letter-spacing:2.35pt;"> </span>with<span style="letter-spacing:2.2pt;"> </span>us.<span style="letter-spacing:2.2pt;"> </span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborators</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">strategic</span><span style="letter-spacing:2.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">partners,</span><span style="letter-spacing:2.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">however,</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may develop,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">either</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">alone</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">others,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">products</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">related</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fields</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competitive</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we develop</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">subject</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of these</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborations</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with us. Competing</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">products,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">either</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">developed</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by the collaborators</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">strategic</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">partners</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to which the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborators</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or strategic</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">partners</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have rights,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">result</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the withdrawal</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of partner</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">support</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates.</span></p>
<p style="margin-top:0pt;line-height:12pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Some<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.2pt;"> </span>or strategic<span style="letter-spacing:0.1pt;"> </span>partners<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>become<span style="letter-spacing:0.05pt;"> </span>our competitors<span style="letter-spacing:0.15pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>future.<span style="letter-spacing:0.05pt;"> </span>Our collaborators or<span style="letter-spacing:2.05pt;"> </span>strategic<span style="letter-spacing:2.15pt;"> </span>partners could<span style="letter-spacing:2.1pt;"> </span>develop competing products, preclude us from<span style="letter-spacing:2.05pt;"> </span>entering<span style="letter-spacing:2.1pt;"> </span>into collaborations<span style="letter-spacing:0.65pt;"> </span>with<span style="letter-spacing:0.5pt;"> </span>their<span style="letter-spacing:0.55pt;"> </span>competitors,<span style="letter-spacing:0.65pt;"> </span>fail<span style="letter-spacing:0.55pt;"> </span>to<span style="letter-spacing:0.5pt;"> </span>obtain<span style="letter-spacing:0.55pt;"> </span>timely<span style="letter-spacing:0.6pt;"> </span>regulatory<span style="letter-spacing:0.6pt;"> </span>approvals,<span style="letter-spacing:0.55pt;"> </span>terminate<span style="letter-spacing:0.6pt;"> </span>their<span style="letter-spacing:0.5pt;"> </span>agreements<span style="letter-spacing:0.55pt;"> </span>with us<span style="letter-spacing:0.05pt;"> </span>prematurely,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to devote<span style="letter-spacing:0.05pt;"> </span>sufficient<span style="letter-spacing:0.15pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>of products.<span style="letter-spacing:0.05pt;"> </span>Any of these<span style="letter-spacing:0.05pt;"> </span>developments<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>efforts.</p>
<p style="line-height:9pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.05pt;"> </span>we are not able<span style="letter-spacing:0.05pt;"> </span>to establish<span style="letter-spacing:0.1pt;"> </span>collaborations<span style="letter-spacing:0.1pt;"> </span>on a timely<span style="letter-spacing:0.1pt;"> </span>basis,<span style="letter-spacing:0.05pt;"> </span>on commercially<span style="letter-spacing:0.15pt;"> </span>reasonable<span style="letter-spacing:0.05pt;"> </span>terms,<span style="letter-spacing:0.05pt;"> </span>or at all,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>alter,<span style="letter-spacing:0.1pt;"> </span>reduce<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>delay<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.25pt;"> </span>plans,<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.05pt;"> </span>our expenditures to fund development<span style="letter-spacing:0.1pt;"> </span>or commercialization<span style="letter-spacing:0.2pt;"> </span>activities<span style="letter-spacing:0.15pt;"> </span>at our own<span style="letter-spacing:-0.05pt;"> </span>expense.</p>
<p style="margin-top:0pt;line-height:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For some of<span style="letter-spacing:1.6pt;"> </span>the<span style="letter-spacing:1.65pt;"> </span>product<span style="letter-spacing:1.65pt;"> </span>candidates we<span style="letter-spacing:1.55pt;"> </span>may develop,<span style="letter-spacing:1.6pt;"> </span>we<span style="letter-spacing:1.55pt;"> </span>may<span style="letter-spacing:1.6pt;"> </span>decide<span style="letter-spacing:1.6pt;"> </span>to collaborate<span style="letter-spacing:1.65pt;"> </span>with other pharmaceutical<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>biotechnology<span style="letter-spacing:0.15pt;"> </span>companies<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and potential<span style="letter-spacing:0.1pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of those product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>We face<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>competition<span style="letter-spacing:0.1pt;"> </span>in seeking<span style="letter-spacing:0.05pt;"> </span>appropriate<span style="letter-spacing:0.1pt;"> </span>collaborations<span style="letter-spacing:0.15pt;"> </span>and collaborations<span style="letter-spacing:0.15pt;"> </span>are complex<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>time-consuming<span style="letter-spacing:0.2pt;"> </span>to negotiate<span style="letter-spacing:0.1pt;"> </span>and document.<span style="letter-spacing:0.05pt;"> </span>Whether<span style="letter-spacing:0.05pt;"> </span>we reach<span style="letter-spacing:0.05pt;"> </span>a definitive<span style="letter-spacing:0.1pt;"> </span>agreement<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>a collaboration<span style="letter-spacing:0.2pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>depend,<span style="letter-spacing:0.05pt;"> </span>among<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>things,<span style="letter-spacing:0.1pt;"> </span>upon<span style="letter-spacing:0.05pt;"> </span>our assessment<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>collaborator&#8217;s<span style="letter-spacing:0.15pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>and expertise, the<span style="letter-spacing:0.8pt;"> </span>terms<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.75pt;"> </span>conditions<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.75pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>proposed<span style="letter-spacing:0.75pt;"> </span>collaboration,<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>the<span style="letter-spacing:0.75pt;"> </span>proposed<span style="letter-spacing:0.75pt;"> </span>collaborator&#8217;s<span style="letter-spacing:0.85pt;"> </span>evaluation<span style="letter-spacing:0.8pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>a<span style="letter-spacing:0.7pt;"> </span>number of<span style="letter-spacing:1.25pt;"> </span>factors.<span style="letter-spacing:1.35pt;"> </span>Those<span style="letter-spacing:1.25pt;"> </span>factors<span style="letter-spacing:1.35pt;"> </span>may<span style="letter-spacing:1.3pt;"> </span>include<span style="letter-spacing:1.3pt;"> </span>the<span style="letter-spacing:1.3pt;"> </span>design<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>results<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>clinical<span style="letter-spacing:1.35pt;"> </span>trials,<span style="letter-spacing:1.35pt;"> </span>the<span style="letter-spacing:1.3pt;"> </span>likelihood<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>approval<span style="letter-spacing:1.25pt;"> </span>by<span style="letter-spacing:1.2pt;"> </span>the FDA, the<span style="letter-spacing:0.05pt;"> </span>EMA or similar<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>authorities<span style="letter-spacing:0.15pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>potential<span style="letter-spacing:0.1pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>subject product<span style="letter-spacing:0.1pt;"> </span>candidate,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>and complexities<span style="letter-spacing:0.15pt;"> </span>of manufacturing<span style="letter-spacing:0.15pt;"> </span>and delivering<span style="letter-spacing:0.1pt;"> </span>such product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>to patients, the<span style="letter-spacing:0.1pt;"> </span>potential<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>competing<span style="letter-spacing:0.15pt;"> </span>products,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>existence<span style="letter-spacing:0.15pt;"> </span>of uncertainty<span style="letter-spacing:0.1pt;"> </span>with respect<span style="letter-spacing:0.1pt;"> </span>to our ownership<span style="letter-spacing:0.05pt;"> </span>of technology, which<span style="letter-spacing:1.6pt;"> </span>can<span style="letter-spacing:1.6pt;"> </span>exist<span style="letter-spacing:1.65pt;"> </span>if<span style="letter-spacing:1.65pt;"> </span>there<span style="letter-spacing:1.65pt;"> </span>is<span style="letter-spacing:1.65pt;"> </span>a<span style="letter-spacing:1.6pt;"> </span>challenge<span style="letter-spacing:1.7pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>such<span style="letter-spacing:1.6pt;"> </span>ownership<span style="letter-spacing:1.65pt;"> </span>without<span style="letter-spacing:1.65pt;"> </span>regard<span style="letter-spacing:1.65pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>the<span style="letter-spacing:1.65pt;"> </span>merits<span style="letter-spacing:1.7pt;"> </span>of<span style="letter-spacing:1.6pt;"> </span>the<span style="letter-spacing:1.6pt;"> </span>challenge,<span style="letter-spacing:1.65pt;"> </span>and industry<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>conditions<span style="letter-spacing:0.1pt;"> </span>generally.<span style="letter-spacing:0.1pt;"> </span>The collaborator<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>consider<span style="letter-spacing:0.05pt;"> </span>alternative<span style="letter-spacing:0.15pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or technologies<span style="letter-spacing:1.55pt;"> </span>for<span style="letter-spacing:1.5pt;"> </span>similar<span style="letter-spacing:1.55pt;"> </span>indications<span style="letter-spacing:1.55pt;"> </span>that<span style="letter-spacing:1.5pt;"> </span>may<span style="letter-spacing:1.5pt;"> </span>be<span style="letter-spacing:1.45pt;"> </span>available<span style="letter-spacing:1.55pt;"> </span>to<span style="letter-spacing:1.45pt;"> </span>collaborate<span style="letter-spacing:1.55pt;"> </span>on<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>whether<span style="letter-spacing:1.45pt;"> </span>such<span style="letter-spacing:1.4pt;"> </span>a<span style="letter-spacing:1.4pt;"> </span>collaboration could<span style="letter-spacing:0.05pt;"> </span>be more<span style="letter-spacing:0.05pt;"> </span>attractive<span style="letter-spacing:0.15pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>one with us.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>be restricted<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>existing<span style="letter-spacing:0.1pt;"> </span>collaboration<span style="letter-spacing:0.15pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>from entering<span style="letter-spacing:0.05pt;"> </span>into future collaboration agreements<span style="letter-spacing:1.35pt;"> </span>on<span style="letter-spacing:1.25pt;"> </span>certain<span style="letter-spacing:1.35pt;"> </span>terms<span style="letter-spacing:1.35pt;"> </span>with<span style="letter-spacing:1.2pt;"> </span>potential<span style="letter-spacing:1.3pt;"> </span>collaborators.<span style="letter-spacing:1.35pt;"> </span>In<span style="letter-spacing:1.2pt;"> </span>addition,<span style="letter-spacing:1.25pt;"> </span>there<span style="letter-spacing:1.25pt;"> </span>have<span style="letter-spacing:1.2pt;"> </span>been<span style="letter-spacing:1.2pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>significant<span style="letter-spacing:1.35pt;"> </span>number<span style="letter-spacing:1.25pt;"> </span>of recent<span style="letter-spacing:0.1pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>combinations<span style="letter-spacing:0.15pt;"> </span>among<span style="letter-spacing:0.05pt;"> </span>large<span style="letter-spacing:0.05pt;"> </span>pharmaceutical<span style="letter-spacing:0.15pt;"> </span>companies<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>have resulted<span style="letter-spacing:0.1pt;"> </span>in a reduced<span style="letter-spacing:0.05pt;"> </span>number<span style="letter-spacing:0.05pt;"> </span>of potential<span style="letter-spacing:0.1pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>collaborators,<span style="letter-spacing:0.15pt;"> </span>which further<span style="letter-spacing:0.1pt;"> </span>increases<span style="letter-spacing:0.1pt;"> </span>competition<span style="letter-spacing:0.1pt;"> </span>we face<span style="letter-spacing:0.05pt;"> </span>in seeking<span style="letter-spacing:0.05pt;"> </span>potential<span style="letter-spacing:0.1pt;"> </span>collaborations.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to negotiate<span style="letter-spacing:0.1pt;"> </span>collaborations<span style="letter-spacing:0.15pt;"> </span>on a timely<span style="letter-spacing:0.1pt;"> </span>basis,<span style="letter-spacing:0.05pt;"> </span>on acceptable<span style="letter-spacing:0.1pt;"> </span>terms,<span style="letter-spacing:0.1pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we are unable<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>so,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>curtail<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>which we are<span style="letter-spacing:0.05pt;"> </span>seeking<span style="letter-spacing:0.05pt;"> </span>to collaborate,<span style="letter-spacing:0.7pt;"> </span>reduce<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.6pt;"> </span>delay<span style="letter-spacing:0.65pt;"> </span>its<span style="letter-spacing:0.65pt;"> </span>development<span style="letter-spacing:0.7pt;"> </span>program<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.55pt;"> </span>one<span style="letter-spacing:0.55pt;"> </span>or<span style="letter-spacing:0.55pt;"> </span>more<span style="letter-spacing:0.6pt;"> </span>of<span style="letter-spacing:0.55pt;"> </span>our<span style="letter-spacing:0.55pt;"> </span>other<span style="letter-spacing:0.6pt;"> </span>development<span style="letter-spacing:0.65pt;"> </span>programs,<span style="letter-spacing:0.65pt;"> </span>delay its<span style="letter-spacing:0.1pt;"> </span>potential<span style="letter-spacing:0.15pt;"> </span>commercialization<span style="letter-spacing:0.25pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>reduce<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>scope<span style="letter-spacing:0.05pt;"> </span>of any sales<span style="letter-spacing:0.05pt;"> </span>or marketing<span style="letter-spacing:0.1pt;"> </span>activities,<span style="letter-spacing:0.15pt;"> </span>or increase<span style="letter-spacing:0.1pt;"> </span>our expenditures<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>undertake<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.25pt;"> </span>activities<span style="letter-spacing:0.2pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>own<span style="letter-spacing:0.05pt;"> </span>expense.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we elect<span style="letter-spacing:0.05pt;"> </span>to increase<span style="letter-spacing:1.8pt;"> </span>our<span style="letter-spacing:1.7pt;"> </span>expenditures<span style="letter-spacing:1.8pt;"> </span>to<span style="letter-spacing:1.7pt;"> </span>fund<span style="letter-spacing:1.7pt;"> </span>development<span style="letter-spacing:1.8pt;"> </span>or<span style="letter-spacing:1.7pt;"> </span>commercialization<span style="letter-spacing:1.9pt;"> </span>activities<span style="letter-spacing:1.85pt;"> </span>on<span style="letter-spacing:1.7pt;"> </span>our<span style="letter-spacing:1.7pt;"> </span>own,<span style="letter-spacing:1.65pt;"> </span>we<span style="letter-spacing:1.65pt;"> </span>may<span style="letter-spacing:1.7pt;"> </span>need<span style="letter-spacing:1.65pt;"> </span>to obtain<span style="letter-spacing:0.1pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>capital,<span style="letter-spacing:0.15pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>available<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>acceptable<span style="letter-spacing:0.15pt;"> </span>terms<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>all.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not have sufficient<span style="letter-spacing:0.2pt;"> </span>funds,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.05pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or bring<span style="letter-spacing:0.05pt;"> </span>them<span style="letter-spacing:0.05pt;"> </span>to market<span style="letter-spacing:0.1pt;"> </span>and generate<span style="letter-spacing:0.1pt;"> </span>product revenue.</p>
<p style="line-height:8pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:0%;font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related<span style="letter-spacing:0.05pt;"> </span>to Our Intellectual<span style="letter-spacing:0.1pt;"> </span>Property</p>
<p style="margin-top:0pt;line-height:12pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>we are unable to obtain<span style="letter-spacing:0.05pt;"> </span>and maintain<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>any product candidates<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>platform<span style="letter-spacing:0.15pt;"> </span>technology,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>scope<span style="letter-spacing:0.05pt;"> </span>of the patent<span style="letter-spacing:0.05pt;"> </span>and other intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>protection<span style="letter-spacing:0.15pt;"> </span>obtained<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>not sufficiently<span style="letter-spacing:0.15pt;"> </span>broad, our competitors<span style="letter-spacing:0.1pt;"> </span>could develop<span style="letter-spacing:0.05pt;"> </span>and commercialize<span style="letter-spacing:0.2pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>similar<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>identical<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ours,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to successfully commercialize<span style="letter-spacing:0.15pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.05pt;"> </span>and our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected.</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our commercial<span style="letter-spacing:0.15pt;"> </span>success<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>depend in large<span style="letter-spacing:0.05pt;"> </span>part<span style="letter-spacing:0.05pt;"> </span>on our ability<span style="letter-spacing:0.1pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>and maintain<span style="letter-spacing:0.1pt;"> </span>patent, trademark, trade<span style="letter-spacing:0.1pt;"> </span>secret<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>protection<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology,<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>technology,<span style="letter-spacing:0.1pt;"> </span>methods<span style="letter-spacing:0.1pt;"> </span>used<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.15pt;"> </span>them<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>methods<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>treatment,<span style="letter-spacing:0.2pt;"> </span>as well<span style="letter-spacing:0.05pt;"> </span>as successfully defending<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>challenges.<span style="letter-spacing:0.15pt;"> </span>It<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>difficult<span style="letter-spacing:0.2pt;"> </span>and costly to protect<span style="letter-spacing:0.1pt;"> </span>our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>and we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to ensure<span style="letter-spacing:0.05pt;"> </span>their protection.<span style="letter-spacing:0.8pt;"> </span>Our<span style="letter-spacing:0.7pt;"> </span>ability<span style="letter-spacing:0.8pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>stop<span style="letter-spacing:0.75pt;"> </span>unauthorized<span style="letter-spacing:0.8pt;"> </span>third<span style="letter-spacing:0.7pt;"> </span>parties<span style="letter-spacing:0.75pt;"> </span>from<span style="letter-spacing:0.7pt;"> </span>making,<span style="letter-spacing:0.7pt;"> </span>using,<span style="letter-spacing:0.7pt;"> </span>selling,<span style="letter-spacing:0.75pt;"> </span>offering<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>sell,<span style="letter-spacing:0.7pt;"> </span>importing or<span style="letter-spacing:0.05pt;"> </span>otherwise<span style="letter-spacing:0.1pt;"> </span>commercializing<span style="letter-spacing:0.25pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>dependent<span style="letter-spacing:0.1pt;"> </span>upon the<span style="letter-spacing:0.05pt;"> </span>extent<span style="letter-spacing:0.05pt;"> </span>to which we have rights<span style="letter-spacing:0.05pt;"> </span>under valid<span style="letter-spacing:0.05pt;"> </span>and enforceable<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>or trade<span style="letter-spacing:0.05pt;"> </span>secrets<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>cover<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>activities.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>protect<span style="letter-spacing:0.15pt;"> </span>our proprietary<span style="letter-spacing:0.1pt;"> </span>position<span style="letter-spacing:0.05pt;"> </span>by in-licensing<span style="letter-spacing:0.15pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>relating<span style="letter-spacing:0.1pt;"> </span>to our platform technology<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>filing<span style="letter-spacing:1.35pt;"> </span>patent<span style="letter-spacing:1.3pt;"> </span>applications<span style="letter-spacing:1.35pt;"> </span>in<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.3pt;"> </span>United<span style="letter-spacing:1.3pt;"> </span>States<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>abroad<span style="letter-spacing:1.25pt;"> </span>related<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>gene<span style="letter-spacing:1.2pt;"> </span>editing<span style="letter-spacing:1.25pt;"> </span>platform technology<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>important<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>our licensors<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>or maintain<span style="letter-spacing:0.15pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>with respect<span style="letter-spacing:0.1pt;"> </span>to our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>or if the<span style="letter-spacing:0.1pt;"> </span>scope<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>secured<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>not sufficiently<span style="letter-spacing:0.15pt;"> </span>broad,<span style="letter-spacing:0.05pt;"> </span>our competitors<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>and commercialize<span style="letter-spacing:0.25pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>similar<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>identical<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ours<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>commercialize<span style="letter-spacing:0.2pt;"> </span>our product candidates<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected.</p>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The patent<span style="letter-spacing:0.05pt;"> </span>prosecution<span style="letter-spacing:0.1pt;"> </span>process<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>expensive,<span style="letter-spacing:0.05pt;"> </span>time-consuming,<span style="letter-spacing:0.15pt;"> </span>and complex,<span style="letter-spacing:0.05pt;"> </span>and we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to file, prosecute,<span style="letter-spacing:0.15pt;"> </span>maintain,<span style="letter-spacing:0.15pt;"> </span>enforce,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>all<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>desirable<span style="letter-spacing:0.15pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>reasonable<span style="letter-spacing:0.15pt;"> </span>cost<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>in a timely<span style="letter-spacing:0.1pt;"> </span>manner.<span style="letter-spacing:0.05pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>not pursue<span style="letter-spacing:0.05pt;"> </span>or obtain<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>in all<span style="letter-spacing:0.05pt;"> </span>relevant<span style="letter-spacing:0.1pt;"> </span>markets.<span style="letter-spacing:0.1pt;"> </span>It<span style="letter-spacing:0.05pt;"> </span>is also possible<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>identify<span style="letter-spacing:0.15pt;"> </span>patentable<span style="letter-spacing:0.15pt;"> </span>aspects<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>output<span style="letter-spacing:0.05pt;"> </span>in time<span style="letter-spacing:0.05pt;"> </span>to obtain patent<span style="letter-spacing:0.1pt;"> </span>protection.<span style="letter-spacing:0.15pt;"> </span>Although<span style="letter-spacing:0.05pt;"> </span>we enter<span style="letter-spacing:0.05pt;"> </span>into<span style="letter-spacing:0.05pt;"> </span>non-disclosure<span style="letter-spacing:0.1pt;"> </span>and confidentiality<span style="letter-spacing:0.15pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>with parties<span style="letter-spacing:0.1pt;"> </span>who have access<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>confidential<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>patentable<span style="letter-spacing:0.15pt;"> </span>aspects<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>output,<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>as our employees, corporate<span style="letter-spacing:0.2pt;"> </span>collaborators,<span style="letter-spacing:0.25pt;"> </span>outside<span style="letter-spacing:0.15pt;"> </span>scientific<span style="letter-spacing:0.25pt;"> </span>collaborators,<span style="letter-spacing:0.2pt;"> </span>CROs, contract<span style="letter-spacing:0.15pt;"> </span>manufacturers,<span style="letter-spacing:0.2pt;"> </span>consultants,<span style="letter-spacing:0.15pt;"> </span>advisors,<span style="letter-spacing:0.1pt;"> </span>and other<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties,<span style="letter-spacing:0.15pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>breach<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>and disclose<span style="letter-spacing:0.1pt;"> </span>such output<span style="letter-spacing:0.05pt;"> </span>before<span style="letter-spacing:0.05pt;"> </span>a patent application<span style="letter-spacing:1.1pt;"> </span>is<span style="letter-spacing:1.05pt;"> </span>filed,<span style="letter-spacing:1.05pt;"> </span>thereby<span style="letter-spacing:1.05pt;"> </span>jeopardizing<span style="letter-spacing:1.1pt;"> </span>our<span style="letter-spacing:1pt;"> </span>ability<span style="letter-spacing:1.1pt;"> </span>to<span style="letter-spacing:1pt;"> </span>seek<span style="letter-spacing:1.05pt;"> </span>patent<span style="letter-spacing:1.05pt;"> </span>protection.<span style="letter-spacing:1.1pt;"> </span>In<span style="letter-spacing:1pt;"> </span>addition,<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1pt;"> </span>ability<span style="letter-spacing:1.05pt;"> </span>to<span style="letter-spacing:0.95pt;"> </span>obtain and<span style="letter-spacing:0.05pt;"> </span>maintain<span style="letter-spacing:0.15pt;"> </span>valid<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>enforceable<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>depends<span style="letter-spacing:0.05pt;"> </span>on whether<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>differences<span style="letter-spacing:0.15pt;"> </span>between<span style="letter-spacing:0.05pt;"> </span>our inventions<span style="letter-spacing:0.1pt;"> </span>and the prior<span style="letter-spacing:0.1pt;"> </span>art<span style="letter-spacing:0.1pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>inventions<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>patentable<span style="letter-spacing:0.15pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>prior<span style="letter-spacing:0.05pt;"> </span>art.<span style="letter-spacing:0.05pt;"> </span>Furthermore,<span style="letter-spacing:0.1pt;"> </span>publications<span style="letter-spacing:0.1pt;"> </span>of discoveries<span style="letter-spacing:0.1pt;"> </span>in the scientific<span style="letter-spacing:0.5pt;"> </span>literature<span style="letter-spacing:0.5pt;"> </span>often<span style="letter-spacing:0.4pt;"> </span>lag<span style="letter-spacing:0.4pt;"> </span>behind<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>actual<span style="letter-spacing:0.4pt;"> </span>discoveries,<span style="letter-spacing:0.45pt;"> </span>and<span style="letter-spacing:0.35pt;"> </span>patent<span style="letter-spacing:0.4pt;"> </span>applications<span style="letter-spacing:0.45pt;"> </span>in<span style="letter-spacing:0.3pt;"> </span>the<span style="letter-spacing:0.35pt;"> </span>United<span style="letter-spacing:0.35pt;"> </span>States<span style="letter-spacing:0.35pt;"> </span>and<span style="letter-spacing:0.3pt;"> </span>other jurisdictions<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>typically<span style="letter-spacing:0.1pt;"> </span>not published<span style="letter-spacing:0.05pt;"> </span>until<span style="letter-spacing:0.05pt;"> </span>18 months<span style="letter-spacing:0.05pt;"> </span>after<span style="letter-spacing:0.1pt;"> </span>filing,<span style="letter-spacing:0.1pt;"> </span>or in some<span style="letter-spacing:0.05pt;"> </span>cases<span style="letter-spacing:0.05pt;"> </span>not at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>Therefore,<span style="letter-spacing:0.05pt;"> </span>we cannot<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>our licensors<span style="letter-spacing:0.15pt;"> </span>were<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>first<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>make<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>inventions<span style="letter-spacing:0.1pt;"> </span>claimed<span style="letter-spacing:0.1pt;"> </span>in our owned or any licensed<span style="letter-spacing:2.35pt;"> </span>patents<span style="letter-spacing:2.3pt;"> </span>or<span style="letter-spacing:2.25pt;"> </span>pending<span style="letter-spacing:2.3pt;"> </span>patent<span style="letter-spacing:2.3pt;"> </span>applications,<span style="letter-spacing:2.35pt;"> </span>or<span style="letter-spacing:2.2pt;"> </span>that<span style="letter-spacing:2.25pt;"> </span>we<span style="letter-spacing:2.2pt;"> </span>or<span style="letter-spacing:2.2pt;"> </span>our licensors<span style="letter-spacing:2.3pt;"> </span>were<span style="letter-spacing:2.2pt;"> </span>the<span style="letter-spacing:2.25pt;"> </span>first<span style="letter-spacing:2.3pt;"> </span>to<span style="letter-spacing:2.2pt;"> </span>file<span style="letter-spacing:2.25pt;"> </span>for<span style="letter-spacing:2.25pt;"> </span>patent protection<span style="letter-spacing:0.1pt;"> </span>of such inventions.</p>
<p style="line-height:13pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>position<span style="letter-spacing:0.05pt;"> </span>of biotechnology<span style="letter-spacing:0.1pt;"> </span>and pharmaceutical<span style="letter-spacing:0.15pt;"> </span>companies<span style="letter-spacing:0.1pt;"> </span>generally<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>highly<span style="letter-spacing:0.05pt;"> </span>uncertain,<span style="letter-spacing:0.1pt;"> </span>involves complex<span style="letter-spacing:0.1pt;"> </span>legal<span style="letter-spacing:0.1pt;"> </span>and factual<span style="letter-spacing:0.1pt;"> </span>questions,<span style="letter-spacing:0.05pt;"> </span>and has been the<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>of much<span style="letter-spacing:0.05pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>in recent<span style="letter-spacing:0.05pt;"> </span>years.<span style="letter-spacing:0.05pt;"> </span>The field<span style="letter-spacing:0.05pt;"> </span>of gene editing<span style="letter-spacing:2.2pt;"> </span>has<span style="letter-spacing:2.15pt;"> </span>been<span style="letter-spacing:2.15pt;"> </span>the<span style="letter-spacing:2.2pt;"> </span>subject<span style="letter-spacing:2.2pt;"> </span>of<span style="letter-spacing:2.15pt;"> </span>extensive<span style="letter-spacing:2.25pt;"> </span>patenting<span style="letter-spacing:2.25pt;"> </span>activity<span style="letter-spacing:2.25pt;"> </span>and<span style="letter-spacing:2.15pt;"> </span>litigation.<span style="letter-spacing:2.25pt;"> </span>As<span style="letter-spacing:2.1pt;"> </span>a<span style="letter-spacing:2.1pt;"> </span>result,<span style="letter-spacing:2.2pt;"> </span>the<span style="letter-spacing:2.15pt;"> </span>issuance,<span style="letter-spacing:2.15pt;"> </span>scope, validity,<span style="letter-spacing:0.15pt;"> </span>enforceability,<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercial<span style="letter-spacing:0.2pt;"> </span>value<span style="letter-spacing:0.05pt;"> </span>of our patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>highly<span style="letter-spacing:0.05pt;"> </span>uncertain<span style="letter-spacing:0.1pt;"> </span>and we may<span style="letter-spacing:0.05pt;"> </span>become involved<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>complex<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>costly<span style="letter-spacing:0.05pt;"> </span>litigation.<span style="letter-spacing:0.15pt;"> </span>Our pending<span style="letter-spacing:0.05pt;"> </span>and future<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not result<span style="letter-spacing:0.1pt;"> </span>in patents being<span style="letter-spacing:0.1pt;"> </span>issued<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>protect<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or which effectively prevent<span style="letter-spacing:0.05pt;"> </span>others<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>commercializing<span style="letter-spacing:0.2pt;"> </span>competitive<span style="letter-spacing:0.15pt;"> </span>technologies<span style="letter-spacing:0.1pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="line-height:13pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">No<span style="letter-spacing:0.05pt;"> </span>consistent<span style="letter-spacing:0.15pt;"> </span>policy<span style="letter-spacing:0.1pt;"> </span>regarding<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>scope<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>allowable<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>field<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>has emerged<span style="letter-spacing:0.05pt;"> </span>in the United<span style="letter-spacing:0.1pt;"> </span>States.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>scope<span style="letter-spacing:0.1pt;"> </span>of patent<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>uncertain.<span style="letter-spacing:0.1pt;"> </span>Changes in either<span style="letter-spacing:0.1pt;"> </span>the patent<span style="letter-spacing:0.1pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>interpretation<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>countries<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>diminish<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to protect<span style="letter-spacing:0.1pt;"> </span>our inventions,<span style="letter-spacing:0.1pt;"> </span>obtain,<span style="letter-spacing:0.05pt;"> </span>maintain,<span style="letter-spacing:0.1pt;"> </span>enforce<span style="letter-spacing:0.05pt;"> </span>and defend<span style="letter-spacing:0.05pt;"> </span>our intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>and, more generally,<span style="letter-spacing:0.05pt;"> </span>could affect the<span style="letter-spacing:0.05pt;"> </span>value<span style="letter-spacing:0.05pt;"> </span>of our intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>or narrow<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>scope<span style="letter-spacing:0.05pt;"> </span>of our owned and licensed<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>rights. With respect<span style="letter-spacing:0.05pt;"> </span>to both<span style="letter-spacing:0.05pt;"> </span>in-licensed<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>owned<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property,<span style="letter-spacing:0.05pt;"> </span>we cannot<span style="letter-spacing:0.05pt;"> </span>predict<span style="letter-spacing:0.1pt;"> </span>whether<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>we and our licensors<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>currently<span style="letter-spacing:0.15pt;"> </span>pursuing<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>issue<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>particular<span style="letter-spacing:0.2pt;"> </span>jurisdiction<span style="letter-spacing:0.2pt;"> </span>or whether<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>of any issued<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be valid<span style="letter-spacing:0.05pt;"> </span>and enforceable<span style="letter-spacing:0.1pt;"> </span>and provide<span style="letter-spacing:0.05pt;"> </span>sufficient<span style="letter-spacing:0.15pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>competitors.</p>
<p style="line-height:13pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Moreover,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>claimed<span style="letter-spacing:0.1pt;"> </span>in a patent<span style="letter-spacing:0.05pt;"> </span>application<span style="letter-spacing:0.1pt;"> </span>can be significantly<span style="letter-spacing:0.15pt;"> </span>reduced before the patent is issued,<span style="letter-spacing:0.6pt;"> </span>and<span style="letter-spacing:0.55pt;"> </span>its<span style="letter-spacing:0.6pt;"> </span>scope<span style="letter-spacing:0.6pt;"> </span>can<span style="letter-spacing:0.55pt;"> </span>be<span style="letter-spacing:0.55pt;"> </span>reinterpreted<span style="letter-spacing:0.7pt;"> </span>after<span style="letter-spacing:0.6pt;"> </span>issuance.<span style="letter-spacing:0.55pt;"> </span>Even<span style="letter-spacing:0.5pt;"> </span>if<span style="letter-spacing:0.55pt;"> </span>patent<span style="letter-spacing:0.55pt;"> </span>applications<span style="letter-spacing:0.6pt;"> </span>we<span style="letter-spacing:0.5pt;"> </span>license<span style="letter-spacing:0.6pt;"> </span>or<span style="letter-spacing:0.5pt;"> </span>own<span style="letter-spacing:0.5pt;"> </span>currently or<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>issue<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>patents,<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>issue<span style="letter-spacing:0.05pt;"> </span>in a form<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>provide<span style="letter-spacing:0.05pt;"> </span>us with any meaningful<span style="letter-spacing:0.1pt;"> </span>protection, prevent<span style="letter-spacing:0.1pt;"> </span>competitors<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>competing<span style="letter-spacing:0.1pt;"> </span>with us, or otherwise<span style="letter-spacing:0.05pt;"> </span>provide<span style="letter-spacing:0.05pt;"> </span>us with any competitive advantage.<span style="letter-spacing:0.1pt;"> </span>Any<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>own<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>in-license<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be challenged,<span style="letter-spacing:0.1pt;"> </span>narrowed,<span style="letter-spacing:0.05pt;"> </span>circumvented,<span style="letter-spacing:0.1pt;"> </span>or invalidated<span style="letter-spacing:0.1pt;"> </span>by third<span style="letter-spacing:0.75pt;"> </span>parties.<span style="letter-spacing:0.8pt;"> </span>Consequently,<span style="letter-spacing:0.75pt;"> </span>we<span style="letter-spacing:0.7pt;"> </span>do<span style="letter-spacing:0.7pt;"> </span>not<span style="letter-spacing:0.7pt;"> </span>know<span style="letter-spacing:0.7pt;"> </span>whether<span style="letter-spacing:0.75pt;"> </span>any<span style="letter-spacing:0.7pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>platform<span style="letter-spacing:0.8pt;"> </span>advances<span style="letter-spacing:0.7pt;"> </span>and<span style="letter-spacing:0.65pt;"> </span>product<span style="letter-spacing:0.7pt;"> </span>candidates<span style="letter-spacing:0.75pt;"> </span>will be<span style="letter-spacing:0.75pt;"> </span>protectable<span style="letter-spacing:0.85pt;"> </span>or<span style="letter-spacing:0.75pt;"> </span>remain<span style="letter-spacing:0.85pt;"> </span>protected<span style="letter-spacing:0.85pt;"> </span>by<span style="letter-spacing:0.75pt;"> </span>valid<span style="letter-spacing:0.8pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>enforceable<span style="letter-spacing:0.8pt;"> </span>patents.<span style="letter-spacing:0.75pt;"> </span>Our<span style="letter-spacing:0.7pt;"> </span>competitors<span style="letter-spacing:0.85pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>other<span style="letter-spacing:0.75pt;"> </span>third<span style="letter-spacing:0.75pt;"> </span>parties<span style="letter-spacing:0.8pt;"> </span>may be <span style="letter-spacing:1.45pt;"> </span>able <span style="letter-spacing:1.5pt;"> </span>to <span style="letter-spacing:1.45pt;"> </span>circumvent <span style="letter-spacing:1.55pt;"> </span>our <span style="letter-spacing:1.45pt;"> </span>patents <span style="letter-spacing:1.5pt;"> </span>by <span style="letter-spacing:1.45pt;"> </span>developing <span style="letter-spacing:1.45pt;"> </span>similar <span style="letter-spacing:1.5pt;"> </span>or <span style="letter-spacing:1.4pt;"> </span>alternative <span style="letter-spacing:1.55pt;"> </span>technologies <span style="letter-spacing:1.5pt;"> </span>or <span style="letter-spacing:1.4pt;"> </span>products <span style="letter-spacing:1.45pt;"> </span>in <span style="letter-spacing:1.4pt;"> </span>a non-infringing<span style="letter-spacing:0.1pt;"> </span>manner.</p>
<p style="line-height:13pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<span style="letter-spacing:0.05pt;"> </span>given<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>amount<span style="letter-spacing:0.05pt;"> </span>of time<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>development,<span style="letter-spacing:0.1pt;"> </span>testing,<span style="letter-spacing:0.1pt;"> </span>and regulatory<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>of new product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>protecting<span style="letter-spacing:0.15pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>might<span style="letter-spacing:0.1pt;"> </span>expire<span style="letter-spacing:0.05pt;"> </span>before<span style="letter-spacing:0.05pt;"> </span>or shortly<span style="letter-spacing:0.05pt;"> </span>after<span style="letter-spacing:0.1pt;"> </span>such candidates<span style="letter-spacing:0.1pt;"> </span>are commercialized.<span style="letter-spacing:0.25pt;"> </span>As a result,<span style="letter-spacing:0.1pt;"> </span>our intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not provide<span style="letter-spacing:0.05pt;"> </span>us with sufficient<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to exclude<span style="letter-spacing:0.05pt;"> </span>others from<span style="letter-spacing:0.1pt;"> </span>commercializing<span style="letter-spacing:0.25pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>similar<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>identical<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ours.<span style="letter-spacing:0.1pt;"> </span>Moreover,<span style="letter-spacing:0.05pt;"> </span>some<span style="letter-spacing:0.05pt;"> </span>of our owned and in-licensed<span style="letter-spacing:0.1pt;"> </span>patents and<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>be,<span style="letter-spacing:0.05pt;"> </span>co-owned<span style="letter-spacing:0.05pt;"> </span>by us with third<span style="letter-spacing:0.05pt;"> </span>parties.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>an exclusive<span style="letter-spacing:0.15pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>co-owners&#8217;<span style="letter-spacing:0.1pt;"> </span>interest<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications,<span style="letter-spacing:0.15pt;"> </span>such co-owners may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to other<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>our competitors,<span style="letter-spacing:0.15pt;"> </span>and our competitors<span style="letter-spacing:0.15pt;"> </span>could market<span style="letter-spacing:0.15pt;"> </span>competing<span style="letter-spacing:0.15pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>technology.<span style="letter-spacing:0.1pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>need the<span style="letter-spacing:0.05pt;"> </span>cooperation<span style="letter-spacing:0.1pt;"> </span>of any such co-owners<span style="letter-spacing:0.05pt;"> </span>of our<span style="letter-spacing:0.3pt;"> </span>patent<span style="letter-spacing:0.35pt;"> </span>rights<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.3pt;"> </span>order<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.3pt;"> </span>enforce<span style="letter-spacing:0.35pt;"> </span>such<span style="letter-spacing:0.3pt;"> </span>patents<span style="letter-spacing:0.35pt;"> </span>against<span style="letter-spacing:0.3pt;"> </span>third<span style="letter-spacing:0.3pt;"> </span>parties,<span style="letter-spacing:0.35pt;"> </span>and<span style="letter-spacing:0.25pt;"> </span>such<span style="letter-spacing:0.25pt;"> </span>cooperation<span style="letter-spacing:0.35pt;"> </span>may<span style="letter-spacing:0.3pt;"> </span>not<span style="letter-spacing:0.25pt;"> </span>be<span style="letter-spacing:0.25pt;"> </span>provided to<span style="letter-spacing:0.05pt;"> </span>us. Any of the<span style="letter-spacing:0.05pt;"> </span>foregoing<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our competitive<span style="letter-spacing:0.15pt;"> </span>position,<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.05pt;"> </span>financial conditions,<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:2pt;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialize<span style="letter-spacing:0.2pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>platform<span style="letter-spacing:0.15pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.05pt;"> </span>are subject,<span style="letter-spacing:0.05pt;"> </span>in part,<span style="letter-spacing:0.05pt;"> </span>to the terms<span style="letter-spacing:0.05pt;"> </span>and conditions<span style="letter-spacing:0.05pt;"> </span>of licenses<span style="letter-spacing:0.1pt;"> </span>granted<span style="letter-spacing:0.05pt;"> </span>to us by others.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>depend<span style="letter-spacing:0.05pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>licensed<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties,<span style="letter-spacing:0.1pt;"> </span>and our licensors<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not always<span style="letter-spacing:0.05pt;"> </span>act<span style="letter-spacing:0.05pt;"> </span>in our best<span style="letter-spacing:0.05pt;"> </span>interest.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we fail<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with our obligations<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>our intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>licenses,<span style="letter-spacing:0.1pt;"> </span>if the licenses<span style="letter-spacing:0.05pt;"> </span>are terminated,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>disputes<span style="letter-spacing:0.1pt;"> </span>regarding<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>licenses<span style="letter-spacing:0.15pt;"> </span>arise,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>lose<span style="letter-spacing:0.1pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>important<span style="letter-spacing:0.1pt;"> </span>to our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>licensed<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>dependent<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>and proprietary<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>important<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>of our gene editing<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>For example,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>to a license<span style="letter-spacing:0.1pt;"> </span>agreement<span style="letter-spacing:0.1pt;"> </span>with Stanford<span style="letter-spacing:0.05pt;"> </span>pursuant<span style="letter-spacing:0.05pt;"> </span>to which we in-license<span style="letter-spacing:0.1pt;"> </span>key patent applications<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>(the<span style="letter-spacing:0.05pt;"> </span>Stanford<span style="letter-spacing:0.05pt;"> </span>License<span style="letter-spacing:0.05pt;"> </span>Agreement). This<span style="letter-spacing:0.8pt;"> </span>license<span style="letter-spacing:0.9pt;"> </span>agreement<span style="letter-spacing:0.9pt;"> </span>imposes<span style="letter-spacing:0.85pt;"> </span>various<span style="letter-spacing:0.85pt;"> </span>diligence,<span style="letter-spacing:0.9pt;"> </span>milestone<span style="letter-spacing:0.9pt;"> </span>payment,<span style="letter-spacing:0.85pt;"> </span>royalty,<span style="letter-spacing:0.85pt;"> </span>insurance,<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>other<span style="letter-spacing:0.85pt;"> </span>obligations on<span style="letter-spacing:0.05pt;"> </span>us.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>obligations,<span style="letter-spacing:0.15pt;"> </span>our licensors<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>right<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>terminate<span style="letter-spacing:0.2pt;"> </span>our license,<span style="letter-spacing:0.1pt;"> </span>in which<span style="letter-spacing:0.05pt;"> </span>event<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>or market<span style="letter-spacing:0.1pt;"> </span>our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>or any other<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>or product<span style="letter-spacing:1.2pt;"> </span>candidates<span style="letter-spacing:1.25pt;"> </span>covered<span style="letter-spacing:1.2pt;"> </span>by<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>intellectual<span style="letter-spacing:1.3pt;"> </span>property<span style="letter-spacing:1.2pt;"> </span>licensed<span style="letter-spacing:1.25pt;"> </span>under<span style="letter-spacing:1.15pt;"> </span>this<span style="letter-spacing:1.15pt;"> </span>agreement.<span style="letter-spacing:1.2pt;"> </span>For<span style="letter-spacing:1.1pt;"> </span>example,<span style="letter-spacing:1.15pt;"> </span>under<span style="letter-spacing:1.15pt;"> </span>the Stanford <span style="letter-spacing:0.1pt;"> </span>License <span style="letter-spacing:0.1pt;"> </span>Agreement, <span style="letter-spacing:0.1pt;"> </span>we <span style="letter-spacing:0.05pt;"> </span>are <span style="letter-spacing:0.1pt;"> </span>required <span style="letter-spacing:0.15pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>initiate <span style="letter-spacing:0.15pt;"> </span>clinical <span style="letter-spacing:0.15pt;"> </span>trial <span style="letter-spacing:0.15pt;"> </span>programs <span style="letter-spacing:0.15pt;"> </span>in&#160;&#160;accordance <span style="letter-spacing:0.1pt;"> </span>with&#160;&#160;the development<span style="letter-spacing:0.15pt;"> </span>plan<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>milestones<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>of a licensed<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>covered<span style="letter-spacing:0.05pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>licensed patent<span style="letter-spacing:0.1pt;"> </span>rights.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>initiate<span style="letter-spacing:0.1pt;"> </span>such clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>programs,<span style="letter-spacing:0.1pt;"> </span>our rights<span style="letter-spacing:0.05pt;"> </span>with respect<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>licensed<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>rights may<span style="letter-spacing:0.05pt;"> </span>terminate.<span style="letter-spacing:0.15pt;"> </span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These<span style="letter-spacing:0.65pt;"> </span>and<span style="letter-spacing:0.65pt;"> </span>other<span style="letter-spacing:0.7pt;"> </span>licenses<span style="letter-spacing:0.75pt;"> </span>may<span style="letter-spacing:0.7pt;"> </span>not<span style="letter-spacing:0.65pt;"> </span>provide<span style="letter-spacing:0.7pt;"> </span>exclusive<span style="letter-spacing:0.75pt;"> </span>rights<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.6pt;"> </span>use<span style="letter-spacing:0.6pt;"> </span>such<span style="letter-spacing:0.6pt;"> </span>intellectual<span style="letter-spacing:0.75pt;"> </span>property<span style="letter-spacing:0.65pt;"> </span>and<span style="letter-spacing:0.6pt;"> </span>technology in<span style="letter-spacing:1.1pt;"> </span>all<span style="letter-spacing:1.15pt;"> </span>relevant<span style="letter-spacing:1.2pt;"> </span>fields<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>use<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>in<span style="letter-spacing:1.05pt;"> </span>all<span style="letter-spacing:1.1pt;"> </span>territories<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.05pt;"> </span>which<span style="letter-spacing:1.05pt;"> </span>we<span style="letter-spacing:1.05pt;"> </span>may<span style="letter-spacing:1.1pt;"> </span>wish<span style="letter-spacing:1.05pt;"> </span>to<span style="letter-spacing:1.05pt;"> </span>develop<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>commercialize<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>gene editing<span style="letter-spacing:1.85pt;"> </span>platform<span style="letter-spacing:1.9pt;"> </span>technology<span style="letter-spacing:1.8pt;"> </span>and<span style="letter-spacing:1.75pt;"> </span>product<span style="letter-spacing:1.8pt;"> </span>candidates<span style="letter-spacing:1.85pt;"> </span>in<span style="letter-spacing:1.75pt;"> </span>the<span style="letter-spacing:1.8pt;"> </span>future.<span style="letter-spacing:1.8pt;"> </span>Some<span style="letter-spacing:1.75pt;"> </span>licenses<span style="letter-spacing:1.85pt;"> </span>granted<span style="letter-spacing:1.8pt;"> </span>to<span style="letter-spacing:1.75pt;"> </span>us<span style="letter-spacing:1.75pt;"> </span>are<span style="letter-spacing:1.8pt;"> </span>expressly subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>preexisting<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>held<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>licensors<span style="letter-spacing:0.15pt;"> </span>or certain<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties.<span style="letter-spacing:0.1pt;"> </span>As a result,<span style="letter-spacing:0.1pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to prevent<span style="letter-spacing:1.2pt;"> </span>competitors<span style="letter-spacing:1.3pt;"> </span>from<span style="letter-spacing:1.2pt;"> </span>developing<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>commercializing<span style="letter-spacing:1.35pt;"> </span>competitive<span style="letter-spacing:1.3pt;"> </span>products<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>certain<span style="letter-spacing:1.2pt;"> </span>territories<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>fields. For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Stanford<span style="letter-spacing:0.05pt;"> </span>License<span style="letter-spacing:0.05pt;"> </span>Agreement<span style="letter-spacing:0.05pt;"> </span>provides<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our field<span style="letter-spacing:0.05pt;"> </span>of use is<span style="letter-spacing:0.05pt;"> </span>solely<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>of prophylactics<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>therapeutics<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>sickle<span style="letter-spacing:0.05pt;"> </span>cell<span style="letter-spacing:0.05pt;"> </span>disease,<span style="letter-spacing:0.05pt;"> </span>XSCID,<span style="letter-spacing:-0.05pt;"> </span>and beta-thalassemia.<span style="letter-spacing:0.2pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we determine<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to such<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>fields<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>commercialize<span style="letter-spacing:0.25pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>or maintain<span style="letter-spacing:0.1pt;"> </span>our competitive advantage,<span style="letter-spacing:1.3pt;"> </span>we<span style="letter-spacing:1.25pt;"> </span>may<span style="letter-spacing:1.3pt;"> </span>will<span style="letter-spacing:1.3pt;"> </span>need<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>obtain<span style="letter-spacing:1.3pt;"> </span>a<span style="letter-spacing:1.25pt;"> </span>license<span style="letter-spacing:1.35pt;"> </span>from<span style="letter-spacing:1.3pt;"> </span>Stanford<span style="letter-spacing:1.3pt;"> </span>and/or<span style="letter-spacing:1.3pt;"> </span>other<span style="letter-spacing:1.25pt;"> </span>third<span style="letter-spacing:1.25pt;"> </span>parties<span style="letter-spacing:1.3pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>order<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>continue developing,<span style="letter-spacing:0.45pt;"> </span>manufacturing<span style="letter-spacing:0.55pt;"> </span>or<span style="letter-spacing:0.4pt;"> </span>marketing<span style="letter-spacing:0.5pt;"> </span>our<span style="letter-spacing:0.4pt;"> </span>product<span style="letter-spacing:0.45pt;"> </span>candidates.<span style="letter-spacing:0.5pt;"> </span>We<span style="letter-spacing:0.4pt;"> </span>may<span style="letter-spacing:0.45pt;"> </span>not<span style="letter-spacing:0.4pt;"> </span>be<span style="letter-spacing:0.4pt;"> </span>able<span style="letter-spacing:0.45pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>obtain<span style="letter-spacing:0.45pt;"> </span>such<span style="letter-spacing:0.4pt;"> </span>a<span style="letter-spacing:0.35pt;"> </span>license<span style="letter-spacing:0.45pt;"> </span>on an<span style="letter-spacing:1.05pt;"> </span>exclusive<span style="letter-spacing:1.15pt;"> </span>basis,<span style="letter-spacing:1.1pt;"> </span>on<span style="letter-spacing:1pt;"> </span>commercially<span style="letter-spacing:1.15pt;"> </span>reasonable<span style="letter-spacing:1.1pt;"> </span>terms,<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1pt;"> </span>at<span style="letter-spacing:1.05pt;"> </span>all,<span style="letter-spacing:1.05pt;"> </span>which<span style="letter-spacing:1pt;"> </span>could<span style="letter-spacing:1.05pt;"> </span>prevent<span style="letter-spacing:1.05pt;"> </span>us<span style="letter-spacing:1pt;"> </span>from<span style="letter-spacing:1.05pt;"> </span>commercializing our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>competitors<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>others<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>chance<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>access<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>important<span style="letter-spacing:0.1pt;"> </span>to our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>complete<span style="letter-spacing:0.15pt;"> </span>control<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>preparation,<span style="letter-spacing:0.1pt;"> </span>filing,<span style="letter-spacing:0.1pt;"> </span>prosecution,<span style="letter-spacing:0.1pt;"> </span>and maintenance<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>patent applications<span style="letter-spacing:0.15pt;"> </span>covering<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we license<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties.<span style="letter-spacing:0.1pt;"> </span>For example,<span style="letter-spacing:0.05pt;"> </span>pursuant<span style="letter-spacing:0.05pt;"> </span>to our intellectual property<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>with Stanfor<span style="letter-spacing:0.05pt;">d</span>, our licensors<span style="letter-spacing:0.1pt;"> </span>retain<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>of preparation,<span style="letter-spacing:0.1pt;"> </span>filing,<span style="letter-spacing:0.1pt;"> </span>prosecution,<span style="letter-spacing:0.1pt;"> </span>and maintenance<span style="letter-spacing:0.1pt;"> </span>of their<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications.<span style="letter-spacing:0.15pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>cannot<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be prepared,<span style="letter-spacing:0.05pt;"> </span>filed,<span style="letter-spacing:0.05pt;"> </span>prosecuted, maintained,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>defended<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>manner<span style="letter-spacing:0.1pt;"> </span>consistent<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>best<span style="letter-spacing:0.05pt;"> </span>interests<span style="letter-spacing:0.1pt;"> </span>of our business.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>our licensors<span style="letter-spacing:0.1pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to prosecute,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>maintain<span style="letter-spacing:0.15pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>lose<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>we have licensed<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.15pt;"> </span>be<span style="letter-spacing:1.1pt;"> </span>reduced<span style="letter-spacing:1.15pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>eliminated,<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.1pt;"> </span>right<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.05pt;"> </span>develop<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>commercialize<span style="letter-spacing:1.25pt;"> </span>any<span style="letter-spacing:1.05pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>product<span style="letter-spacing:1.1pt;"> </span>candidates that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>licensed<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected<span style="letter-spacing:0.1pt;"> </span>and we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to prevent competitors<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>making,<span style="letter-spacing:0.05pt;"> </span>using,<span style="letter-spacing:0.05pt;"> </span>and selling<span style="letter-spacing:0.1pt;"> </span>competing<span style="letter-spacing:0.1pt;"> </span>products.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain of our licensors<span style="letter-spacing:0.35pt;"> </span>have<span style="letter-spacing:0.25pt;"> </span>also<span style="letter-spacing:0.3pt;"> </span>relied<span style="letter-spacing:0.35pt;"> </span>on<span style="letter-spacing:0.25pt;"> </span>third-party<span style="letter-spacing:0.4pt;"> </span>collaborators<span style="letter-spacing:0.4pt;"> </span>or<span style="letter-spacing:0.25pt;"> </span>on<span style="letter-spacing:0.25pt;"> </span>funds<span style="letter-spacing:0.3pt;"> </span>from<span style="letter-spacing:0.3pt;"> </span>third<span style="letter-spacing:0.3pt;"> </span>parties<span style="letter-spacing:0.35pt;"> </span>such<span style="letter-spacing:0.25pt;"> </span>that<span style="letter-spacing:0.3pt;"> </span>they are<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>sole<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>exclusive<span style="letter-spacing:0.15pt;"> </span>owners<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>we have in-licensed.<span style="letter-spacing:0.1pt;"> </span>For example,<span style="letter-spacing:0.05pt;"> </span>our in-licensed<span style="letter-spacing:0.1pt;"> </span>patent rights<span style="letter-spacing:0.85pt;"> </span>from<span style="letter-spacing:0.85pt;"> </span>the<span style="letter-spacing:0.85pt;"> </span>Stanford<span style="letter-spacing:0.85pt;"> </span>License<span style="letter-spacing:0.85pt;"> </span>are<span style="letter-spacing:0.85pt;"> </span>jointly<span style="letter-spacing:0.85pt;"> </span>owned<span style="letter-spacing:0.75pt;"> </span>by<span style="letter-spacing:0.75pt;"> </span>Stanford<span style="letter-spacing:0.8pt;"> </span>and<span style="letter-spacing:0.75pt;"> </span>Agilent<span style="letter-spacing:0.8pt;"> </span>Technologies,<span style="letter-spacing:0.8pt;"> </span>Inc.<span style="letter-spacing:0.8pt;"> </span>(Agilent).<span style="letter-spacing:0.85pt;"> </span>If<span style="letter-spacing:0.8pt;"> </span>we are<span style="letter-spacing:0.55pt;"> </span>unable<span style="letter-spacing:0.55pt;"> </span>to<span style="letter-spacing:0.5pt;"> </span>secure<span style="letter-spacing:0.55pt;"> </span>licenses<span style="letter-spacing:0.6pt;"> </span>to<span style="letter-spacing:0.5pt;"> </span>the<span style="letter-spacing:0.55pt;"> </span>rights<span style="letter-spacing:0.55pt;"> </span>of<span style="letter-spacing:0.5pt;"> </span>Agilent,<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.5pt;"> </span>license<span style="letter-spacing:0.55pt;"> </span>granted<span style="letter-spacing:0.5pt;"> </span>to<span style="letter-spacing:0.45pt;"> </span>us<span style="letter-spacing:0.45pt;"> </span>in<span style="letter-spacing:0.45pt;"> </span>jurisdictions<span style="letter-spacing:0.6pt;"> </span>where<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.5pt;"> </span>consent of<span style="letter-spacing:1.2pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>co-owner<span style="letter-spacing:1.2pt;"> </span>is<span style="letter-spacing:1.2pt;"> </span>necessary<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>grant<span style="letter-spacing:1.2pt;"> </span>such<span style="letter-spacing:1.15pt;"> </span>a<span style="letter-spacing:1.15pt;"> </span>license<span style="letter-spacing:1.25pt;"> </span>may<span style="letter-spacing:1.2pt;"> </span>not<span style="letter-spacing:1.15pt;"> </span>be<span style="letter-spacing:1.15pt;"> </span>valid,<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>Agilent<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.2pt;"> </span>be<span style="letter-spacing:1.15pt;"> </span>able<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>license<span style="letter-spacing:1.25pt;"> </span>such patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to our competitors,<span style="letter-spacing:0.15pt;"> </span>and our competitors<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>competing<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>and technology.<span style="letter-spacing:0.05pt;"> </span>In addition,<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>rights<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>in-licensed<span style="letter-spacing:1.35pt;"> </span>patent<span style="letter-spacing:1.3pt;"> </span>applications<span style="letter-spacing:1.35pt;"> </span>are<span style="letter-spacing:1.25pt;"> </span>dependent,<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>part,<span style="letter-spacing:1.25pt;"> </span>on<span style="letter-spacing:1.2pt;"> </span>inter-institutional<span style="letter-spacing:1.45pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>other operating<span style="letter-spacing:1.2pt;"> </span>agreements<span style="letter-spacing:1.2pt;"> </span>between<span style="letter-spacing:1.15pt;"> </span>Stanford<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>Agilent.<span style="letter-spacing:1.05pt;"> </span>If<span style="letter-spacing:1.1pt;"> </span>Stanford<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>Agilent<span style="letter-spacing:1.1pt;"> </span>breaches<span style="letter-spacing:1.1pt;"> </span>such<span style="letter-spacing:1.05pt;"> </span>inter-institutional<span style="letter-spacing:1.3pt;"> </span>or operating<span style="letter-spacing:0.15pt;"> </span>agreements,<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>in-licensed<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>and patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected. Any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>events<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our competitive<span style="letter-spacing:0.15pt;"> </span>position,<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.05pt;"> </span>financial conditions,<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<span style="letter-spacing:0.15pt;"> </span>inventions<span style="letter-spacing:0.15pt;"> </span>contained<span style="letter-spacing:0.1pt;"> </span>within<span style="letter-spacing:0.1pt;"> </span>some<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our in-licensed<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>were made<span style="letter-spacing:0.05pt;"> </span>using<span style="letter-spacing:0.05pt;"> </span>U.S. government<span style="letter-spacing:0.35pt;"> </span>funding.<span style="letter-spacing:0.3pt;"> </span>We<span style="letter-spacing:0.25pt;"> </span>rely<span style="letter-spacing:0.3pt;"> </span>on<span style="letter-spacing:0.25pt;"> </span>our licensors<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.25pt;"> </span>ensure<span style="letter-spacing:0.3pt;"> </span>compliance<span style="letter-spacing:0.35pt;"> </span>with<span style="letter-spacing:0.25pt;"> </span>applicable<span style="letter-spacing:0.3pt;"> </span>obligations<span style="letter-spacing:0.3pt;"> </span>arising<span style="letter-spacing:0.3pt;"> </span>from<span style="letter-spacing:0.25pt;"> </span>such<span style="color:#000000;"> </span>funding,<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>timely<span style="letter-spacing:0.15pt;"> </span>reporting,<span style="letter-spacing:0.15pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>obligation<span style="letter-spacing:0.15pt;"> </span>associated<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>in-licensed<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>and patent<span style="letter-spacing:0.05pt;"> </span>applications. The<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our licensors<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>meet<span style="letter-spacing:0.1pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>obligations<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>lead<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>a loss<span style="letter-spacing:0.05pt;"> </span>of rights<span style="letter-spacing:0.05pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>unenforceability<span style="letter-spacing:0.15pt;"> </span>of relevant patents.<span style="letter-spacing:0.1pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. government<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>in such in-licensed<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications, including<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>non-exclusive<span style="letter-spacing:0.15pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>authorizing<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. government<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>use the<span style="letter-spacing:0.05pt;"> </span>invention<span style="letter-spacing:0.05pt;"> </span>or to have others<span style="letter-spacing:0.05pt;"> </span>use the invention<span style="letter-spacing:0.45pt;"> </span>on<span style="letter-spacing:0.4pt;"> </span>its<span style="letter-spacing:0.45pt;"> </span>behalf.<span style="letter-spacing:0.45pt;"> </span>If<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>U.S.<span style="letter-spacing:0.35pt;"> </span>government<span style="letter-spacing:0.5pt;"> </span>decides<span style="letter-spacing:0.45pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>exercise<span style="letter-spacing:0.5pt;"> </span>these<span style="letter-spacing:0.45pt;"> </span>rights,<span style="letter-spacing:0.45pt;"> </span>it<span style="letter-spacing:0.45pt;"> </span>is<span style="letter-spacing:0.45pt;"> </span>not<span style="letter-spacing:0.4pt;"> </span>required<span style="letter-spacing:0.5pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>engage<span style="letter-spacing:0.45pt;"> </span>us<span style="letter-spacing:0.4pt;"> </span>as its<span style="letter-spacing:0.1pt;"> </span>contractor<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>connection<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>doing<span style="letter-spacing:0.05pt;"> </span>so.<span style="letter-spacing:0.05pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>U.S. government&#8217;s<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>permit<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>to disclose<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>funded inventions<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>exercise<span style="letter-spacing:0.15pt;"> </span>march-in<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>to use the technology<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.1pt;"> </span>licensed<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.15pt;"> </span>was<span style="letter-spacing:0.1pt;"> </span>developed<span style="letter-spacing:0.15pt;"> </span>using<span style="letter-spacing:0.1pt;"> </span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. government</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">funding.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. government</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">also exercise</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">its</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">march-in</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">determines</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">action</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">necessary</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">because</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our licensors</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">failed</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to achieve practical</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">application</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. government-funded</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">because</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">action</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">necessary</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to alleviate</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">health</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or safety</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">needs,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">meet</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requirements</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">federal</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulations,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">give</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">preference</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. industry.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">addition,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our rights</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in-licensed</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. government-funded</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inventions</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">subject</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certain</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requirements</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to manufacture</span><span style="letter-spacing:1.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:1.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:1.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">embodying</span><span style="letter-spacing:1.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:1.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inventions</span><span style="letter-spacing:1.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:1.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:1.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United</span><span style="letter-spacing:1.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">States.</span><span style="letter-spacing:1.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any</span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:1.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">foregoing</span><span style="letter-spacing:1.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could harm</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our business,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of operations,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and prospects</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">significantly.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.2pt;"> </span>event<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.2pt;"> any of </span>our<span style="letter-spacing:0.15pt;"> </span>third-party<span style="letter-spacing:0.3pt;"> </span>licensors<span style="letter-spacing:0.25pt;"> </span>determines<span style="letter-spacing:0.2pt;"> </span>that,<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>spite<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.1pt;"> </span>efforts,<span style="letter-spacing:0.2pt;"> </span>we<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.1pt;"> </span>materially<span style="letter-spacing:0.25pt;"> </span>breached a<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>agreement<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>failed<span style="letter-spacing:0.1pt;"> </span>to meet<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>obligations<span style="letter-spacing:0.1pt;"> </span>thereunder,<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>elect<span style="letter-spacing:0.05pt;"> </span>to terminate<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>license agreement<span style="letter-spacing:0.15pt;"> </span>or, in some<span style="letter-spacing:0.05pt;"> </span>cases,<span style="letter-spacing:0.05pt;"> </span>one or more<span style="letter-spacing:0.05pt;"> </span>license(s)<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>agreement<span style="letter-spacing:0.1pt;"> </span>and such termination would result<span style="letter-spacing:0.1pt;"> </span>in us no longer<span style="letter-spacing:0.05pt;"> </span>having<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.1pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>and commercialize<span style="letter-spacing:0.2pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and technology covered <span style="letter-spacing:0.1pt;"> </span>by <span style="letter-spacing:0.05pt;"> </span>that <span style="letter-spacing:0.1pt;"> </span>license <span style="letter-spacing:0.15pt;"> </span>agreement. <span style="letter-spacing:0.15pt;"> </span>In <span style="letter-spacing:0.05pt;"> </span>the <span style="letter-spacing:0.1pt;"> </span>event <span style="letter-spacing:0.1pt;"> </span>of&#160;&#160;such&#160;&#160;termination <span style="letter-spacing:0.15pt;"> </span>of&#160;&#160;a&#160;&#160;third-party <span style="letter-spacing:0.15pt;"> </span>in-license, <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;if <span style="letter-spacing:0.05pt;"> </span>the underlying<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>a third-party<span style="letter-spacing:0.15pt;"> </span>in-license<span style="letter-spacing:0.1pt;"> </span>fail<span style="letter-spacing:0.05pt;"> </span>to provide<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>exclusivity,<span style="letter-spacing:0.1pt;"> </span>competitors<span style="letter-spacing:0.15pt;"> </span>would have<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>freedom<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of, and to market,<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>identical<span style="letter-spacing:0.1pt;"> </span>to ours.<span style="letter-spacing:0.05pt;"> </span>Any of these<span style="letter-spacing:0.05pt;"> </span>events could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.2pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>on our competitive<span style="letter-spacing:0.15pt;"> </span>position,<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>conditions,<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects of our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection but where enforcement is not as strong as that in the United States. These products may compete with our product candidates and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:4.17%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, particularly those relating to biotechnology and pharmaceutical products, which could make it difficult for us to stop the infringement&#160;&#160;of&#160;&#160;our&#160;&#160;patents&#160;&#160;or&#160;&#160;marketing&#160;&#160;of&#160;&#160;competing&#160;&#160;products&#160;&#160;against&#160;&#160;third&#160;&#160;parties&#160;&#160;in&#160;&#160;violation&#160;&#160;of&#160;&#160;our intellectual property and proprietary rights generally. Proceedings to enforce our patents and intellectual property rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Moreover, the initiation of proceedings by third parties to challenge the scope or validity of our patent rights in foreign jurisdictions could result in substantial cost and divert our efforts and attention from other aspects of our business. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many<span style="letter-spacing:0.05pt;"> </span>countries<span style="letter-spacing:0.15pt;"> </span>have compulsory<span style="letter-spacing:0.1pt;"> </span>licensing<span style="letter-spacing:0.1pt;"> </span>laws under<span style="letter-spacing:0.05pt;"> </span>which a patent<span style="letter-spacing:0.05pt;"> </span>owner may<span style="letter-spacing:0.05pt;"> </span>be compelled<span style="letter-spacing:0.1pt;"> </span>to grant licenses<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties.<span style="letter-spacing:0.15pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>many<span style="letter-spacing:0.1pt;"> </span>countries<span style="letter-spacing:0.15pt;"> </span>limit<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>enforceability<span style="letter-spacing:0.15pt;"> </span>of patents<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>government agencies<span style="letter-spacing:0.1pt;"> </span>or government<span style="letter-spacing:0.1pt;"> </span>contractors.<span style="letter-spacing:0.1pt;"> </span>In these<span style="letter-spacing:0.05pt;"> </span>countries,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>owner may<span style="letter-spacing:0.05pt;"> </span>have limited<span style="letter-spacing:0.1pt;"> </span>remedies,<span style="letter-spacing:0.1pt;"> </span>which could materially<span style="letter-spacing:0.2pt;"> </span>diminish<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>value<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>patent.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>our licensors<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>forced<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>grant<span style="letter-spacing:0.1pt;"> </span>one or more licenses<span style="letter-spacing:0.1pt;"> </span>to third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>with respect<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>relevant<span style="letter-spacing:0.1pt;"> </span>to our business,<span style="letter-spacing:0.05pt;"> </span>our competitive<span style="letter-spacing:0.15pt;"> </span>position<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be impaired,<span style="letter-spacing:0.1pt;"> </span>and our business, financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected.</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:2pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Our owned and&#160;in-licensed&#160;patent applications may not provide sufficient protection of our gene editing platform technologies, our product candidates and our future product candidates or result in any competitive advantage.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We own and have&#160;in-licensed&#160;a number of patent applications that cover gene editing and gene targeting technologies. We have applied for provisional patent applications intended to specifically cover our gene editing platform technology and uses with respect to treatment of particular diseases and conditions, but do not currently own any issued U.S. patents. Each U.S. provisional patent application is not eligible to become an issued patent until, among other things, we file a&#160;non-provisional&#160;patent application within 12 months of the filing date of the applicable provisional patent application. Any failure to file a&#160;non-provisional&#160;patent application within this timeline could cause us to lose the ability to obtain patent protection for the intentions disclosed in the associated provisional patent applications. We cannot be certain that any of these patent applications will issue as patents, and if they do, that such patents will cover or adequately protect our gene editing platform technologies or our product candidates, or that such patents will not be challenged, narrowed, circumvented, invalidated or held unenforceable. Any failure to obtain or maintain patent protection with respect to our gene editing platform technology and product candidates could have a material adverse effect on our business, financial condition, results of operations and growth prospects.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our owned and&#160;in-licensed&#160;patent applications contain claims directed to compositions of matter on our gene editing product candidates, as well as methods directed to the use of such product candidates for gene therapy treatment.&#160;Method-of-use&#160;patents do not prevent a competitor or other third party from developing or marketing an identical product for an indication that is outside the scope of </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the patented method. Moreover, with respect to&#160;method-of-use&#160;patents, even if competitors or other third parties do not actively promote their product for our targeted indications or uses for which we may obtain patents, providers may recommend that patients use these products&#160;off-label,&#160;or patients may do so themselves.</span></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:12pt;font-family:Times New Roman;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The strength of patents in the biotechnology and pharmaceutical field involves complex legal and scientific questions and can be uncertain. The patent applications that we own or&#160;in-license&#160;may fail to result in issued patents with claims that cover our product candidates or uses thereof in the United States or in other foreign countries. For example, while our patent applications are pending, we may be subject to a third party&#160;pre-issuance&#160;submission of prior art to the United States Patent and Trademark Office (USPTO), or become involved in interference or derivation proceedings, or equivalent proceedings in foreign jurisdictions. Even if patents do successfully issue, third parties may challenge their inventorship, validity, enforceability or scope, including through opposition, revocation, reexamination, post-grant and&#160;<span style="font-style:italic;">inter partes</span>&#160;review proceedings. An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate or render unenforceable, our owned or&#160;in-licensed&#160;patent rights, allow third parties to commercialize our technology or product candidates and compete directly with us, without payment to us, or result in our inability to manufacture or commercialize products without infringing third-party patent rights. Moreover, we, or our licensor, may have to participate in interference proceedings declared by the USPTO to determine priority of invention or in post-grant challenge proceedings, such as oppositions in a foreign patent office, that challenge our or our licensor&#8217;s priority of invention or other features of patentability with respect to our owned or&#160;in-licensed&#160;patent applications. Such challenges may result in loss of patent rights, loss of exclusivity, or in patent claims being narrowed, invalidated, or held unenforceable, which could limit our ability to stop others from using or commercializing similar or identical technology and products, or limit the duration of the patent protection of our technology and product candidates. Furthermore, even if they are unchallenged, our patent rights may not adequately protect our intellectual property or prevent others from designing around our platform technology or product candidates. If the breadth or strength of protection provided by the patent applications we own or&#160;in-license&#160;with respect to our gene editing platform technology and product candidates is threatened, it could dissuade companies from collaborating with us to develop, and threaten our ability to commercialize, our product candidates. Further, if we encounter delays in development, testing, and regulatory review of new product candidates, the period of time during which we could market our product candidates under patent protection would be reduced.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Given that patent applications in the United States and other countries are confidential for a period of time after filing, at any moment in time, we cannot be certain that we or our licensors were in the past or will be in the future the first to file any patent application related to our gene editing technology or product candidates. In addition, some patent applications in the United States may be maintained in secrecy until the patents are issued. As a result, there may be prior art of which we or our licensors are not aware that may affect the validity or enforceability of a patent claim, and we or our licensors may be subject to priority disputes. For our in-licensed patent portfolios, we rely on our licensors to determine inventorship, and obtain and file inventor assignments of priority applications before their conversion as PCT applications. A failure to do so in a timely fashion may give rise to a challenge to entitlement of priority for foreign applications nationalized from such PCT applications. We or our licensors may in the future become a party to proceedings or priority disputes in Europe or other foreign jurisdictions. The loss of priority for, or the loss of, any European or other foreign patent rights could have a material adverse effect on the conduct of our business.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may be required to disclaim part or all of the term of certain patent applications. There may be prior art of which we are not aware that may affect the validity or enforceability of a patent claim. There also may be prior art of which we or our licensors are aware, but which we or our licensors do not believe affects the validity or enforceability of a claim, which may, nonetheless, ultimately be found to affect the validity or enforceability of a claim. No assurance can be given that, if challenged, our patent applications, if issued, would be declared by a court, patent office or other governmental authority to be valid or enforceable or that even if found valid and enforceable, a competitor&#8217;s technology or product would be found by a court to infringe our patent rights. We may analyze patents or patent applications of our competitors that we believe are relevant to our activities, and consider that we are free to operate in relation to our product candidates, but our competitors may achieve issued claims, including in patents we consider to be unrelated, that block our efforts or potentially result in our product candidates or our activities infringing such claims. It is possible that our competitors may have filed, and may in the future file, patent applications covering our products or gene editing technology similar to ours. Those patent<span style="font-size:8pt;">&#160;</span>applications may have priority over our owned patent applications and&#160;in-licensed&#160;patent applications or patents, which could require us to obtain rights to issued patents covering such technologies. The possibility also exists that others will develop products that have the same effect as our product candidates on an independent basis that do not infringe our patents or other intellectual property rights, or will design around the claims of our patent applications or our&#160;in-licensed&#160;patents or patent applications that cover our product candidates.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Likewise, our currently owned patent applications, if issued as patents, and&#160;in-licensed&#160;patents and patent applications, if issued as patents, directed to our proprietary gene editing technologies and our product candidates are expected to expire from 2036 through 2042, without taking into account any possible patent term adjustments or extensions. Our owned or&#160;in-licensed&#160;patent applications, if issued as patents, may expire before, or soon after, our first product candidate achieves marketing approval in the United States or foreign jurisdictions. Additionally, no assurance can be given that the USPTO or relevant foreign patent offices will grant any of the pending patent applications we own or&#160;in-license&#160;currently or in the future. Upon the expiration of our current&#160;in-licensed&#160;patent </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">applications, if issued as patents, we may lose the right to exclude others from practicing these inventions. The expiration of these patent rights could also have a similar material adverse effect on our business, financial condition, results of operations and prospects</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Our owned patent applications and&#160;in-licensed&#160;patents and patent applications and other intellectual property may be subject to inventorship or ownership disputes and similar proceedings. If we or our licensors are unsuccessful in any of these proceedings, we may be required to obtain licenses from third parties, which may not be available on commercially reasonable terms or at all, or to cease the development, manufacture, and commercialization of one or more of our product candidates, which could have a material adverse impact on our business.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We or our licensors may also be subject to claims that former employees, collaborators, or other third parties have an interest in our owned or&#160;in-licensed&#160;patent applications or other intellectual property as an inventor or&#160;co-inventor.&#160;If we are unable to obtain an exclusive license to any such third-party&#160;co-owners&#8217;&#160;interest in such patent applications, such&#160;co-owners&#160;may be able to license their rights to other third parties, including our competitors. In addition, we may need the cooperation of any such&#160;co-owners&#160;to enforce any patents that issue from such patent applications against third parties, and such cooperation may not be provided to us.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If we or our licensors are unsuccessful in any inventorship or ownership disputes to which we or they are subject, we may lose valuable intellectual property rights through the loss of part or all of our owned, licensed, or optioned patent rights, or such patent claims may be narrowed, invalidated, or held unenforceable, or through loss of exclusive ownership of or the exclusive right to use our owned or&#160;in-licensed&#160;patent rights. In the event of loss of patent rights as a result of any of these disputes, we may be required to obtain and maintain licenses from third parties, including parties involved in any such inventorship or ownership disputes. Such licenses may not be available on commercially reasonable terms or at all, or may be&#160;non-exclusive.&#160;If we are unable to obtain and maintain such licenses, we may need to cease the development, manufacture, and commercialization of one or more of our product candidates. The loss of exclusivity or the narrowing of our patent rights could limit our ability to stop others from using or commercializing similar or identical technology and product candidates. Even if we or our licensors are successful in an inventorship or ownership dispute, it could result in substantial costs and be a distraction to management and other employees. Any of the foregoing could result in a material adverse effect on our business, financial condition, results of operations, or prospects.</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">We have limited foreign intellectual property rights and may not be able to protect our intellectual property and proprietary rights throughout the world.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We may have limited intellectual property rights outside the United States. Filing, prosecuting, and defending patents on product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries outside the United States can be less extensive than those in the United States. In addition, the laws of foreign countries do not protect intellectual property rights to the same extent as federal and state laws of the United States. In addition, our intellectual property license agreements may not always include worldwide rights. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection but where enforcement is not as strong as that in the United States. These products may compete with our product candidates and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, particularly those relating to biotechnology and pharmaceutical products, which could make it difficult for us to stop the infringement of our patents or marketing of competing products against third parties in violation of our intellectual property and proprietary rights generally. Proceedings to enforce our patents and intellectual property rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Moreover, the initiation of proceedings by third parties to challenge the scope or validity of our patent rights in foreign jurisdictions could result in substantial cost and divert our efforts and attention from other aspects of our business. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Many countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we or our licensors are forced to grant one or more licenses to third parties with respect to any patents relevant to our business, our competitive position may be impaired, and our business, financial condition, results of operations, and prospects may be adversely affected.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with our obligations<span style="letter-spacing:0.1pt;"> </span>in the agreements<span style="letter-spacing:0.05pt;"> </span>under which we license<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights from<span style="letter-spacing:1.85pt;"> </span>our licensors<span style="letter-spacing:1.85pt;"> </span>or<span style="letter-spacing:1.8pt;"> </span>otherwise<span style="letter-spacing:1.85pt;"> </span>experience<span style="letter-spacing:1.85pt;"> </span>disruptions<span style="letter-spacing:1.85pt;"> </span>to<span style="letter-spacing:1.8pt;"> </span>our<span style="letter-spacing:1.8pt;"> </span>business<span style="letter-spacing:1.85pt;"> </span>relationships<span style="letter-spacing:1.9pt;"> </span>with<span style="letter-spacing:1.8pt;"> </span>our licensors,<span style="letter-spacing:1.8pt;"> </span>we could lose<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are important<span style="letter-spacing:0.1pt;"> </span>to our business.</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.9pt;"> </span>have<span style="letter-spacing:0.9pt;"> </span>entered<span style="letter-spacing:0.95pt;"> </span>into<span style="letter-spacing:0.95pt;"> </span>a<span style="letter-spacing:0.9pt;"> </span>license<span style="letter-spacing:1pt;"> </span>agreement<span style="letter-spacing:1pt;"> </span>with<span style="letter-spacing:0.9pt;"> </span>Stanford<span style="letter-spacing:0.95pt;"> </span>related<span style="letter-spacing:1pt;"> </span>to<span style="letter-spacing:0.85pt;"> </span>our<span style="letter-spacing:0.85pt;"> </span>platform<span style="letter-spacing:0.95pt;"> </span>technology<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.85pt;"> </span>certain<span style="letter-spacing:0.95pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> and a license agreement with Integrated DNA Technologies, Inc. (IDT) related to high- fidelity nucleases and gene editing systems, </span>and may<span style="letter-spacing:0.05pt;"> </span>need to obtain<span style="letter-spacing:0.05pt;"> </span>licenses<span style="letter-spacing:0.1pt;"> </span>to additional<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>these entities and&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>others&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>to&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>advance&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>our&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>ongoing&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>and&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>planned&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>research&#160;&#160;<span style="letter-spacing:0.15pt;"> </span>and&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>development&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>programs&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>or&#160;&#160; to&#160;&#160; allow commercialization<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>It<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>possible<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>be unable<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>any licenses<span style="letter-spacing:0.1pt;"> </span>to such additional<span style="letter-spacing:0.15pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>a reasonable<span style="letter-spacing:0.1pt;"> </span>cost<span style="letter-spacing:0.05pt;"> </span>or on reasonable<span style="letter-spacing:0.1pt;"> </span>terms,<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>In either<span style="letter-spacing:0.1pt;"> </span>event,<span style="letter-spacing:0.05pt;"> </span>we may be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>expend<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>time<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>redesign<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>technology,<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>or the methods<span style="letter-spacing:1.9pt;"> </span>for<span style="letter-spacing:1.9pt;"> </span>manufacturing<span style="letter-spacing:2pt;"> </span>them<span style="letter-spacing:1.9pt;"> </span>or<span style="letter-spacing:1.85pt;"> </span>to<span style="letter-spacing:1.85pt;"> </span>develop<span style="letter-spacing:1.9pt;"> </span>or<span style="letter-spacing:1.85pt;"> </span>license<span style="letter-spacing:1.95pt;"> </span>replacement<span style="letter-spacing:2pt;"> </span>technology,<span style="letter-spacing:1.9pt;"> </span>all<span style="letter-spacing:1.9pt;"> </span>of<span style="letter-spacing:1.85pt;"> </span>which<span style="letter-spacing:1.8pt;"> </span>may<span style="letter-spacing:1.85pt;"> </span>not<span style="letter-spacing:1.8pt;"> </span>be feasible<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>technical<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>commercial<span style="letter-spacing:0.2pt;"> </span>basis.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to do so, we may<span style="letter-spacing:0.05pt;"> </span>be unable<span style="letter-spacing:0.05pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>or commercialize<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>affected<span style="letter-spacing:0.15pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>expand<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.15pt;"> </span>capabilitie<span style="letter-spacing:0.15pt;">s</span>,<span style="letter-spacing:0.05pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our business, <span style="letter-spacing:1.3pt;"> </span>financial <span style="letter-spacing:1.35pt;"> </span>condition, <span style="letter-spacing:1.3pt;"> </span>results <span style="letter-spacing:1.35pt;"> </span>of <span style="letter-spacing:1.25pt;"> </span>operations, <span style="letter-spacing:1.35pt;"> </span>and <span style="letter-spacing:1.2pt;"> </span>prospects <span style="letter-spacing:1.3pt;"> </span>significantly. <span style="letter-spacing:1.35pt;"> </span>We <span style="letter-spacing:1.2pt;"> </span>cannot <span style="letter-spacing:1.25pt;"> </span>provide <span style="letter-spacing:1.25pt;"> </span>any assurances<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>do not exist<span style="letter-spacing:0.05pt;"> </span>which might<span style="letter-spacing:0.05pt;"> </span>be enforced<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>our current<span style="letter-spacing:0.1pt;"> </span>technology,<span style="letter-spacing:0.05pt;"> </span>including gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>technology,<span style="letter-spacing:0.1pt;"> </span>manufacturing<span style="letter-spacing:0.2pt;"> </span>methods,<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>or future<span style="letter-spacing:0.05pt;"> </span>methods<span style="letter-spacing:0.05pt;"> </span>or products<span style="letter-spacing:0.05pt;"> </span>resulting<span style="letter-spacing:0.1pt;"> </span>in either<span style="letter-spacing:0.15pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>injunction<span style="letter-spacing:0.15pt;"> </span>prohibiting<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>sales,<span style="letter-spacing:0.1pt;"> </span>or,<span style="letter-spacing:0.05pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>respect<span style="letter-spacing:0.15pt;"> </span>to our future<span style="letter-spacing:0.05pt;"> </span>sales,<span style="letter-spacing:0.05pt;"> </span>an obligation on our part<span style="letter-spacing:0.05pt;"> </span>to pay royalties<span style="letter-spacing:0.1pt;"> </span>and/or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>forms<span style="letter-spacing:0.05pt;"> </span>of compensation<span style="letter-spacing:0.1pt;"> </span>to third<span style="letter-spacing:0.05pt;"> </span>parties,<span style="letter-spacing:0.1pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>be significant.</p>
<p style="text-align:justify;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>Stanfor<span style="letter-spacing:0.05pt;">d and IDT</span>,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>generally<span style="letter-spacing:0.15pt;"> </span>responsible<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>bringing<span style="letter-spacing:0.05pt;"> </span>any actions against<span style="letter-spacing:0.1pt;"> </span>any third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>infringing<span style="letter-spacing:0.1pt;"> </span>on the<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>we have licensed.<span style="letter-spacing:0.1pt;"> </span>Certain<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>of our license agreements<span style="letter-spacing:1.2pt;"> </span>also<span style="letter-spacing:1.15pt;"> </span>require<span style="letter-spacing:1.2pt;"> </span>us<span style="letter-spacing:1.1pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>meet<span style="letter-spacing:1.15pt;"> </span>development<span style="letter-spacing:1.2pt;"> </span>thresholds<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>maintain<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>license,<span style="letter-spacing:1.15pt;"> </span>including<span style="letter-spacing:1.1pt;"> </span>establishing<span style="letter-spacing:1.15pt;"> </span>a<span style="letter-spacing:1.05pt;"> </span>set<span style="color:#000000;"> </span>timeline<span style="letter-spacing:1.45pt;"> </span>for<span style="letter-spacing:1.4pt;"> </span>developing<span style="letter-spacing:1.4pt;"> </span>and<span style="letter-spacing:1.35pt;"> </span>commercializing<span style="letter-spacing:1.55pt;"> </span>products.<span style="letter-spacing:1.4pt;"> </span>In<span style="letter-spacing:1.35pt;"> </span>spite<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.3pt;"> </span>efforts,<span style="letter-spacing:1.4pt;"> </span>Stanford<span style="letter-spacing:1.35pt;">, IDT </span>or<span style="letter-spacing:1.3pt;"> </span>any<span style="letter-spacing:1.3pt;"> </span>future<span style="letter-spacing:1.35pt;"> </span>licensor from<span style="letter-spacing:0.1pt;"> </span>whom<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.05pt;"> </span>to license<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>might<span style="letter-spacing:0.05pt;"> </span>conclude<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we have materially<span style="letter-spacing:0.15pt;"> </span>breached our obligations<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>such license<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>and might<span style="letter-spacing:0.05pt;"> </span>therefore<span style="letter-spacing:0.1pt;"> </span>terminate<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.05pt;"> </span>agreements,<span style="letter-spacing:0.05pt;"> </span>thereby removing<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>limiting<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialize<span style="letter-spacing:0.25pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>covered<span style="letter-spacing:0.05pt;"> </span>by these<span style="letter-spacing:0.05pt;"> </span>license agreements.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>in-licenses<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>terminated,<span style="letter-spacing:0.15pt;"> </span>or if<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>underlying<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.05pt;"> </span>to provide<span style="letter-spacing:0.05pt;"> </span>the intended exclusivity,<span style="letter-spacing:0.15pt;"> </span>competitors<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>freedom<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of, and to market,<span style="letter-spacing:0.15pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>identical<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ours<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>cease<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of or gene<span style="letter-spacing:1.55pt;"> </span>editing<span style="letter-spacing:1.6pt;"> </span>platform<span style="letter-spacing:1.65pt;"> </span>technology<span style="letter-spacing:1.6pt;"> </span>or<span style="letter-spacing:1.55pt;"> </span>product<span style="letter-spacing:1.6pt;"> </span>candidates.<span style="letter-spacing:1.65pt;"> </span>Any<span style="letter-spacing:1.55pt;"> </span>of<span style="letter-spacing:1.55pt;"> </span>the<span style="letter-spacing:1.6pt;"> </span>foregoing<span style="letter-spacing:1.6pt;"> </span>could<span style="letter-spacing:1.6pt;"> </span>have<span style="letter-spacing:1.5pt;"> </span>a<span style="letter-spacing:1.5pt;"> </span>material<span style="letter-spacing:1.65pt;"> </span>adverse effect<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>competitive<span style="letter-spacing:0.2pt;"> </span>position,<span style="letter-spacing:0.1pt;"> </span>business,<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>conditio<span style="letter-spacing:0.05pt;">n</span>,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>operations,<span style="letter-spacing:0.1pt;"> </span>and growth prospects. Disputes<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>arise<span style="letter-spacing:0.05pt;"> </span>regarding<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to a licensing<span style="letter-spacing:0.1pt;"> </span>agreement,<span style="letter-spacing:0.1pt;"> </span>including:</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
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<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>scope<span style="letter-spacing:0.05pt;"> </span>of rights<span style="letter-spacing:0.05pt;"> </span>granted<span style="letter-spacing:0.05pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>agreement<span style="letter-spacing:0.1pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>interpretation-related<span style="letter-spacing:0.3pt;"> </span>issues&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.2pt;"> </span>extent<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.15pt;"> </span>which<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.15pt;"> </span>technology<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>processes<span style="letter-spacing:0.2pt;"> </span>infringe<span style="letter-spacing:0.2pt;"> </span>on<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.25pt;"> </span>property<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>licensor<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.15pt;"> </span>is not subject<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>licensing<span style="letter-spacing:0.1pt;"> </span>agreement&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>sublicensing<span style="letter-spacing:0.1pt;"> </span>of patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>our collaborative<span style="letter-spacing:0.15pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>relationships&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">our<span style="letter-spacing:0.15pt;"> </span>diligence<span style="letter-spacing:0.25pt;"> </span>obligations<span style="letter-spacing:0.25pt;"> </span>under<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>license<span style="letter-spacing:0.2pt;"> </span>agreement<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.1pt;"> </span>respect<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>use<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>licensed<span style="letter-spacing:0.2pt;"> </span>technology in<span style="letter-spacing:0.05pt;"> </span>relation<span style="letter-spacing:0.15pt;"> </span>to our development<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and what activities satisfy<span style="letter-spacing:0.1pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>diligence<span style="letter-spacing:0.1pt;"> </span>obligations&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.4pt;"> </span>inventorship<span style="letter-spacing:0.45pt;"> </span>and<span style="letter-spacing:0.35pt;"> </span>ownership<span style="letter-spacing:0.4pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>inventions<span style="letter-spacing:0.45pt;"> </span>and<span style="letter-spacing:0.35pt;"> </span>know-how<span style="letter-spacing:0.35pt;"> </span>resulting<span style="letter-spacing:0.45pt;"> </span>from<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>joint<span style="letter-spacing:0.4pt;"> </span>creation<span style="letter-spacing:0.4pt;"> </span>or<span style="letter-spacing:0.3pt;"> </span>use<span style="letter-spacing:0.3pt;"> </span>of intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>by our licensors<span style="letter-spacing:0.1pt;"> </span>and us and our partners&#59;<span style="letter-spacing:0.1pt;"> </span>and</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>priority<span style="letter-spacing:0.1pt;"> </span>of invention<span style="letter-spacing:0.05pt;"> </span>of patented<span style="letter-spacing:0.05pt;"> </span>technology.</p></td></tr></table></div>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>which we currently<span style="letter-spacing:0.1pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>Stanford<span style="letter-spacing:0.05pt;"> and IDT </span>are complex,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>provisions<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>susceptible<span style="letter-spacing:0.15pt;"> </span>to multiple<span style="letter-spacing:0.1pt;"> </span>interpretations.<span style="letter-spacing:0.2pt;"> </span>The resolution of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>contract<span style="letter-spacing:0.15pt;"> </span>interpretation<span style="letter-spacing:0.2pt;"> </span>disagreement<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>arise<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>existing<span style="letter-spacing:0.1pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.1pt;"> </span>or future<span style="letter-spacing:0.1pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>into<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>enter<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>narrow<span style="letter-spacing:0.05pt;"> </span>what we believe<span style="letter-spacing:0.05pt;"> </span>to be the<span style="letter-spacing:0.05pt;"> </span>scope<span style="letter-spacing:0.05pt;"> </span>of our rights<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:1.55pt;"> </span>relevant<span style="letter-spacing:1.6pt;"> </span>intellectual<span style="letter-spacing:1.65pt;"> </span>property<span style="letter-spacing:1.55pt;"> </span>or<span style="letter-spacing:1.5pt;"> </span>technology<span style="letter-spacing:1.55pt;"> </span>or<span style="letter-spacing:1.5pt;"> </span>broaden<span style="letter-spacing:1.5pt;"> </span>what<span style="letter-spacing:1.45pt;"> </span>we<span style="letter-spacing:1.45pt;"> </span>believe<span style="letter-spacing:1.5pt;"> </span>to<span style="letter-spacing:1.45pt;"> </span>be<span style="letter-spacing:1.45pt;"> </span>the<span style="letter-spacing:1.5pt;"> </span>scope<span style="letter-spacing:1.5pt;"> </span>of<span style="letter-spacing:1.45pt;"> </span>the<span style="letter-spacing:1.5pt;"> </span>licensor&#8217;s rights<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>technology,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.15pt;"> </span>what we believe<span style="letter-spacing:0.05pt;"> </span>to be our financial<span style="letter-spacing:0.1pt;"> </span>or other obligations<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>relevant<span style="letter-spacing:0.1pt;"> </span>agreement,<span style="letter-spacing:0.1pt;"> </span>any of which could<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business, financial<span style="letter-spacing:0.15pt;"> </span>condition,<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.<span style="letter-spacing:0.1pt;"> </span>Moreover,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>disputes<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we have<span style="letter-spacing:0.05pt;"> </span>licensed<span style="letter-spacing:0.15pt;"> </span>prevent<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>impair<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>maintain<span style="letter-spacing:0.15pt;"> </span>our current<span style="letter-spacing:0.1pt;"> </span>licensing<span style="letter-spacing:0.1pt;"> </span>arrangements<span style="letter-spacing:0.15pt;"> </span>on commercially acceptable<span style="letter-spacing:0.1pt;"> </span>terms,<span style="letter-spacing:0.1pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>be unable<span style="letter-spacing:0.05pt;"> </span>to successfully<span style="letter-spacing:0.1pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>and commercialize<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>affected<span style="letter-spacing:0.05pt;"> </span>product candidates. As<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>result,<span style="letter-spacing:0.15pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>termination<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>disputes<span style="letter-spacing:0.1pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>our intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.05pt;"> </span>of our ability<span style="letter-spacing:1.55pt;"> </span>to<span style="letter-spacing:1.4pt;"> </span>develop<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>commercialize<span style="letter-spacing:1.6pt;"> </span>our<span style="letter-spacing:1.4pt;"> </span>gene<span style="letter-spacing:1.4pt;"> </span>editing<span style="letter-spacing:1.45pt;"> </span>platform<span style="letter-spacing:1.5pt;"> </span>or<span style="letter-spacing:1.4pt;"> </span>other<span style="letter-spacing:1.45pt;"> </span>product<span style="letter-spacing:1.45pt;"> </span>candidates<span style="letter-spacing:1.5pt;"> </span>or<span style="letter-spacing:1.4pt;"> </span>we<span style="letter-spacing:1.4pt;"> </span>could<span style="letter-spacing:1.45pt;"> </span>lose other<span style="letter-spacing:0.1pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>rights,<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.2pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>conditions, results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>operations,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>prospects.<span style="letter-spacing:0.15pt;"> </span>It<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>possible<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>a third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be granted<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.1pt;"> </span>licenses<span style="letter-spacing:0.1pt;"> </span>to some of the<span style="letter-spacing:0.05pt;"> </span>same<span style="letter-spacing:0.05pt;"> </span>technology,<span style="letter-spacing:0.05pt;"> </span>in certain<span style="letter-spacing:0.1pt;"> </span>circumstances.</p>
<p style="line-height:8pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be successful<span style="letter-spacing:0.1pt;"> </span>in acquiring<span style="letter-spacing:0.05pt;"> </span>or in-licensing<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to key technologies<span style="letter-spacing:0.1pt;"> </span>or any product candidates<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop.</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:2.05pt;"> </span>currently<span style="letter-spacing:2.15pt;"> </span>have<span style="letter-spacing:2.05pt;"> </span>rights<span style="letter-spacing:2.1pt;"> </span>to<span style="letter-spacing:2.05pt;"> </span>intellectual<span style="letter-spacing:2.2pt;"> </span>property,<span style="letter-spacing:2.1pt;"> </span>through<span style="letter-spacing:2.1pt;"> </span>licenses<span style="letter-spacing:2.1pt;"> </span>from<span style="letter-spacing:2.05pt;"> </span>third<span style="letter-spacing:2.05pt;"> </span>parties,<span style="letter-spacing:2.05pt;"> </span>to<span style="letter-spacing:2pt;"> </span>identify<span style="letter-spacing:2.1pt;"> </span>and develop <span style="letter-spacing:0.1pt;"> </span>product <span style="letter-spacing:0.1pt;"> </span>candidates, <span style="letter-spacing:0.15pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>we <span style="letter-spacing:0.05pt;"> </span>expect <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>seek <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>expand <span style="letter-spacing:0.05pt;"> </span>our <span style="letter-spacing:0.05pt;"> </span>product <span style="letter-spacing:0.1pt;"> </span>candidate <span style="letter-spacing:0.15pt;"> </span>pipeline <span style="letter-spacing:0.15pt;"> </span>in&#160;&#160;part <span style="letter-spacing:0.05pt;"> </span>by in-licensing<span style="letter-spacing:0.2pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>key<span style="letter-spacing:0.05pt;"> </span>technologies.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>growth<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>depend in part<span style="letter-spacing:0.05pt;"> </span>on our ability<span style="letter-spacing:0.1pt;"> </span>to in-license<span style="letter-spacing:0.15pt;"> </span>or otherwise<span style="letter-spacing:0.05pt;"> </span>acquire<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to additional<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and technologies.<span style="letter-spacing:0.1pt;"> </span>Although we have succeeded<span style="letter-spacing:0.7pt;"> </span>in<span style="letter-spacing:0.65pt;"> </span>licensing<span style="letter-spacing:0.75pt;"> </span>technologies<span style="letter-spacing:0.75pt;"> </span>from<span style="letter-spacing:0.7pt;"> </span>Stanfor<span style="letter-spacing:0.05pt;">d and IDT as third party licensors</span><span style="letter-spacing:0.6pt;"> </span>in<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.65pt;"> </span>past,<span style="letter-spacing:0.65pt;"> </span>we<span style="letter-spacing:0.6pt;"> </span>cannot<span style="letter-spacing:0.65pt;"> </span>assure<span style="letter-spacing:0.65pt;"> </span>you<span style="letter-spacing:0.6pt;"> </span>that we<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be able<span style="letter-spacing:0.05pt;"> </span>to in-license<span style="letter-spacing:0.1pt;"> </span>or acquire<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to any product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or technologies<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>Stanford or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>on acceptable<span style="letter-spacing:0.1pt;"> </span>terms<span style="letter-spacing:0.1pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>For example,<span style="letter-spacing:0.05pt;"> </span>there<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>who possess<span style="letter-spacing:0.05pt;"> </span>technologies related<span style="letter-spacing:0.1pt;"> </span>to gene editing<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>technologies<span style="letter-spacing:0.1pt;"> </span>which we may<span style="letter-spacing:0.05pt;"> </span>need to in-license.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>agreement<span style="letter-spacing:0.15pt;"> </span>with Stanford<span style="letter-spacing:0.05pt;"> </span>provides<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our field<span style="letter-spacing:0.05pt;"> </span>of use is<span style="letter-spacing:0.05pt;"> </span>solely<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>of prophylactics<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>therapeutics<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>sickle<span style="letter-spacing:0.1pt;"> </span>cell<span style="letter-spacing:0.1pt;"> </span>disease,<span style="letter-spacing:0.1pt;"> </span>XSCID, and<span style="letter-spacing:0.05pt;"> </span>beta-thalassemia.<span style="letter-spacing:0.25pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>determine<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>rights outside<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>field<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>commercialize<span style="letter-spacing:0.25pt;"> </span>our drug candidates<span style="letter-spacing:0.1pt;"> </span>or maintain<span style="letter-spacing:0.1pt;"> </span>our competitive<span style="letter-spacing:0.15pt;"> </span>advantage,<span style="letter-spacing:0.05pt;"> </span>we may <span style="letter-spacing:1.85pt;"> </span>need <span style="letter-spacing:1.8pt;"> </span>to <span style="letter-spacing:1.8pt;"> </span>obtain <span style="letter-spacing:1.85pt;"> </span>an <span style="letter-spacing:1.8pt;"> </span>additional <span style="letter-spacing:1.9pt;"> </span>license <span style="letter-spacing:1.9pt;"> </span>from <span style="letter-spacing:1.85pt;"> </span>Stanford <span style="letter-spacing:1.85pt;"> </span>University <span style="letter-spacing:1.9pt;"> </span>in <span style="letter-spacing:1.8pt;"> </span>order <span style="letter-spacing:1.8pt;"> </span>to <span style="letter-spacing:1.75pt;"> </span>continue <span style="letter-spacing:1.8pt;"> </span>developing, manufacturing<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.15pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>an exclusive basis,<span style="letter-spacing:0.05pt;"> </span>on commercially<span style="letter-spacing:0.15pt;"> </span>reasonable<span style="letter-spacing:0.1pt;"> </span>terms,<span style="letter-spacing:0.1pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all,<span style="letter-spacing:0.05pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>prevent<span style="letter-spacing:0.05pt;"> </span>us from<span style="letter-spacing:0.05pt;"> </span>commercializing<span style="letter-spacing:0.2pt;"> </span>our drug candidates<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>competitors<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>others<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>chance<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>access<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>important<span style="letter-spacing:0.1pt;"> </span>to our business. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<span style="letter-spacing:0.15pt;"> </span>there<span style="letter-spacing:0.1pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>extensive<span style="letter-spacing:0.1pt;"> </span>patenting<span style="letter-spacing:0.1pt;"> </span>activity<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>field<span style="letter-spacing:0.05pt;"> </span>of gene editing,<span style="letter-spacing:0.05pt;"> </span>and pharmaceutical companies, <span style="letter-spacing:0.15pt;"> </span>biotechnology <span style="letter-spacing:0.15pt;"> </span>companies, <span style="letter-spacing:0.15pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>academic <span style="letter-spacing:0.1pt;"> </span>institutions <span style="letter-spacing:0.15pt;"> </span>are <span style="letter-spacing:0.05pt;"> </span>competing <span style="letter-spacing:0.1pt;"> </span>with&#160;&#160;us&#160;&#160;or&#160;&#160;are <span style="letter-spacing:0.05pt;"> </span>expected <span style="letter-spacing:0.05pt;"> </span>to compete<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>us in the<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>field<span style="letter-spacing:0.05pt;"> </span>of gene editing<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and filing<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>potentially<span style="letter-spacing:0.1pt;"> </span>relevant<span style="letter-spacing:0.1pt;"> </span>to our<span style="letter-spacing:0.45pt;"> </span>business<span style="letter-spacing:0.5pt;"> </span>and<span style="letter-spacing:0.45pt;"> </span>we<span style="letter-spacing:0.45pt;"> </span>are<span style="letter-spacing:0.45pt;"> </span>aware<span style="letter-spacing:0.45pt;"> </span>of<span style="letter-spacing:0.4pt;"> </span>certain<span style="letter-spacing:0.5pt;"> </span>third-party<span style="letter-spacing:0.55pt;"> </span>patent<span style="letter-spacing:0.45pt;"> </span>applications<span style="letter-spacing:0.5pt;"> </span>that,<span style="letter-spacing:0.45pt;"> </span>if<span style="letter-spacing:0.45pt;"> </span>issued,<span style="letter-spacing:0.45pt;"> </span>may<span style="letter-spacing:0.45pt;"> </span>allow<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>third<span style="letter-spacing:0.45pt;"> </span>party to<span style="letter-spacing:0.05pt;"> </span>circumvent<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>rights.<span style="letter-spacing:0.1pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>aware<span style="letter-spacing:0.1pt;"> </span>of several<span style="letter-spacing:0.1pt;"> </span>third-party<span style="letter-spacing:0.15pt;"> </span>patents,<span style="letter-spacing:0.05pt;"> </span>and patent<span style="letter-spacing:0.05pt;"> </span>applications, that<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>issued,<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>construed<span style="letter-spacing:0.05pt;"> </span>to be relevant<span style="letter-spacing:0.1pt;"> </span>to our gene editing<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>In order<span style="letter-spacing:0.05pt;"> </span>to market<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>find<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>prudent<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>licenses<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>such third-party intellectual&#160;&#160;property<span style="letter-spacing:2.4pt;"> </span>holders.<span style="letter-spacing:2.4pt;"> </span>However,<span style="letter-spacing:2.35pt;"> </span>we<span style="letter-spacing:2.35pt;"> </span>may<span style="letter-spacing:2.4pt;"> </span>be<span style="letter-spacing:2.35pt;"> </span>unable<span style="letter-spacing:2.4pt;"> </span>to<span style="letter-spacing:2.35pt;"> </span>secure<span style="letter-spacing:2.4pt;"> </span>such<span style="letter-spacing:2.35pt;"> </span>licenses<span style="letter-spacing:2.45pt;"> </span>or<span style="letter-spacing:2.3pt;"> </span>otherwise<span style="letter-spacing:2.35pt;"> </span>acquire<span style="letter-spacing:2.35pt;"> </span>or in-license<span style="letter-spacing:1.35pt;"> </span>any<span style="letter-spacing:1.25pt;"> </span>compositions,<span style="letter-spacing:1.35pt;"> </span>methods<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>use,<span style="letter-spacing:1.2pt;"> </span>processes,<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>other<span style="letter-spacing:1.25pt;"> </span>intellectual<span style="letter-spacing:1.35pt;"> </span>property<span style="letter-spacing:1.25pt;"> </span>rights<span style="letter-spacing:1.25pt;"> </span>from<span style="letter-spacing:1.25pt;"> </span>third<span style="letter-spacing:1.25pt;"> </span>parties that<span style="letter-spacing:0.05pt;"> </span>we identify<span style="letter-spacing:0.1pt;"> </span>as necessary<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>and gene editing<span style="letter-spacing:0.05pt;"> </span>technology.<span style="letter-spacing:0.05pt;"> </span>We may also require<span style="letter-spacing:0.15pt;"> </span>licenses<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>technologie<span style="letter-spacing:0.1pt;">s</span>,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>technologies<span style="letter-spacing:0.15pt;"> </span>relating<span style="letter-spacing:0.1pt;"> </span>to gene editing<span style="letter-spacing:0.15pt;"> </span>such<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>guide<span style="letter-spacing:0.1pt;"> </span>RNA modification<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>target<span style="letter-spacing:0.15pt;"> </span>sequences,<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>well<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>technologies<span style="letter-spacing:0.15pt;"> </span>for cell <span style="letter-spacing:0.1pt;"> </span>manufacturing <span style="letter-spacing:0.2pt;"> </span>that <span style="letter-spacing:0.1pt;"> </span>we <span style="letter-spacing:0.05pt;"> </span>are <span style="letter-spacing:0.05pt;"> </span>evaluating <span style="letter-spacing:0.1pt;"> </span>for <span style="letter-spacing:0.05pt;"> </span>use&#160;&#160;with&#160;&#160;our&#160;&#160;product <span style="letter-spacing:0.05pt;"> </span>candidates. <span style="letter-spacing:0.1pt;"> </span>In&#160;&#160;addition, <span style="letter-spacing:0.05pt;"> </span>some <span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;our in-licensed<span style="letter-spacing:0.15pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>co-owned<span style="letter-spacing:0.05pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties.<span style="letter-spacing:0.1pt;"> </span>With<span style="letter-spacing:0.05pt;"> </span>respect<span style="letter-spacing:0.1pt;"> </span>to any patents<span style="letter-spacing:0.05pt;"> </span>co-owned with third parties,<span style="letter-spacing:2.1pt;"> </span>we<span style="letter-spacing:2pt;"> </span>may<span style="letter-spacing:2.05pt;"> </span>require<span style="letter-spacing:2.1pt;"> </span>licenses<span style="letter-spacing:2.05pt;"> </span>to<span style="letter-spacing:1.95pt;"> </span>such<span style="letter-spacing:1.95pt;"> </span>co-owners&#8217;<span style="letter-spacing:2pt;"> </span>interest<span style="letter-spacing:2.05pt;"> </span>to<span style="letter-spacing:1.95pt;"> </span>such<span style="letter-spacing:1.95pt;"> </span>patents.<span style="letter-spacing:2pt;"> </span>If<span style="letter-spacing:2pt;"> </span>we<span style="letter-spacing:1.95pt;"> </span>are<span style="letter-spacing:2pt;"> </span>unable<span style="letter-spacing:2pt;"> </span>to<span style="letter-spacing:1.95pt;"> </span>obtain<span style="letter-spacing:2pt;"> </span>an exclusive<span style="letter-spacing:0.15pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>co-owners&#8217;<span style="letter-spacing:0.1pt;"> </span>interest<span style="letter-spacing:0.1pt;"> </span>in such patent<span style="letter-spacing:0.05pt;"> </span>applications,<span style="letter-spacing:0.1pt;"> </span>such co-owners<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be able<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>license<span style="letter-spacing:1.35pt;"> </span>their<span style="letter-spacing:1.3pt;"> </span>rights<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>other<span style="letter-spacing:1.25pt;"> </span>third<span style="letter-spacing:1.25pt;"> </span>parties,<span style="letter-spacing:1.3pt;"> </span>including<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>competitors,<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>competitors<span style="letter-spacing:1.35pt;"> </span>could<span style="letter-spacing:1.25pt;"> </span>market competing<span style="letter-spacing:1.5pt;"> </span>products<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>technology.<span style="letter-spacing:1.45pt;"> </span>In<span style="letter-spacing:1.4pt;"> </span>addition,<span style="letter-spacing:1.45pt;"> </span>we<span style="letter-spacing:1.4pt;"> </span>may<span style="letter-spacing:1.45pt;"> </span>need<span style="letter-spacing:1.4pt;"> </span>the<span style="letter-spacing:1.45pt;"> </span>cooperation<span style="letter-spacing:1.5pt;"> </span>of<span style="letter-spacing:1.35pt;"> </span>any<span style="letter-spacing:1.35pt;"> </span>such<span style="letter-spacing:1.35pt;"> </span>co-owners<span style="letter-spacing:1.4pt;"> </span>of<span style="letter-spacing:1.35pt;"> </span>our patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>order<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>enforce<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>cooperation<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not be provided<span style="letter-spacing:0.05pt;"> </span>to us.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Additionally,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>collaborate<span style="letter-spacing:0.15pt;"> </span>with academic<span style="letter-spacing:0.1pt;"> </span>institutions<span style="letter-spacing:0.15pt;"> </span>to accelerate<span style="letter-spacing:0.15pt;"> </span>our preclinical<span style="letter-spacing:0.15pt;"> </span>research<span style="letter-spacing:0.1pt;"> </span>or development<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>written<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>with these<span style="letter-spacing:0.05pt;"> </span>institutions.<span style="letter-spacing:0.15pt;"> </span>In certain<span style="letter-spacing:0.1pt;"> </span>cases,<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>institutions<span style="letter-spacing:0.15pt;"> </span>provide<span style="letter-spacing:0.05pt;"> </span>us with an option<span style="letter-spacing:0.05pt;"> </span>to negotiate<span style="letter-spacing:0.1pt;"> </span>a license<span style="letter-spacing:0.1pt;"> </span>to any of the<span style="letter-spacing:0.05pt;"> </span>institution&#8217;s<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>in technology resulting<span style="letter-spacing:0.05pt;"> </span>from the collaboration. Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>hold<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>option,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.1pt;"> </span>to negotiate<span style="letter-spacing:0.1pt;"> </span>a license<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>institution<span style="letter-spacing:0.15pt;"> </span>within<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>specified timeframe<span style="letter-spacing:0.2pt;"> </span>or under<span style="letter-spacing:0.05pt;"> </span>terms<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>acceptable<span style="letter-spacing:0.1pt;"> </span>to us. If<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to do so, the<span style="letter-spacing:0.05pt;"> </span>institution<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>offer<span style="letter-spacing:0.05pt;"> </span>the intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to others,<span style="letter-spacing:0.05pt;"> </span>potentially<span style="letter-spacing:0.1pt;"> </span>blocking<span style="letter-spacing:0.05pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to pursue<span style="letter-spacing:0.05pt;"> </span>our program. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For example,<span style="letter-spacing:1.5pt;"> </span>the<span style="letter-spacing:1.5pt;"> </span>licensing<span style="letter-spacing:1.5pt;"> </span>or<span style="letter-spacing:1.4pt;"> </span>acquisition<span style="letter-spacing:1.5pt;"> </span>of<span style="letter-spacing:1.4pt;"> </span>thir<span style="letter-spacing:0.05pt;">d</span>-party<span style="letter-spacing:1.45pt;"> </span>intellectual<span style="letter-spacing:1.55pt;"> </span>property<span style="letter-spacing:1.45pt;"> </span>rights<span style="letter-spacing:1.45pt;"> </span>is<span style="letter-spacing:1.45pt;"> </span>a<span style="letter-spacing:1.4pt;"> </span>highly<span style="letter-spacing:1.45pt;"> </span>competitive area,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>number<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>established<span style="letter-spacing:0.15pt;"> </span>companies<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>pursuing<span style="letter-spacing:0.05pt;"> </span>strategies<span style="letter-spacing:0.15pt;"> </span>to license<span style="letter-spacing:0.1pt;"> </span>or acquire<span style="letter-spacing:0.05pt;"> </span>thir<span style="letter-spacing:0.05pt;">d</span>-party intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>consider<span style="letter-spacing:0.05pt;"> </span>attractive<span style="letter-spacing:0.15pt;"> </span>or necessary.<span style="letter-spacing:0.1pt;"> </span>These established<span style="letter-spacing:0.1pt;"> </span>companies<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>have a competitive<span style="letter-spacing:0.2pt;"> </span>advantage<span style="letter-spacing:0.1pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>us due to their<span style="letter-spacing:0.05pt;"> </span>size,<span style="letter-spacing:0.05pt;"> </span>capital<span style="letter-spacing:0.1pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>and greater<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.25pt;"> </span>capabilities.<span style="letter-spacing:0.2pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>companies<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>perceive<span style="letter-spacing:0.15pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to be a competitor<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be unwilling<span style="letter-spacing:0.05pt;"> </span>to assign<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to us. We also<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be unable<span style="letter-spacing:0.05pt;"> </span>to license<span style="letter-spacing:0.1pt;"> </span>or acquire<span style="letter-spacing:0.05pt;"> </span>thir<span style="letter-spacing:0.05pt;">d</span>-party<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights on<span style="letter-spacing:0.05pt;"> </span>terms<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>make<span style="letter-spacing:0.1pt;"> </span>an appropriate<span style="letter-spacing:0.1pt;"> </span>return<span style="letter-spacing:0.05pt;"> </span>on our investment<span style="letter-spacing:0.1pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to successfully<span style="letter-spacing:0.15pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to required<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>or maintain<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>existing<span style="letter-spacing:0.1pt;"> </span>intellectual property<span style="letter-spacing:1.2pt;"> </span>rights<span style="letter-spacing:1.2pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>have,<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>may<span style="letter-spacing:1.2pt;"> </span>have<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>abandon<span style="letter-spacing:1.15pt;"> </span>development<span style="letter-spacing:1.25pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>relevant<span style="letter-spacing:1.2pt;"> </span>program<span style="letter-spacing:1.15pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>product<span style="letter-spacing:1.15pt;"> </span>candidate, which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.2pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>condition,<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">The</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">intellectual</span><span style="letter-spacing:0.2pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">property</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">landscape</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">around</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">technologies</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we use or plan to use, including</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">gene editing technology,</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">highly</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">dynamic,</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">third</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">initiate</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">legal</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">proceedings</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">alleging</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we are infringing, misappropriating,</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or otherwise</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">violating</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">their</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">intellectual</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">property</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">rights,</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the outcome</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of which would be uncertain</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and may</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">prevent,</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">delay</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or otherwise</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">interfere</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">with our product</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">discovery</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and development</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">efforts.</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Because<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>large<span style="letter-spacing:0.05pt;"> </span>number<span style="letter-spacing:0.05pt;"> </span>of patents<span style="letter-spacing:0.05pt;"> </span>issued<span style="letter-spacing:0.05pt;"> </span>and patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>filed<span style="letter-spacing:0.05pt;"> </span>in our field,<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>may allege<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.05pt;"> </span>have patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>encompassing<span style="letter-spacing:0.1pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>technologies<span style="letter-spacing:0.1pt;"> </span>or methods.<span style="letter-spacing:0.05pt;"> </span>Third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>may assert<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>employing<span style="letter-spacing:0.1pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>proprietary<span style="letter-spacing:0.15pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>without<span style="letter-spacing:0.1pt;"> </span>authorization<span style="letter-spacing:0.2pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>file<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>infringement claims<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>lawsui<span style="letter-spacing:0.05pt;">t</span>s<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>us,<span style="letter-spacing:0.05pt;"> </span>and if<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>found to infringe<span style="letter-spacing:0.1pt;"> </span>such third-party<span style="letter-spacing:0.15pt;"> </span>patents,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>be required<span style="letter-spacing:0.1pt;"> </span>to pay damages,<span style="letter-spacing:0.05pt;"> </span>cease<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>infringing<span style="letter-spacing:0.1pt;"> </span>technology,<span style="letter-spacing:0.05pt;"> </span>or obtain<span style="letter-spacing:0.05pt;"> </span>a license<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>such third<span style="letter-spacing:0.05pt;"> </span>parties,<span style="letter-spacing:0.05pt;"> </span>which may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>available<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>commercially<span style="letter-spacing:0.2pt;"> </span>reasonable<span style="letter-spacing:0.15pt;"> </span>terms<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>we have in the<span style="letter-spacing:0.05pt;"> </span>past,<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>in the future,<span style="letter-spacing:0.05pt;"> </span>receive<span style="letter-spacing:0.1pt;"> </span>an offer<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>license<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>regarding<span style="letter-spacing:0.1pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.1pt;"> </span>property for which they<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>believe<span style="letter-spacing:0.1pt;"> </span>encompass<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and technologies.<span style="letter-spacing:0.1pt;"> </span>We will<span style="letter-spacing:0.05pt;"> </span>evaluate<span style="letter-spacing:0.1pt;"> </span>such offers<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>relevance to our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>field<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>still<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.1pt;"> </span>infancy,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>no such therapeutic<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>have reached<span style="letter-spacing:0.05pt;"> </span>the market.<span style="letter-spacing:0.15pt;"> </span>Due<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>intense<span style="letter-spacing:0.1pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>taking<span style="letter-spacing:0.05pt;"> </span>place<span style="letter-spacing:0.05pt;"> </span>by several<span style="letter-spacing:0.1pt;"> </span>companies,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>us and our<span style="letter-spacing:0.05pt;"> </span>competitors,<span style="letter-spacing:0.2pt;"> </span>in this<span style="letter-spacing:0.05pt;"> </span>field,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>landscape<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>evolving<span style="letter-spacing:0.05pt;"> </span>and in flux,<span style="letter-spacing:0.05pt;"> </span>and it<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>remain uncertain<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>coming<span style="letter-spacing:0.1pt;"> </span>years.<span style="letter-spacing:0.1pt;"> </span>There<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be significant<span style="letter-spacing:0.15pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>related<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>and proceedings relating<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>owned<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>in-licensed,<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>other<span style="letter-spacing:1.25pt;"> </span>thir<span style="letter-spacing:0.05pt;">d</span>-party,<span style="letter-spacing:1.25pt;"> </span>intellectual<span style="letter-spacing:1.35pt;"> </span>property<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>proprietary<span style="letter-spacing:1.3pt;"> </span>rights<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>the future.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>commercial<span style="letter-spacing:0.2pt;"> </span>success<span style="letter-spacing:0.1pt;"> </span>depends<span style="letter-spacing:0.1pt;"> </span>upon<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.2pt;"> </span>and present<span style="letter-spacing:0.05pt;"> </span>and future licensors<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>develop,<span style="letter-spacing:0.1pt;"> </span>manufacture,<span style="letter-spacing:0.15pt;"> </span>market,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>sell<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>and use our proprietary<span style="letter-spacing:0.1pt;"> </span>technologies<span style="letter-spacing:0.1pt;"> </span>without<span style="letter-spacing:0.05pt;"> </span>infringing,<span style="letter-spacing:0.1pt;"> </span>misappropriating,<span style="letter-spacing:0.15pt;"> </span>or otherwise<span style="letter-spacing:0.05pt;"> </span>violating<span style="letter-spacing:0.05pt;"> </span>the intellectual<span style="letter-spacing:0.1pt;"> </span>property and proprietary <span style="letter-spacing:0.1pt;"> </span>rights <span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;third <span style="letter-spacing:0.05pt;"> </span>parties. <span style="letter-spacing:0.1pt;"> </span>The&#160;&#160;biotechnology <span style="letter-spacing:0.1pt;"> </span>and&#160;&#160;pharmaceutical <span style="letter-spacing:0.1pt;"> </span>industries <span style="letter-spacing:0.05pt;"> </span>are&#160;&#160;characterized <span style="letter-spacing:0.1pt;"> </span>by extensive<span style="letter-spacing:0.15pt;"> </span>litigation<span style="letter-spacing:0.2pt;"> </span>regarding<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>well<span style="letter-spacing:0.1pt;"> </span>as administrative<span style="letter-spacing:0.2pt;"> </span>proceedings for<span style="letter-spacing:0.05pt;"> </span>challenging<span style="letter-spacing:0.1pt;"> </span>patents,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>interference,<span style="letter-spacing:0.1pt;"> </span>derivation,<span style="letter-spacing:0.05pt;"> </span><span style="font-style:italic;">inter partes </span>review, post grant review, and reexamination<span style="letter-spacing:0.2pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>before<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO or<span style="letter-spacing:0.05pt;"> </span>oppositions<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>comparable<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.1pt;"> </span>in foreign jurisdictions.<span style="letter-spacing:0.2pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be subject<span style="letter-spacing:0.05pt;"> </span>to and may<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>become<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>to, or threatened<span style="letter-spacing:0.1pt;"> </span>with, adversarial proceedings <span style="letter-spacing:0.15pt;"> </span>or <span style="letter-spacing:0.05pt;"> </span>litigation <span style="letter-spacing:0.2pt;"> </span>regarding <span style="letter-spacing:0.15pt;"> </span>intellectual <span style="letter-spacing:0.2pt;"> </span>property <span style="letter-spacing:0.1pt;"> </span>rights <span style="letter-spacing:0.1pt;"> </span>with <span style="letter-spacing:0.05pt;"> </span>respect <span style="letter-spacing:0.15pt;"> </span>to&#160;&#160;our&#160;&#160;gene&#160;&#160;editing <span style="letter-spacing:0.05pt;"> </span>platform technology <span style="letter-spacing:0.1pt;"> </span>and&#160;&#160;our&#160;&#160;product <span style="letter-spacing:0.05pt;"> </span>candidates, <span style="letter-spacing:0.1pt;"> </span>including <span style="letter-spacing:0.05pt;"> </span>interference <span style="letter-spacing:0.15pt;"> </span>proceedings, <span style="letter-spacing:0.1pt;"> </span>post-grant <span style="letter-spacing:0.1pt;"> </span>review, <span style="letter-spacing:0.05pt;"> </span><span style="font-style:italic;">inter </span><span style="font-style:italic;letter-spacing:0.05pt;"> </span><span style="font-style:italic;">partes </span>review,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>derivation<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>before<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO and<span style="letter-spacing:0.05pt;"> </span>similar<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>in foreign<span style="letter-spacing:0.05pt;"> </span>jurisdictions<span style="letter-spacing:0.15pt;"> </span>such as oppositions<span style="letter-spacing:0.2pt;"> </span>before<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EPO. Numerous<span style="letter-spacing:0.1pt;"> </span>U.S. and<span style="letter-spacing:0.05pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>issued<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>pending<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>are owned<span style="letter-spacing:0.05pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>exist<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>fields<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>which we are<span style="letter-spacing:0.05pt;"> </span>developing<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and they<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>assert infringement<span style="letter-spacing:0.75pt;"> </span>claims<span style="letter-spacing:0.7pt;"> </span>against<span style="letter-spacing:0.65pt;"> </span>us<span style="letter-spacing:0.6pt;"> </span>based<span style="letter-spacing:0.6pt;"> </span>on<span style="letter-spacing:0.55pt;"> </span>existing<span style="letter-spacing:0.65pt;"> </span>patents<span style="letter-spacing:0.6pt;"> </span>or<span style="letter-spacing:0.55pt;"> </span>patents<span style="letter-spacing:0.6pt;"> </span>that<span style="letter-spacing:0.6pt;"> </span>may<span style="letter-spacing:0.6pt;"> </span>be<span style="letter-spacing:0.55pt;"> </span>granted<span style="letter-spacing:0.6pt;"> </span>in<span style="letter-spacing:0.55pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>future,<span style="letter-spacing:0.6pt;"> </span>regardless of their<span style="letter-spacing:0.05pt;"> </span>merit.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>biotechnology<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>pharmaceutical<span style="letter-spacing:0.2pt;"> </span>industries<span style="letter-spacing:0.15pt;"> </span>expand<span style="letter-spacing:0.05pt;"> </span>and more<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>issued,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>risk<span style="letter-spacing:0.05pt;"> </span>increases that<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>platform<span style="letter-spacing:0.15pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>give<span style="letter-spacing:0.1pt;"> </span>rise<span style="letter-spacing:0.05pt;"> </span>to claims<span style="letter-spacing:0.1pt;"> </span>of infringement<span style="letter-spacing:0.15pt;"> </span>of the patent<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>others.<span style="letter-spacing:0.1pt;"> </span>Moreover,<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>always<span style="letter-spacing:0.05pt;"> </span>clear<span style="letter-spacing:0.05pt;"> </span>to industry<span style="letter-spacing:0.05pt;"> </span>participants,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>us, which patents<span style="letter-spacing:0.05pt;"> </span>cover various<span style="letter-spacing:0.1pt;"> </span>types<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>therapies,<span style="letter-spacing:0.15pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>methods<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>use or manufacture.<span style="letter-spacing:0.1pt;"> </span>There<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>be third-party<span style="letter-spacing:0.15pt;"> </span>patents of <span style="letter-spacing:0.05pt;"> </span>which <span style="letter-spacing:0.05pt;"> </span>we <span style="letter-spacing:0.05pt;"> </span>are <span style="letter-spacing:0.1pt;"> </span>currently <span style="letter-spacing:0.15pt;"> </span>unaware <span style="letter-spacing:0.1pt;"> </span>with <span style="letter-spacing:0.05pt;"> </span>claims <span style="letter-spacing:0.15pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>technologies, <span style="letter-spacing:0.15pt;"> </span>methods <span style="letter-spacing:0.1pt;"> </span>of <span style="letter-spacing:0.05pt;"> </span>manufacture <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;methods <span style="letter-spacing:0.05pt;"> </span>for treatment<span style="letter-spacing:0.2pt;"> </span>related<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>Because<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>can take<span style="letter-spacing:0.05pt;"> </span>many years<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>issue,<span style="letter-spacing:0.1pt;"> </span>there<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be currently<span style="letter-spacing:0.1pt;"> </span>pending<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>later<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in issued<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>infringe.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>and claim<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>use of our technologies<span style="letter-spacing:0.1pt;"> </span>infringes<span style="letter-spacing:0.1pt;"> </span>upon these<span style="letter-spacing:0.05pt;"> </span>patents.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Numerous<span style="letter-spacing:0.15pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>U.S. and<span style="letter-spacing:0.05pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>issued<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>pending<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>exist<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>fields<span style="letter-spacing:0.15pt;"> </span>in which<span style="letter-spacing:1.25pt;"> </span>we<span style="letter-spacing:1.25pt;"> </span>are<span style="letter-spacing:1.3pt;"> </span>developing<span style="letter-spacing:1.3pt;"> </span>product<span style="letter-spacing:1.3pt;"> </span>candidates.<span style="letter-spacing:1.3pt;"> </span>Our<span style="letter-spacing:1.2pt;"> </span>product<span style="letter-spacing:1.25pt;"> </span>candidates<span style="letter-spacing:1.3pt;"> </span>make<span style="letter-spacing:1.25pt;"> </span>use<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>CRISPR-based<span style="letter-spacing:1.2pt;"> </span>technology, which<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>field<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>highly<span style="letter-spacing:0.1pt;"> </span>active<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>filings.<span style="letter-spacing:0.15pt;"> </span>As of June 2019, it<span style="letter-spacing:0.05pt;"> </span>was reported<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>approximately<span style="letter-spacing:0.15pt;"> </span>2072 patent<span style="letter-spacing:0.15pt;"> </span>families<span style="letter-spacing:0.25pt;"> </span>worldwide<span style="letter-spacing:0.15pt;"> </span>related<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>CRISPR<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.1pt;"> </span>editing<span style="letter-spacing:0.15pt;"> </span>inventions<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>uses<span style="letter-spacing:0.15pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>description<span style="letter-spacing:0.15pt;"> </span>and/or<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>of these<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>families<span style="letter-spacing:0.2pt;"> </span>specifically<span style="letter-spacing:0.2pt;"> </span>focus<span style="letter-spacing:0.1pt;"> </span>on a CRISPR-type system.<span style="letter-spacing:0.05pt;"> </span>The extensive<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>filings<span style="letter-spacing:0.1pt;"> </span>related<span style="letter-spacing:0.1pt;"> </span>to CRISPR make<span style="letter-spacing:0.05pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>difficult<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>us to assess<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>full<span style="letter-spacing:0.05pt;"> </span>extent<span style="letter-spacing:0.05pt;"> </span>of relevant<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>and pending<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>that may cover our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>and their<span style="letter-spacing:0.05pt;"> </span>use or manufacture.<span style="letter-spacing:0.1pt;"> </span>There<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be third-party patents<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>materials,<span style="letter-spacing:0.2pt;"> </span>formulations,<span style="letter-spacing:0.2pt;"> </span>methods<span style="letter-spacing:0.05pt;"> </span>of manufacture<span style="letter-spacing:0.1pt;"> </span>or methods<span style="letter-spacing:0.05pt;"> </span>for treatment<span style="letter-spacing:0.2pt;"> </span>related<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>For example,<span style="letter-spacing:1.8pt;"> </span>we<span style="letter-spacing:1.7pt;"> </span>are<span style="letter-spacing:1.75pt;"> </span>aware<span style="letter-spacing:1.75pt;"> </span>of<span style="letter-spacing:1.7pt;"> </span>a<span style="letter-spacing:1.7pt;"> </span>patent<span style="letter-spacing:1.75pt;"> </span>portfolio<span style="letter-spacing:1.8pt;"> </span>that<span style="letter-spacing:1.75pt;"> </span>is<span style="letter-spacing:1.75pt;"> </span>co-owned<span style="letter-spacing:1.7pt;"> </span>by<span style="letter-spacing:1.7pt;"> </span>the<span style="letter-spacing:1.75pt;"> </span>University<span style="letter-spacing:1.8pt;"> </span>of<span style="letter-spacing:1.7pt;"> </span>California,<span style="letter-spacing:1.8pt;"> </span>University<span style="letter-spacing:1.8pt;"> </span>of Vienna<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Emmanuelle<span style="letter-spacing:0.15pt;"> </span>Charpentier,<span style="letter-spacing:0.15pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>University<span style="letter-spacing:0.1pt;"> </span>of California<span style="letter-spacing:0.1pt;"> </span>Portfolio,<span style="letter-spacing:0.1pt;"> </span>which contains<span style="letter-spacing:0.05pt;"> </span>multiple<span style="letter-spacing:0.1pt;"> </span>patents and<span style="letter-spacing:0.6pt;"> </span>pending<span style="letter-spacing:0.6pt;"> </span>applications<span style="letter-spacing:0.65pt;"> </span>directed<span style="letter-spacing:0.65pt;"> </span>to<span style="letter-spacing:0.55pt;"> </span>gene<span style="letter-spacing:0.55pt;"> </span>editing.<span style="letter-spacing:0.6pt;"> </span>We<span style="letter-spacing:0.55pt;"> </span>are<span style="letter-spacing:0.6pt;"> </span>also<span style="letter-spacing:0.6pt;"> </span>aware<span style="letter-spacing:0.6pt;"> </span>of<span style="letter-spacing:0.55pt;"> </span>patents<span style="letter-spacing:0.6pt;"> </span>and<span style="letter-spacing:0.55pt;"> </span>patent<span style="letter-spacing:0.6pt;"> </span>applications<span style="letter-spacing:0.65pt;"> </span>directed to<span style="letter-spacing:1.2pt;"> </span>gene<span style="letter-spacing:1.2pt;"> </span>editing<span style="letter-spacing:1.25pt;"> </span>owned<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.15pt;"> </span>co-owned<span style="letter-spacing:1.15pt;"> </span>by<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>Broad<span style="letter-spacing:1.15pt;"> </span>Institute,<span style="letter-spacing:1.25pt;"> </span>MIT<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>Harvard<span style="letter-spacing:1.2pt;"> </span>University,<span style="letter-spacing:1.25pt;"> </span>Toolgen,<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>Sigma Aldrich.<span style="letter-spacing:1.15pt;"> </span>Our<span style="letter-spacing:1.1pt;"> </span>ability<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>commercialize<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.1pt;"> </span>product<span style="letter-spacing:1.15pt;"> </span>candidates<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.15pt;"> </span>be<span style="letter-spacing:1.1pt;"> </span>adversely<span style="letter-spacing:1.2pt;"> </span>affected<span style="letter-spacing:1.2pt;"> </span>if<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.1pt;"> </span>do<span style="letter-spacing:1.1pt;"> </span>not<span style="letter-spacing:1.05pt;"> </span>obtain<span style="letter-spacing:1.1pt;"> </span>a license<span style="letter-spacing:0.5pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>these<span style="letter-spacing:0.45pt;"> </span>patents.<span style="letter-spacing:0.45pt;"> </span>We<span style="letter-spacing:0.4pt;"> </span>may<span style="letter-spacing:0.4pt;"> </span>not<span style="letter-spacing:0.35pt;"> </span>be<span style="letter-spacing:0.35pt;"> </span>able<span style="letter-spacing:0.4pt;"> </span>to<span style="letter-spacing:0.35pt;"> </span>obtain<span style="letter-spacing:0.4pt;"> </span>any<span style="letter-spacing:0.35pt;"> </span>required<span style="letter-spacing:0.45pt;"> </span>license<span style="letter-spacing:0.45pt;"> </span>on<span style="letter-spacing:0.35pt;"> </span>commercially<span style="letter-spacing:0.5pt;"> </span>reasonable<span style="letter-spacing:0.45pt;"> </span>terms<span style="letter-spacing:0.45pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>Even if<span style="letter-spacing:0.05pt;"> </span>we were able<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>a license,<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be nonexclusive,<span style="letter-spacing:0.1pt;"> </span>thereby<span style="letter-spacing:0.05pt;"> </span>giving<span style="letter-spacing:0.05pt;"> </span>our competitors<span style="letter-spacing:0.15pt;"> </span>and other third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>access<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>same<span style="letter-spacing:0.05pt;"> </span>technologies<span style="letter-spacing:0.1pt;"> </span>licensed<span style="letter-spacing:0.1pt;"> </span>to us, and it<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>require<span style="letter-spacing:0.1pt;"> </span>us to make<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.1pt;"> </span>licensing and<span style="letter-spacing:0.05pt;"> </span>royalty<span style="letter-spacing:0.1pt;"> </span>payments.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>unable<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>license<span style="letter-spacing:0.15pt;"> </span>to a third-party<span style="letter-spacing:0.15pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>on commercially reasonable <span style="letter-spacing:0.15pt;"> </span>terms, <span style="letter-spacing:0.15pt;"> </span>we <span style="letter-spacing:0.05pt;"> </span>may <span style="letter-spacing:0.1pt;"> </span>be <span style="letter-spacing:0.05pt;"> </span>unable <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>commercialize <span style="letter-spacing:0.25pt;"> </span>our <span style="letter-spacing:0.05pt;"> </span>gene <span style="letter-spacing:0.05pt;"> </span>editing <span style="letter-spacing:0.1pt;"> </span>platform <span style="letter-spacing:0.15pt;"> </span>technology <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;product candidates<span style="letter-spacing:1.85pt;"> </span>or<span style="letter-spacing:1.75pt;"> </span>such<span style="letter-spacing:1.75pt;"> </span>commercialization<span style="letter-spacing:1.95pt;"> </span>efforts<span style="letter-spacing:1.85pt;"> </span>may<span style="letter-spacing:1.75pt;"> </span>be<span style="letter-spacing:1.7pt;"> </span>significantly<span style="letter-spacing:1.85pt;"> </span>delayed,<span style="letter-spacing:1.75pt;"> </span>which<span style="letter-spacing:1.7pt;"> </span>could<span style="letter-spacing:1.75pt;"> </span>in<span style="letter-spacing:1.7pt;"> </span>turn<span style="letter-spacing:1.75pt;"> </span>significantly harm<span style="letter-spacing:0.05pt;"> </span>our business.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ability</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercialize</span><span style="letter-spacing:0.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">States</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">abroad</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be adversely affected</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cannot</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">obtain</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">license</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercially</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reasonable</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">terms</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to relevant</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thir</span><span style="letter-spacing:0.05pt;">d</span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-party</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cover our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">gene</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">editing</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">platform</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology.</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even if</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we believe</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property claims</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">without</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">merit,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">there</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">no assurance</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a court</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would find</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in our favor</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on questions</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of infringement, validity,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">enforceability,</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">priority.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">court</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competent</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">jurisdiction</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">hold that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third-party</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are valid,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">enforceable,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infringed,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">materially</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adversely</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affect</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ability</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to commercialize</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our product</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technologies</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">covered</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">asserted</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thir</span><span style="letter-spacing:0.05pt;">d</span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-party</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patents. In</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">order</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">successfully</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">challenge</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">validity</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S.</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">federal</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">court,</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">need</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to overcome</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">presumption</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">validity.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">this</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">burden</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">high</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">one</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requiring</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to present</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">clear</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and convincing evidence</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">invalidity</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. patent</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claim,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">there</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">no assurance</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a court</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of competent jurisdiction</span><span style="letter-spacing:0.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">invalidate</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claims</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. patent.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">found</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infringe</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thir</span><span style="letter-spacing:0.05pt;">d</span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-party&#8217;s intellectual</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">unsuccessful</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in demonstrating</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such patents</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">invalid</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or unenforceable,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be required</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to obtain</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a license</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such thir</span><span style="letter-spacing:0.05pt;">d</span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-party</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to continue</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">developing, manufacturing,</span><span style="letter-spacing:1.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">marketing</span><span style="letter-spacing:1.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:1.85pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:1.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology.</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However,</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">not</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">able</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to obtain</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">required</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">license</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercially</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reasonable</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">terms</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">all.</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">were</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">able</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">obtain</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">license, it</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">non-exclusive,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thereby</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">giving</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competitors</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and other</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">access</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">same</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technologies licensed</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">require</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to make</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">substantial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licensing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and royalty</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">payments.</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">unable</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to obtain</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a necessary</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">license</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to a third-party</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on commercially</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reasonable</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">terms,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be unable</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to commercialize</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:1.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">gene</span><span style="letter-spacing:1.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">editing</span><span style="letter-spacing:1.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">platform</span><span style="letter-spacing:1.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology</span><span style="letter-spacing:1.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:1.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:1.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:1.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:1.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:1.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">commercialization</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">efforts may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">significantly</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">delayed,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">turn</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">significantly</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harm</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our business.</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We also</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be forced, including</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">court</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">order,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cease</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">developing,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manufacturing,</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and commercializing</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infringing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technology</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or product</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">addition,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">found liable</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">significant</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">monetary</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">damages,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">treble damages</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">attorneys&#8217;</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fees,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">found</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to have willfully</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infringed</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a patent</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or other</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property right.</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Claims</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">misappropriated</span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">confidential</span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">information</span><span style="letter-spacing:1.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trade</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">secrets</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could have a similar</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">material</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effect</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on our business,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of operations,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and prospects. </span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Defense<span style="letter-spacing:0.05pt;"> </span>of third-party<span style="letter-spacing:0.15pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>of infringement<span style="letter-spacing:0.15pt;"> </span>of misappropriation,<span style="letter-spacing:0.15pt;"> </span>or violation<span style="letter-spacing:0.1pt;"> </span>of intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights involves<span style="letter-spacing:0.1pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>expense<span style="letter-spacing:0.05pt;"> </span>and would be a substantial<span style="letter-spacing:0.1pt;"> </span>diversion<span style="letter-spacing:0.1pt;"> </span>of management<span style="letter-spacing:0.1pt;"> </span>and employee<span style="letter-spacing:0.05pt;"> </span>time and<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business.<span style="letter-spacing:0.1pt;"> </span>Some<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.1pt;"> </span>to sustain<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>of complex<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>litigation more<span style="letter-spacing:0.1pt;"> </span>effectively<span style="letter-spacing:0.2pt;"> </span>than<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>can<span style="letter-spacing:0.05pt;"> </span>because<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>have substantially<span style="letter-spacing:0.15pt;"> </span>greater<span style="letter-spacing:0.1pt;"> </span>resources.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>any uncertainties resulting<span style="letter-spacing:0.45pt;"> </span>from<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>initiation<span style="letter-spacing:0.5pt;"> </span>and<span style="letter-spacing:0.35pt;"> </span>continuation<span style="letter-spacing:0.45pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>any<span style="letter-spacing:0.35pt;"> </span>litigation<span style="letter-spacing:0.5pt;"> </span>could<span style="letter-spacing:0.4pt;"> </span>have<span style="letter-spacing:0.35pt;"> </span>a<span style="letter-spacing:0.35pt;"> </span>material<span style="letter-spacing:0.5pt;"> </span>adverse<span style="letter-spacing:0.4pt;"> </span>effect<span style="letter-spacing:0.45pt;"> </span>on<span style="letter-spacing:0.3pt;"> </span>our<span style="letter-spacing:0.3pt;"> </span>ability to raise<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>funds<span style="letter-spacing:0.05pt;"> </span>necessary<span style="letter-spacing:0.1pt;"> </span>to continue<span style="letter-spacing:0.05pt;"> </span>our operations<span style="letter-spacing:0.1pt;"> </span>or could<span style="letter-spacing:0.05pt;"> </span>otherwise<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.85pt;"> </span>financial<span style="letter-spacing:0.9pt;"> </span>condition,<span style="letter-spacing:0.85pt;"> </span>results<span style="letter-spacing:0.9pt;"> </span>of<span style="letter-spacing:0.8pt;"> </span>operations<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>prospects.<span style="letter-spacing:0.9pt;"> </span>There<span style="letter-spacing:0.85pt;"> </span>could<span style="letter-spacing:0.85pt;"> </span>also<span style="letter-spacing:0.85pt;"> </span>be<span style="letter-spacing:0.8pt;"> </span>public<span style="letter-spacing:0.8pt;"> </span>announcements<span style="letter-spacing:0.85pt;"> </span>of the <span style="letter-spacing:0.4pt;"> </span>results <span style="letter-spacing:0.45pt;"> </span>of <span style="letter-spacing:0.3pt;"> </span>hearings, <span style="letter-spacing:0.35pt;"> </span>motions, <span style="letter-spacing:0.35pt;"> </span>or <span style="letter-spacing:0.3pt;"> </span>other <span style="letter-spacing:0.35pt;"> </span>interim <span style="letter-spacing:0.4pt;"> </span>proceedings <span style="letter-spacing:0.4pt;"> </span>or <span style="letter-spacing:0.3pt;"> </span>developments, <span style="letter-spacing:0.4pt;"> </span>and <span style="letter-spacing:0.3pt;"> </span>if <span style="letter-spacing:0.35pt;"> </span>securities <span style="letter-spacing:0.45pt;"> </span>analysts<span style="color:#000000;"> </span>or<span style="letter-spacing:0.05pt;"> </span>investors<span style="letter-spacing:0.15pt;"> </span>perceive<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>negative,<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.1pt;"> </span>stock.<span style="letter-spacing:0.1pt;"> </span>Any of the<span style="letter-spacing:0.05pt;"> </span>foregoing<span style="letter-spacing:0.05pt;"> </span>events<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>assert<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our employees<span style="letter-spacing:0.1pt;"> </span>or consultants<span style="letter-spacing:0.05pt;"> </span>have wrongfully<span style="letter-spacing:0.05pt;"> </span>used or disclosed<span style="letter-spacing:0.1pt;"> </span>confidential information<span style="letter-spacing:0.1pt;"> </span>or misappropriated<span style="letter-spacing:0.1pt;"> </span>trade<span style="letter-spacing:0.05pt;"> </span>secrets.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>biotechnology<span style="letter-spacing:0.1pt;"> </span>and biopharmaceutical<span style="letter-spacing:0.2pt;"> </span>industries,<span style="letter-spacing:0.1pt;"> </span>we employ<span style="letter-spacing:0.05pt;"> </span>individuals<span style="letter-spacing:0.1pt;"> </span>who were previously<span style="letter-spacing:0.1pt;"> </span>employed<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>universities<span style="letter-spacing:0.15pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>biotechnology<span style="letter-spacing:0.1pt;"> </span>or biopharmaceutical<span style="letter-spacing:0.2pt;"> </span>companies,<span style="letter-spacing:0.1pt;"> </span>including our competitors<span style="letter-spacing:0.15pt;"> </span>or potential<span style="letter-spacing:0.1pt;"> </span>competitors.<span style="letter-spacing:0.15pt;"> </span>Although no claims<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>us are<span style="letter-spacing:0.05pt;"> </span>currently<span style="letter-spacing:0.1pt;"> </span>pending,<span style="letter-spacing:0.05pt;"> </span>and although<span style="letter-spacing:0.05pt;"> </span>we try to ensure<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>employees<span style="letter-spacing:0.1pt;"> </span>and consultants<span style="letter-spacing:0.1pt;"> </span>do not use the<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>or know-how of others<span style="letter-spacing:0.05pt;"> </span>in their work<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>us,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>employees,<span style="letter-spacing:0.15pt;"> </span>consultants<span style="letter-spacing:0.1pt;"> </span>or independent<span style="letter-spacing:0.05pt;"> </span>contractors<span style="letter-spacing:0.1pt;"> </span>have inadvertently<span style="letter-spacing:0.2pt;"> </span>or otherwise<span style="letter-spacing:0.05pt;"> </span>used or disclosed<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.05pt;"> </span>secrets<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>proprietary information,<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>former<span style="letter-spacing:0.15pt;"> </span>employer<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties.<span style="letter-spacing:0.1pt;"> </span>Litigation<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be necessary<span style="letter-spacing:0.1pt;"> </span>to defend<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>these claims.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>defending<span style="letter-spacing:0.1pt;"> </span>any such claims,<span style="letter-spacing:0.1pt;"> </span>in addition<span style="letter-spacing:0.05pt;"> </span>to paying<span style="letter-spacing:0.05pt;"> </span>monetary<span style="letter-spacing:0.1pt;"> </span>damages,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>lose<span style="letter-spacing:0.05pt;"> </span>valuable intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>personnel.<span style="letter-spacing:0.1pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>successful<span style="letter-spacing:0.1pt;"> </span>in defending<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>such claims,<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>or other<span style="letter-spacing:0.1pt;"> </span>legal<span style="letter-spacing:0.1pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>relating<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>cause<span style="letter-spacing:0.05pt;"> </span>us to incur<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>expenses,<span style="letter-spacing:0.05pt;"> </span>and could<span style="letter-spacing:1.95pt;"> </span>distract<span style="letter-spacing:2pt;"> </span>our<span style="letter-spacing:1.9pt;"> </span>technical<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.85pt;"> </span>management<span style="letter-spacing:1.95pt;"> </span>personnel<span style="letter-spacing:1.9pt;"> </span>from<span style="letter-spacing:1.9pt;"> </span>their<span style="letter-spacing:1.9pt;"> </span>normal<span style="letter-spacing:1.9pt;"> </span>responsibilities.<span style="letter-spacing:2.05pt;"> </span>In<span style="letter-spacing:1.85pt;"> </span>addition,<span style="letter-spacing:1.9pt;"> </span>there could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>announcements<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>hearings,<span style="letter-spacing:0.1pt;"> </span>motions<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>interim<span style="letter-spacing:0.1pt;"> </span>proceedings<span style="letter-spacing:0.1pt;"> </span>or developments, and,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>securities<span style="letter-spacing:0.2pt;"> </span>analysts<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>investors<span style="letter-spacing:0.15pt;"> </span>perceive<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>to be negative,<span style="letter-spacing:0.05pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>have a substantial<span style="letter-spacing:0.1pt;"> </span>adverse effect<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock.<span style="letter-spacing:0.05pt;"> </span>This type<span style="letter-spacing:0.05pt;"> </span>of litigation<span style="letter-spacing:0.15pt;"> </span>or proceeding<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>substantially<span style="letter-spacing:0.15pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>our operating<span style="letter-spacing:0.15pt;"> </span>losses<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>reduce<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.15pt;"> </span>available<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>activities.<span style="letter-spacing:0.15pt;"> </span>We may<span style="letter-spacing:0.05pt;"> </span>not have sufficient financial<span style="letter-spacing:0.85pt;"> </span>or<span style="letter-spacing:0.75pt;"> </span>other<span style="letter-spacing:0.8pt;"> </span>resources<span style="letter-spacing:0.85pt;"> </span>to<span style="letter-spacing:0.75pt;"> </span>adequately<span style="letter-spacing:0.8pt;"> </span>conduct<span style="letter-spacing:0.75pt;"> </span>such<span style="letter-spacing:0.7pt;"> </span>litigation<span style="letter-spacing:0.85pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>proceedings.<span style="letter-spacing:0.8pt;"> </span>Some<span style="letter-spacing:0.7pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>competitors<span style="letter-spacing:0.85pt;"> </span>may be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.05pt;"> </span>to sustain<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>of such litigation<span style="letter-spacing:0.15pt;"> </span>or proceedings<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.05pt;"> </span>effectively<span style="letter-spacing:0.15pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>we can because<span style="letter-spacing:0.05pt;"> </span>of their substantially<span style="letter-spacing:0.2pt;"> </span>greater<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>resources.<span style="letter-spacing:0.1pt;"> </span>Uncertainties<span style="letter-spacing:0.15pt;"> </span>resulting<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>initiation<span style="letter-spacing:0.15pt;"> </span>and continuation<span style="letter-spacing:0.1pt;"> </span>of patent litigation<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property<span style="letter-spacing:0.1pt;"> </span>related<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>adversely<span style="letter-spacing:0.15pt;"> </span>affect<span style="letter-spacing:0.15pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to compete<span style="letter-spacing:0.05pt;"> </span>in the marketplace.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">become</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">involved</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">lawsuits</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">protect</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">enforce</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">future</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">patents</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">patents</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of our licensors, which</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">expensive,</span><span style="letter-spacing:0.75pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">time</span><span style="letter-spacing:0.75pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">consuming,</span><span style="letter-spacing:0.75pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">unsuccessful</span><span style="letter-spacing:0.75pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">result</span><span style="letter-spacing:0.75pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">finding</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">such</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">patents are unenforceable</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or invalid.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Competitors<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>infringe<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>of our licensors,<span style="letter-spacing:0.1pt;"> </span>or we may<span style="letter-spacing:0.05pt;"> </span>be required<span style="letter-spacing:0.1pt;"> </span>to defend against<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>infringement.<span style="letter-spacing:0.2pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>of our licensors<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>are,<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.1pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>become,<span style="letter-spacing:0.1pt;"> </span>involved<span style="letter-spacing:0.05pt;"> </span>in inventorship,<span style="letter-spacing:0.1pt;"> </span>priority,<span style="letter-spacing:0.1pt;"> </span>validity<span style="letter-spacing:0.1pt;"> </span>or enforceability<span style="letter-spacing:0.15pt;"> </span>disputes.<span style="letter-spacing:0.05pt;"> </span>Countering<span style="letter-spacing:0.05pt;"> </span>or defending against<span style="letter-spacing:1.05pt;"> </span>such<span style="letter-spacing:1pt;"> </span>claims<span style="letter-spacing:1.1pt;"> </span>can<span style="letter-spacing:1pt;"> </span>be<span style="letter-spacing:1pt;"> </span>expensive<span style="letter-spacing:1.05pt;"> </span>and<span style="letter-spacing:1pt;"> </span>time<span style="letter-spacing:1.05pt;"> </span>consuming.<span style="letter-spacing:1.05pt;"> </span>In<span style="letter-spacing:1pt;"> </span>an<span style="letter-spacing:1pt;"> </span>infringement<span style="letter-spacing:1.15pt;"> </span>proceeding,<span style="letter-spacing:1.05pt;"> </span>a<span style="letter-spacing:0.95pt;"> </span>court<span style="letter-spacing:1pt;"> </span>may<span style="letter-spacing:1pt;"> </span>decide that<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>owned<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>in-licensed<span style="letter-spacing:0.15pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>invalid<span style="letter-spacing:0.05pt;"> </span>or unenforceable,<span style="letter-spacing:0.1pt;"> </span>or may<span style="letter-spacing:0.05pt;"> </span>refuse<span style="letter-spacing:0.05pt;"> </span>to stop<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>from using<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>technology<span style="letter-spacing:0.45pt;"> </span>at<span style="letter-spacing:0.45pt;"> </span>issue<span style="letter-spacing:0.45pt;"> </span>on<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>grounds<span style="letter-spacing:0.45pt;"> </span>that<span style="letter-spacing:0.45pt;"> </span>our<span style="letter-spacing:0.4pt;"> </span>owned<span style="letter-spacing:0.4pt;"> </span>and<span style="letter-spacing:0.4pt;"> </span>in-licensed<span style="letter-spacing:0.5pt;"> </span>patents<span style="letter-spacing:0.45pt;"> </span>do<span style="letter-spacing:0.4pt;"> </span>not<span style="letter-spacing:0.35pt;"> </span>cover<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>technology in<span style="letter-spacing:1.1pt;"> </span>question.<span style="letter-spacing:1.15pt;"> </span>An<span style="letter-spacing:1.1pt;"> </span>adverse<span style="letter-spacing:1.15pt;"> </span>result<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>any<span style="letter-spacing:1.1pt;"> </span>litigation<span style="letter-spacing:1.25pt;"> </span>proceeding<span style="letter-spacing:1.15pt;"> </span>could<span style="letter-spacing:1.15pt;"> </span>put<span style="letter-spacing:1.1pt;"> </span>one<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>more<span style="letter-spacing:1.1pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>owned<span style="letter-spacing:1.05pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>in-licensed patents<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>risk<span style="letter-spacing:0.05pt;"> </span>of being<span style="letter-spacing:0.05pt;"> </span>invalidated<span style="letter-spacing:0.1pt;"> </span>or interpreted<span style="letter-spacing:0.15pt;"> </span>narrowly.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In patent<span style="letter-spacing:0.05pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States,<span style="letter-spacing:0.05pt;"> </span>defendant<span style="letter-spacing:0.05pt;"> </span>counterclaims<span style="letter-spacing:0.15pt;"> </span>alleging<span style="letter-spacing:0.1pt;"> </span>invalidity<span style="letter-spacing:0.1pt;"> </span>and/or unenforceability are<span style="letter-spacing:0.1pt;"> </span>commonplace,<span style="letter-spacing:0.1pt;"> </span>and there<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>numerous<span style="letter-spacing:0.05pt;"> </span>grounds<span style="letter-spacing:0.05pt;"> </span>upon which a third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>can assert<span style="letter-spacing:0.1pt;"> </span>invalidity<span style="letter-spacing:0.1pt;"> </span>or unenforceability<span style="letter-spacing:2.05pt;"> </span>of<span style="letter-spacing:1.9pt;"> </span>a<span style="letter-spacing:1.9pt;"> </span>patent.<span style="letter-spacing:1.95pt;"> </span>Third<span style="letter-spacing:1.95pt;"> </span>parties<span style="letter-spacing:2pt;"> </span>may<span style="letter-spacing:1.95pt;"> </span>also<span style="letter-spacing:1.95pt;"> </span>raise<span style="letter-spacing:1.95pt;"> </span>similar<span style="letter-spacing:2pt;"> </span>claims<span style="letter-spacing:2pt;"> </span>before<span style="letter-spacing:1.95pt;"> </span>administrative<span style="letter-spacing:2.05pt;"> </span>bodies<span style="letter-spacing:1.9pt;"> </span>in<span style="letter-spacing:1.85pt;"> </span>the United <span style="letter-spacing:2.05pt;"> </span>States <span style="letter-spacing:2.05pt;"> </span>or <span style="letter-spacing:2pt;"> </span>abroad, <span style="letter-spacing:2.05pt;"> </span>even <span style="letter-spacing:2pt;"> </span>outside <span style="letter-spacing:2pt;"> </span>the <span style="letter-spacing:2pt;"> </span>context <span style="letter-spacing:2pt;"> </span>of <span style="letter-spacing:1.95pt;"> </span>litigation. <span style="letter-spacing:2.1pt;"> </span>These <span style="letter-spacing:1.95pt;"> </span>types <span style="letter-spacing:2pt;"> </span>of <span style="letter-spacing:1.95pt;"> </span>mechanisms <span style="letter-spacing:2.05pt;"> </span>include re-examination,<span style="letter-spacing:0.1pt;"> </span>post-grant<span style="letter-spacing:0.05pt;"> </span>review, <span style="font-style:italic;">inter partes </span>review, interference<span style="letter-spacing:0.1pt;"> </span>proceedings, derivation proceedings, and equivalent<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>jurisdictions<span style="letter-spacing:0.15pt;"> </span>(e.g.,<span style="letter-spacing:0.05pt;"> </span>opposition<span style="letter-spacing:0.05pt;"> </span>proceedings).<span style="letter-spacing:0.1pt;"> </span>These types<span style="letter-spacing:0.05pt;"> </span>of proceedings<span style="letter-spacing:0.1pt;"> </span>could result<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>revocation<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>amendment<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>no<span style="letter-spacing:0.05pt;"> </span>longer<span style="letter-spacing:0.1pt;"> </span>cover<span style="letter-spacing:0.1pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>The outcome<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>particular<span style="letter-spacing:0.15pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>following<span style="letter-spacing:0.05pt;"> </span>legal<span style="letter-spacing:0.05pt;"> </span>assertions<span style="letter-spacing:0.1pt;"> </span>of invalidity<span style="letter-spacing:0.1pt;"> </span>and unenforceability<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>unpredictable. With<span style="letter-spacing:0.1pt;"> </span>respect<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>validity<span style="letter-spacing:0.15pt;"> </span>question,<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>cannot<span style="letter-spacing:0.05pt;"> </span>be certain<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>there<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>no invalidating<span style="letter-spacing:0.1pt;"> </span>prior<span style="letter-spacing:0.05pt;"> </span>art,<span style="letter-spacing:0.05pt;"> </span>of which<span style="letter-spacing:0.05pt;"> </span>we,<span style="letter-spacing:0.05pt;"> </span>our licensors,<span style="letter-spacing:0.1pt;"> </span>our patent<span style="letter-spacing:0.05pt;"> </span>counsel<span style="letter-spacing:0.05pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>examiner<span style="letter-spacing:0.1pt;"> </span>were unaware<span style="letter-spacing:0.05pt;"> </span>during<span style="letter-spacing:0.05pt;"> </span>prosecution.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>a defendant<span style="letter-spacing:0.35pt;"> </span>were<span style="letter-spacing:0.3pt;"> </span>to<span style="letter-spacing:0.3pt;"> </span>prevail<span style="letter-spacing:0.4pt;"> </span>on<span style="letter-spacing:0.3pt;"> </span>a<span style="letter-spacing:0.3pt;"> </span>legal<span style="letter-spacing:0.35pt;"> </span>assertion<span style="letter-spacing:0.4pt;"> </span>of<span style="letter-spacing:0.25pt;"> </span>invalidity<span style="letter-spacing:0.35pt;"> </span>and/or<span style="letter-spacing:0.3pt;"> </span>unenforceability,<span style="letter-spacing:0.4pt;"> </span>or<span style="letter-spacing:0.25pt;"> </span>if<span style="letter-spacing:0.3pt;"> </span>we<span style="letter-spacing:0.25pt;"> </span>are<span style="letter-spacing:0.3pt;"> </span>otherwise<span style="letter-spacing:0.3pt;"> </span>unable<span style="color:#000000;"> </span>to<span style="letter-spacing:0.05pt;"> </span>adequately<span style="letter-spacing:0.15pt;"> </span>protect<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>rights,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>lose<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>least<span style="letter-spacing:0.05pt;"> </span>part,<span style="letter-spacing:0.05pt;"> </span>and perhaps<span style="letter-spacing:0.05pt;"> </span>all,<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>on our technology<span style="letter-spacing:0.1pt;"> </span>and/or<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>Defense<span style="letter-spacing:0.05pt;"> </span>of these<span style="letter-spacing:0.05pt;"> </span>types<span style="letter-spacing:0.05pt;"> </span>of claims,<span style="letter-spacing:0.1pt;"> </span>regardless<span style="letter-spacing:0.1pt;"> </span>of their<span style="letter-spacing:0.05pt;"> </span>merit,<span style="letter-spacing:0.1pt;"> </span>would involve substantial<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>expense<span style="letter-spacing:0.05pt;"> </span>and would be a substantial<span style="letter-spacing:0.1pt;"> </span>diversion<span style="letter-spacing:0.1pt;"> </span>of employee<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>our business.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Conversely,<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>choose<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>challenge<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>patentability<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>party&#8217;s<span style="letter-spacing:0.15pt;"> </span>U.S. patent<span style="letter-spacing:0.05pt;"> </span>by requesting<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO review<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>in re-examination,<span style="letter-spacing:0.15pt;"> </span>post-grant<span style="letter-spacing:0.1pt;"> </span>review,<span style="letter-spacing:0.05pt;"> </span><span style="font-style:italic;">inter</span><span style="font-style:italic;letter-spacing:0.05pt;"> </span><span style="font-style:italic;">partes</span><span style="font-style:italic;letter-spacing:0.05pt;"> </span>review, interference<span style="letter-spacing:0.15pt;"> </span>proceedings,<span style="letter-spacing:0.1pt;"> </span>derivation<span style="letter-spacing:0.1pt;"> </span>proceedings,<span style="letter-spacing:0.1pt;"> </span>and equivalent<span style="letter-spacing:0.1pt;"> </span>proceedings<span style="letter-spacing:0.1pt;"> </span>in foreign jurisdictions<span style="letter-spacing:0.1pt;"> </span>(e.g., opposition<span style="letter-spacing:0.1pt;"> </span>proceedings).<span style="letter-spacing:0.15pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>currently<span style="letter-spacing:0.15pt;"> </span>challenging,<span style="letter-spacing:0.1pt;"> </span>and in the<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>choose<span style="letter-spacing:0.05pt;"> </span>to challenge,<span style="letter-spacing:0.1pt;"> </span>thir<span style="letter-spacing:0.05pt;">d</span>-party patents<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.15pt;"> </span>opposition<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EPO or<span style="letter-spacing:0.05pt;"> </span>another<span style="letter-spacing:0.1pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>office.<span style="letter-spacing:0.15pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>successful,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>costs of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>opposition<span style="letter-spacing:0.1pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>substantial,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>consume<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>time<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>resources.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we fail<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:1.1pt;"> </span>a<span style="letter-spacing:1.05pt;"> </span>favorable<span style="letter-spacing:1.15pt;"> </span>result<span style="letter-spacing:1.1pt;"> </span>at<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.05pt;"> </span>USPTO,<span style="letter-spacing:0.95pt;"> </span>EPO<span style="letter-spacing:0.95pt;"> </span>or<span style="letter-spacing:1pt;"> </span>other<span style="letter-spacing:1.05pt;"> </span>patent<span style="letter-spacing:1.05pt;"> </span>office<span style="letter-spacing:1.1pt;"> </span>then<span style="letter-spacing:1.05pt;"> </span>we<span style="letter-spacing:1pt;"> </span>may<span style="letter-spacing:1.05pt;"> </span>be<span style="letter-spacing:1pt;"> </span>exposed<span style="letter-spacing:1.05pt;"> </span>to<span style="letter-spacing:1pt;"> </span>litigation<span style="letter-spacing:1.15pt;"> </span>by<span style="letter-spacing:1pt;"> </span>a third<span style="letter-spacing:0.1pt;"> </span>party<span style="letter-spacing:0.1pt;"> </span>alleging<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be infringed<span style="letter-spacing:0.1pt;"> </span>by our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology or other proprietary<span style="letter-spacing:0.1pt;"> </span>technologies.</p>
<p style="margin-top:0pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:9.5pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Even<span style="letter-spacing:1.15pt;"> </span>if<span style="letter-spacing:1.2pt;"> </span>resolved<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.15pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>favor,<span style="letter-spacing:1.15pt;"> </span>litigation<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>other<span style="letter-spacing:1.15pt;"> </span>legal<span style="letter-spacing:1.15pt;"> </span>proceedings<span style="letter-spacing:1.2pt;"> </span>relating<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>intellectual<span style="letter-spacing:1.25pt;"> </span>property<span style="letter-spacing:1.15pt;"> </span>claims may<span style="letter-spacing:0.1pt;"> </span>cause<span style="letter-spacing:0.1pt;"> </span>us to incur<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>expenses<span style="letter-spacing:0.05pt;"> </span>and could<span style="letter-spacing:0.05pt;"> </span>distract<span style="letter-spacing:0.1pt;"> </span>our personnel<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>normal<span style="letter-spacing:0.05pt;"> </span>responsibilities. Furthermore,<span style="letter-spacing:0.1pt;"> </span>because<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.1pt;"> </span>amount<span style="letter-spacing:0.05pt;"> </span>of discovery<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.1pt;"> </span>in connection<span style="letter-spacing:0.05pt;"> </span>with intellectual<span style="letter-spacing:0.1pt;"> </span>property litigation,<span style="letter-spacing:1.1pt;"> </span>there<span style="letter-spacing:1pt;"> </span>is<span style="letter-spacing:1pt;"> </span>a<span style="letter-spacing:0.95pt;"> </span>risk<span style="letter-spacing:1pt;"> </span>that<span style="letter-spacing:1pt;"> </span>some<span style="letter-spacing:1pt;"> </span>of<span style="letter-spacing:0.95pt;"> </span>our<span style="letter-spacing:0.9pt;"> </span>confidential<span style="letter-spacing:1.05pt;"> </span>information<span style="letter-spacing:1.05pt;"> </span>could<span style="letter-spacing:0.95pt;"> </span>be<span style="letter-spacing:0.9pt;"> </span>compromised<span style="letter-spacing:1pt;"> </span>by<span style="letter-spacing:0.9pt;"> </span>disclosure<span style="letter-spacing:1pt;"> </span>during this<span style="letter-spacing:0.1pt;"> </span>type<span style="letter-spacing:0.1pt;"> </span>of litigation.<span style="letter-spacing:0.15pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>there<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be public<span style="letter-spacing:0.05pt;"> </span>announcements<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of hearings,<span style="letter-spacing:0.05pt;"> </span>motions,<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.1pt;"> </span>interim<span style="letter-spacing:0.15pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>developments,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>securities<span style="letter-spacing:0.2pt;"> </span>analysts<span style="letter-spacing:0.1pt;"> </span>or investors<span style="letter-spacing:0.1pt;"> </span>perceive<span style="letter-spacing:0.1pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>to be negative,<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.1pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock.<span style="letter-spacing:0.05pt;"> </span>Such litigation<span style="letter-spacing:0.15pt;"> </span>or proceedings<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>substantially<span style="letter-spacing:0.15pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>our operating<span style="letter-spacing:0.1pt;"> </span>losses<span style="letter-spacing:0.05pt;"> </span>and reduce<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>available<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>development activities<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>any future<span style="letter-spacing:0.05pt;"> </span>sales,<span style="letter-spacing:0.05pt;"> </span>marketing,<span style="letter-spacing:0.1pt;"> </span>or distribution<span style="letter-spacing:0.15pt;"> </span>activities.<span style="letter-spacing:0.15pt;"> </span>We may<span style="letter-spacing:0.05pt;"> </span>not have sufficient<span style="letter-spacing:0.15pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>or other resources<span style="letter-spacing:0.8pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>conduct<span style="letter-spacing:0.7pt;"> </span>such<span style="letter-spacing:0.65pt;"> </span>litigation<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>proceedings<span style="letter-spacing:0.75pt;"> </span>adequately.<span style="letter-spacing:0.75pt;"> </span>Some<span style="letter-spacing:0.65pt;"> </span>of<span style="letter-spacing:0.65pt;"> </span>our<span style="letter-spacing:0.65pt;"> </span>competitors<span style="letter-spacing:0.8pt;"> </span>may<span style="letter-spacing:0.7pt;"> </span>be<span style="letter-spacing:0.65pt;"> </span>able<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>sustain the<span style="letter-spacing:2.35pt;"> </span>costs<span style="letter-spacing:2.35pt;"> </span>of<span style="letter-spacing:2.3pt;"> </span>such<span style="letter-spacing:2.3pt;"> </span>litigation<span style="letter-spacing:2.45pt;"> </span>or<span style="letter-spacing:2.3pt;"> </span>proceedings<span style="letter-spacing:2.35pt;"> </span>more<span style="letter-spacing:2.3pt;"> </span>effectively<span style="letter-spacing:2.4pt;"> </span>than<span style="letter-spacing:2.3pt;"> </span>we<span style="letter-spacing:2.25pt;"> </span>can<span style="letter-spacing:2.25pt;"> </span>because<span style="letter-spacing:2.3pt;"> </span>of<span style="letter-spacing:2.25pt;"> </span>their<span style="letter-spacing:2.3pt;"> </span>greater<span style="letter-spacing:2.35pt;"> </span>financial resources<span style="letter-spacing:0.1pt;"> </span>and more<span style="letter-spacing:0.05pt;"> </span>mature<span style="letter-spacing:0.1pt;"> </span>and developed<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>portfolios.<span style="letter-spacing:0.1pt;"> </span>Uncertainties<span style="letter-spacing:0.15pt;"> </span>resulting<span style="letter-spacing:0.05pt;"> </span>from the initiation<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>continuation<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>proceedings<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.2pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our ability<span style="letter-spacing:0.1pt;"> </span>to compete<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>marketplace.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Obtaining<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>maintaining<span style="letter-spacing:0.1pt;"> </span>our patent<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>depends on compliance<span style="letter-spacing:0.1pt;"> </span>with various<span style="letter-spacing:0.05pt;"> </span>procedural,<span style="letter-spacing:0.05pt;"> </span>document submission,<span style="letter-spacing:0.1pt;"> </span>fee<span style="letter-spacing:0.1pt;"> </span>payment,<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.1pt;"> </span>imposed<span style="letter-spacing:0.05pt;"> </span>by government<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>agencies,<span style="letter-spacing:0.05pt;"> </span>and our patent protection<span style="letter-spacing:0.1pt;"> </span>could be reduced<span style="letter-spacing:0.05pt;"> </span>or eliminated<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>non-compliance<span style="letter-spacing:0.1pt;"> </span>with these<span style="letter-spacing:0.05pt;"> </span>requirements.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Periodic<span style="letter-spacing:0.1pt;"> </span>maintenance<span style="letter-spacing:0.15pt;"> </span>fees,<span style="letter-spacing:0.1pt;"> </span>renewal<span style="letter-spacing:0.1pt;"> </span>fees,<span style="letter-spacing:0.1pt;"> </span>annuity<span style="letter-spacing:0.1pt;"> </span>fees,<span style="letter-spacing:0.1pt;"> </span>and various<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>government<span style="letter-spacing:0.1pt;"> </span>fees<span style="letter-spacing:0.05pt;"> </span>on patents<span style="letter-spacing:0.05pt;"> </span>and applications<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>due<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>paid<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO and<span style="letter-spacing:0.05pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.1pt;"> </span>outside<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>the lifetime<span style="letter-spacing:1pt;"> </span>of<span style="letter-spacing:0.85pt;"> </span>our<span style="letter-spacing:0.85pt;"> </span>owned<span style="letter-spacing:0.85pt;"> </span>or<span style="letter-spacing:0.8pt;"> </span>licensed<span style="letter-spacing:0.9pt;"> </span>patents<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>applications.<span style="letter-spacing:0.9pt;"> </span>In<span style="letter-spacing:0.8pt;"> </span>certain<span style="letter-spacing:0.9pt;"> </span>circumstances,<span style="letter-spacing:0.95pt;"> </span>we<span style="letter-spacing:0.8pt;"> </span>rely<span style="letter-spacing:0.85pt;"> </span>on<span style="letter-spacing:0.8pt;"> </span>our licensors<span style="letter-spacing:0.9pt;"> </span>to pay<span style="letter-spacing:0.1pt;"> </span>these<span style="letter-spacing:0.15pt;"> </span>fees<span style="letter-spacing:0.15pt;"> </span>due<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>U.S.<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>non-U.S.<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>agencies.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>USPTO and<span style="letter-spacing:0.05pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.1pt;"> </span>require compliance<span style="letter-spacing:0.1pt;"> </span>with several<span style="letter-spacing:0.1pt;"> </span>procedural,<span style="letter-spacing:0.1pt;"> </span>documentary,<span style="letter-spacing:0.1pt;"> </span>fee<span style="letter-spacing:0.05pt;"> </span>payment,<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>similar<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.05pt;"> </span>during the patent application<span style="letter-spacing:0.15pt;"> </span>process.<span style="letter-spacing:0.1pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>dependent<span style="letter-spacing:0.05pt;"> </span>on our licensors<span style="letter-spacing:0.1pt;"> </span>to take<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>necessary<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with these requirements<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>respect<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>licensed<span style="letter-spacing:0.15pt;"> </span>intellectual<span style="letter-spacing:0.2pt;"> </span>property.<span style="letter-spacing:0.1pt;"> </span>While<span style="letter-spacing:0.05pt;"> </span>an inadvertent<span style="letter-spacing:0.1pt;"> </span>lapse<span style="letter-spacing:0.05pt;"> </span>can be cured<span style="letter-spacing:0.05pt;"> </span>by payment<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a late<span style="letter-spacing:0.05pt;"> </span>fee<span style="letter-spacing:0.05pt;"> </span>or by other<span style="letter-spacing:0.05pt;"> </span>means<span style="letter-spacing:0.05pt;"> </span>in accordance<span style="letter-spacing:0.1pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>rules,<span style="letter-spacing:0.05pt;"> </span>there<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>situations,<span style="letter-spacing:0.1pt;"> </span>however, in which non-compliance<span style="letter-spacing:0.1pt;"> </span>can result<span style="letter-spacing:0.1pt;"> </span>a partial<span style="letter-spacing:0.1pt;"> </span>or complete<span style="letter-spacing:0.1pt;"> </span>loss<span style="letter-spacing:0.05pt;"> </span>of patent<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>in the relevant<span style="letter-spacing:0.05pt;"> </span>jurisdiction.<span style="letter-spacing:0.1pt;"> </span>Were a noncompliance<span style="letter-spacing:2.25pt;"> </span>event<span style="letter-spacing:2.2pt;"> </span>to<span style="letter-spacing:2.15pt;"> </span>occur,<span style="letter-spacing:2.15pt;"> </span>our<span style="letter-spacing:2.1pt;"> </span>competitors<span style="letter-spacing:2.25pt;"> </span>might<span style="letter-spacing:2.15pt;"> </span>be<span style="letter-spacing:2.1pt;"> </span>able<span style="letter-spacing:2.15pt;"> </span>to<span style="letter-spacing:2.1pt;"> </span>enter<span style="letter-spacing:2.15pt;"> </span>the<span style="letter-spacing:2.15pt;"> </span>market<span style="letter-spacing:2.2pt;"> </span>with<span style="letter-spacing:2.1pt;"> </span>similar<span style="letter-spacing:2.2pt;"> </span>or<span style="letter-spacing:2.1pt;"> </span>identical products<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.75pt;"> </span>technology,<span style="letter-spacing:0.8pt;"> </span>which<span style="letter-spacing:0.75pt;"> </span>could<span style="letter-spacing:0.8pt;"> </span>have<span style="letter-spacing:0.75pt;"> </span>a<span style="letter-spacing:0.7pt;"> </span>material<span style="letter-spacing:0.85pt;"> </span>adverse<span style="letter-spacing:0.75pt;"> </span>effect<span style="letter-spacing:0.8pt;"> </span>on<span style="letter-spacing:0.7pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>business,<span style="letter-spacing:0.75pt;"> </span>financial<span style="letter-spacing:0.8pt;"> </span>condition,<span style="letter-spacing:0.75pt;"> </span>results of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Changes<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>law<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>in non-U.S.<span style="letter-spacing:-0.05pt;"> </span>jurisdictions<span style="letter-spacing:0.1pt;"> </span>could diminish<span style="letter-spacing:0.05pt;"> </span>the value<span style="letter-spacing:0.05pt;"> </span>of patents<span style="letter-spacing:0.05pt;"> </span>in general,<span style="letter-spacing:0.05pt;"> </span>thereby<span style="letter-spacing:0.05pt;"> </span>impairing<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to protect<span style="letter-spacing:0.05pt;"> </span>our gene editing<span style="letter-spacing:0.05pt;"> </span>platform<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As is<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>case<span style="letter-spacing:0.05pt;"> </span>with other<span style="letter-spacing:0.05pt;"> </span>biotech<span style="letter-spacing:0.05pt;"> </span>and pharmaceutical<span style="letter-spacing:0.15pt;"> </span>companies,<span style="letter-spacing:0.1pt;"> </span>our success<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>heavily<span style="letter-spacing:0.05pt;"> </span>dependent<span style="letter-spacing:0.05pt;"> </span>on intellectual<span style="letter-spacing:0.2pt;"> </span>property,<span style="letter-spacing:0.05pt;"> </span>particularly<span style="letter-spacing:0.15pt;"> </span>patents.<span style="letter-spacing:0.05pt;"> </span>Obtaining<span style="letter-spacing:0.05pt;"> </span>and enforcing<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>biopharmaceutical<span style="letter-spacing:0.2pt;"> </span>industry involve <span style="letter-spacing:0.1pt;"> </span>both <span style="letter-spacing:0.05pt;"> </span>technological <span style="letter-spacing:0.15pt;"> </span>and&#160;&#160;legal <span style="letter-spacing:0.05pt;"> </span>complexity, <span style="letter-spacing:0.1pt;"> </span>and&#160;&#160;is <span style="letter-spacing:0.05pt;"> </span>therefore <span style="letter-spacing:0.1pt;"> </span>costly, <span style="letter-spacing:0.05pt;"> </span>time-consuming <span style="letter-spacing:0.15pt;"> </span>and&#160;&#160;inherently uncertain.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes<span style="letter-spacing:1.1pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>either<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>patent<span style="letter-spacing:1.1pt;"> </span>laws<span style="letter-spacing:1.05pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>interpretation<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>patent<span style="letter-spacing:1.1pt;"> </span>laws<span style="letter-spacing:1.05pt;"> </span>could<span style="letter-spacing:1.1pt;"> </span>increase<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>uncertainties<span style="letter-spacing:1.2pt;"> </span>and costs<span style="letter-spacing:1.15pt;"> </span>surrounding<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>prosecution<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>patent<span style="letter-spacing:1.15pt;"> </span>applications<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>enforcement<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>defense<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>issued<span style="letter-spacing:1.1pt;"> </span>patents. For example,<span style="letter-spacing:0.05pt;"> </span>in March<span style="letter-spacing:0.05pt;"> </span>2013, under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Leahy-Smith<span style="letter-spacing:0.1pt;"> </span>America<span style="letter-spacing:0.05pt;"> </span>Invents<span style="letter-spacing:0.05pt;"> </span>Act (America<span style="letter-spacing:0.1pt;"> </span>Invents<span style="letter-spacing:0.05pt;"> </span>Act),<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United States<span style="letter-spacing:0.1pt;"> </span>transitioned<span style="letter-spacing:0.2pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>a &#8220;first<span style="letter-spacing:0.1pt;"> </span>to invent&#8221;<span style="letter-spacing:0.05pt;"> </span>to a &#8220;first-to-file&#8221;<span style="letter-spacing:0.25pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>system.<span style="letter-spacing:0.05pt;"> </span>Under a &#8220;first-to-file&#8221;<span style="letter-spacing:0.25pt;"> </span>system, assuming<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>patentability<span style="letter-spacing:0.2pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>met,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>first<span style="letter-spacing:0.15pt;"> </span>inventor<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>file<span style="letter-spacing:0.1pt;"> </span>a patent<span style="letter-spacing:0.05pt;"> </span>application<span style="letter-spacing:0.1pt;"> </span>generally will<span style="letter-spacing:0.05pt;"> </span>be entitled<span style="letter-spacing:0.1pt;"> </span>to a patent<span style="letter-spacing:0.05pt;"> </span>on an invention<span style="letter-spacing:0.05pt;"> </span>regardless<span style="letter-spacing:0.1pt;"> </span>of whether<span style="letter-spacing:0.05pt;"> </span>another<span style="letter-spacing:0.05pt;"> </span>inventor<span style="letter-spacing:0.05pt;"> </span>had made<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>invention<span style="letter-spacing:0.05pt;"> </span>earlier. A<span style="letter-spacing:1.2pt;"> </span>third<span style="letter-spacing:1.25pt;"> </span>party<span style="letter-spacing:1.25pt;"> </span>that<span style="letter-spacing:1.2pt;"> </span>files<span style="letter-spacing:1.25pt;"> </span>a<span style="letter-spacing:1.15pt;"> </span>patent<span style="letter-spacing:1.2pt;"> </span>application<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>USPTO<span style="letter-spacing:1.1pt;"> </span>after<span style="letter-spacing:1.25pt;"> </span>March<span style="letter-spacing:1.2pt;"> </span>2013,<span style="letter-spacing:1.15pt;"> </span>but<span style="letter-spacing:1.15pt;"> </span>before<span style="letter-spacing:1.2pt;"> </span>us<span style="letter-spacing:1.15pt;"> </span>could<span style="letter-spacing:1.2pt;"> </span>therefore<span style="letter-spacing:1.25pt;"> </span>be awarded<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>covering<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>invention<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>ours<span style="letter-spacing:0.1pt;"> </span>even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we had made<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>invention<span style="letter-spacing:0.05pt;"> </span>before<span style="letter-spacing:0.05pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>was made<span style="letter-spacing:0.05pt;"> </span>by such third<span style="letter-spacing:0.1pt;"> </span>party.<span style="letter-spacing:0.1pt;"> </span>This<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>require<span style="letter-spacing:0.15pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>cognizant<span style="letter-spacing:0.1pt;"> </span>going<span style="letter-spacing:0.05pt;"> </span>forward<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>time<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>invention<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>filing<span style="letter-spacing:0.15pt;"> </span>of a patent application.<span style="letter-spacing:0.7pt;"> </span>Since<span style="letter-spacing:0.65pt;"> </span>patent<span style="letter-spacing:0.65pt;"> </span>applications<span style="letter-spacing:0.7pt;"> </span>in<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.65pt;"> </span>United<span style="letter-spacing:0.65pt;"> </span>States<span style="letter-spacing:0.65pt;"> </span>and<span style="letter-spacing:0.6pt;"> </span>most<span style="letter-spacing:0.65pt;"> </span>other<span style="letter-spacing:0.6pt;"> </span>countries<span style="letter-spacing:0.65pt;"> </span>are<span style="letter-spacing:0.6pt;"> </span>confidential<span style="letter-spacing:0.7pt;"> </span>for<span style="letter-spacing:0.6pt;"> </span>a<span style="letter-spacing:0.55pt;"> </span>period of time<span style="letter-spacing:0.05pt;"> </span>after<span style="letter-spacing:0.1pt;"> </span>filing<span style="letter-spacing:0.1pt;"> </span>or until<span style="letter-spacing:0.05pt;"> </span>issuance,<span style="letter-spacing:0.05pt;"> </span>we cannot<span style="letter-spacing:0.05pt;"> </span>be certain<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we or our licensors<span style="letter-spacing:0.1pt;"> </span>were the<span style="letter-spacing:0.05pt;"> </span>first<span style="letter-spacing:0.1pt;"> </span>to either<span style="letter-spacing:0.05pt;"> </span>file any patent<span style="letter-spacing:0.5pt;"> </span>application<span style="letter-spacing:0.55pt;"> </span>related<span style="letter-spacing:0.55pt;"> </span>to<span style="letter-spacing:0.45pt;"> </span>our<span style="letter-spacing:0.45pt;"> </span>technology<span style="letter-spacing:0.5pt;"> </span>or<span style="letter-spacing:0.45pt;"> </span>product<span style="letter-spacing:0.45pt;"> </span>candidates<span style="letter-spacing:0.5pt;"> </span>or<span style="letter-spacing:0.4pt;"> </span>invent<span style="letter-spacing:0.45pt;"> </span>any<span style="letter-spacing:0.4pt;"> </span>of<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>inventions<span style="letter-spacing:0.5pt;"> </span>claimed<span style="letter-spacing:0.5pt;"> </span>in<span style="letter-spacing:0.4pt;"> </span>our or<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>licensors&#8217;<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>applications.<span style="letter-spacing:0.15pt;"> </span>The America<span style="letter-spacing:0.05pt;"> </span>Invents<span style="letter-spacing:0.05pt;"> </span>Act also<span style="letter-spacing:0.05pt;"> </span>includes<span style="letter-spacing:0.05pt;"> </span>a number<span style="letter-spacing:0.05pt;"> </span>of other significant<span style="letter-spacing:0.2pt;"> </span>changes<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>U.S. patent<span style="letter-spacing:0.1pt;"> </span>law, including<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>way patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be prosecuted,<span style="letter-spacing:0.15pt;"> </span>allowing<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>party<span style="letter-spacing:0.1pt;"> </span>submission<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>prior<span style="letter-spacing:0.1pt;"> </span>art<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>establish<span style="letter-spacing:0.1pt;"> </span>a new post-grant<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>system<span style="letter-spacing:0.05pt;"> </span>including post-grant<span style="letter-spacing:0.15pt;"> </span>review,<span style="letter-spacing:0.1pt;"> </span><span style="font-style:italic;">inter</span><span style="font-style:italic;letter-spacing:0.1pt;"> </span><span style="font-style:italic;">partes</span><span style="font-style:italic;letter-spacing:0.1pt;"> </span>review,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>derivation<span style="letter-spacing:0.15pt;"> </span>proceedings.<span style="letter-spacing:0.1pt;"> </span>Because<span style="letter-spacing:0.05pt;"> </span>of a lower<span style="letter-spacing:0.05pt;"> </span>evidentiary<span style="letter-spacing:0.1pt;"> </span>standard<span style="letter-spacing:0.05pt;"> </span>in USPTO<span style="letter-spacing:0.3pt;"> </span>proceedings<span style="letter-spacing:0.45pt;"> </span>compared<span style="letter-spacing:0.4pt;"> </span>to<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>evidentiary<span style="letter-spacing:0.45pt;"> </span>standard<span style="letter-spacing:0.4pt;"> </span>in<span style="letter-spacing:0.35pt;"> </span>United<span style="letter-spacing:0.4pt;"> </span>States<span style="letter-spacing:0.4pt;"> </span>federal<span style="letter-spacing:0.45pt;"> </span>courts<span style="letter-spacing:0.35pt;"> </span>necessary<span style="letter-spacing:0.4pt;"> </span>to<span style="letter-spacing:0.3pt;"> </span>invalidate a<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>claim,<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>party<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>potentially<span style="letter-spacing:0.15pt;"> </span>provide<span style="letter-spacing:0.1pt;"> </span>evidence<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>USPTO proceeding<span style="letter-spacing:0.1pt;"> </span>sufficient<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO to<span style="letter-spacing:0.05pt;"> </span>hold<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>claim<span style="letter-spacing:0.15pt;"> </span>invalid<span style="letter-spacing:0.1pt;"> </span>even<span style="letter-spacing:0.05pt;"> </span>though<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>same<span style="letter-spacing:0.1pt;"> </span>evidence<span style="letter-spacing:0.1pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>insufficient<span style="letter-spacing:0.2pt;"> </span>to invalidate<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>claim<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>first presented<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>district<span style="letter-spacing:0.2pt;"> </span>court<span style="letter-spacing:0.15pt;"> </span>action.<span style="letter-spacing:0.15pt;"> </span>Accordingly,<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>party<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>attempt<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO procedures<span style="letter-spacing:0.15pt;"> </span>to invalidate<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>have been invalidated<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>first<span style="letter-spacing:0.1pt;"> </span>challenged<span style="letter-spacing:0.1pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>as a defendant<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>district<span style="letter-spacing:0.2pt;"> </span>court<span style="letter-spacing:0.15pt;"> </span>action.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>effects<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>changes<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>currently<span style="letter-spacing:0.15pt;"> </span>unclear<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO continues<span style="letter-spacing:0.1pt;"> </span>to promulgate<span style="letter-spacing:0.15pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>procedures<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>connection<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>America<span style="letter-spacing:0.05pt;"> </span>Invents<span style="letter-spacing:0.05pt;"> </span>Act and many<span style="letter-spacing:0.05pt;"> </span>of the substantive<span style="letter-spacing:0.65pt;"> </span>changes<span style="letter-spacing:0.6pt;"> </span>to<span style="letter-spacing:0.5pt;"> </span>patent<span style="letter-spacing:0.55pt;"> </span>law,<span style="letter-spacing:0.5pt;"> </span>including<span style="letter-spacing:0.55pt;"> </span>the<span style="letter-spacing:0.55pt;"> </span>&#8220;first-to-file&#8221;<span style="letter-spacing:0.75pt;"> </span>provisions,<span style="letter-spacing:0.6pt;"> </span>only<span style="letter-spacing:0.5pt;"> </span>became<span style="letter-spacing:0.55pt;"> </span>effective<span style="letter-spacing:0.6pt;"> </span>in<span style="letter-spacing:0.5pt;"> </span>March<span style="letter-spacing:0.55pt;"> </span>2013. In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>courts<span style="letter-spacing:0.1pt;"> </span>have yet<span style="letter-spacing:0.05pt;"> </span>to address<span style="letter-spacing:0.05pt;"> </span>many<span style="letter-spacing:0.05pt;"> </span>of these<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>applicability<span style="letter-spacing:0.15pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>act<span style="letter-spacing:0.05pt;"> </span>and new regulations<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>specific<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>discussed<span style="letter-spacing:0.05pt;"> </span>in this<span style="letter-spacing:0.05pt;"> </span>filing<span style="letter-spacing:0.1pt;"> </span>have not been determined<span style="letter-spacing:0.1pt;"> </span>and would need to be reviewed.<span style="letter-spacing:0.1pt;"> </span>However, the<span style="letter-spacing:0.05pt;"> </span>America<span style="letter-spacing:0.05pt;"> </span>Invents<span style="letter-spacing:0.05pt;"> </span>Act and its<span style="letter-spacing:0.05pt;"> </span>implementation<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>uncertainties<span style="letter-spacing:0.15pt;"> </span>and costs surrounding<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>prosecution<span style="letter-spacing:0.1pt;"> </span>of our patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>enforcement<span style="letter-spacing:0.1pt;"> </span>or defense<span style="letter-spacing:0.05pt;"> </span>of our issued<span style="letter-spacing:0.05pt;"> </span>patents.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>recent<span style="letter-spacing:0.1pt;"> </span>U.S. Supreme<span style="letter-spacing:0.1pt;"> </span>Court<span style="letter-spacing:0.05pt;"> </span>rulings<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>narrowed<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>scope<span style="letter-spacing:0.1pt;"> </span>of patent<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>available<span style="letter-spacing:0.1pt;"> </span>in certain<span style="letter-spacing:1.25pt;"> </span>circumstances<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>weakened<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>rights<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>patent<span style="letter-spacing:1.15pt;"> </span>owners<span style="letter-spacing:1.1pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>certain<span style="letter-spacing:1.2pt;"> </span>situations.<span style="letter-spacing:1.2pt;"> </span>In<span style="letter-spacing:1.1pt;"> </span>addition<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>increasing uncertainty<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>regard<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>future,<span style="letter-spacing:0.1pt;"> </span>this<span style="letter-spacing:0.1pt;"> </span>combination<span style="letter-spacing:0.15pt;"> </span>of events<span style="letter-spacing:0.05pt;"> </span>has created uncertainty<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>respect<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>validity<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>enforceability<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>patents,<span style="letter-spacing:0.05pt;"> </span>once obtained.<span style="letter-spacing:0.05pt;"> </span>Depending on future<span style="letter-spacing:0.05pt;"> </span>actions by<span style="letter-spacing:1.75pt;"> </span>the<span style="letter-spacing:1.8pt;"> </span>U.S.<span style="letter-spacing:1.7pt;"> </span>Congress,<span style="letter-spacing:1.8pt;"> </span>the<span style="letter-spacing:1.8pt;"> </span>federal<span style="letter-spacing:1.85pt;"> </span>courts,<span style="letter-spacing:1.75pt;"> </span>and<span style="letter-spacing:1.7pt;"> </span>the<span style="letter-spacing:1.75pt;"> </span>USPTO,<span style="letter-spacing:1.65pt;"> </span>the<span style="letter-spacing:1.75pt;"> </span>laws<span style="letter-spacing:1.7pt;"> </span>and<span style="letter-spacing:1.7pt;"> </span>regulations<span style="letter-spacing:1.8pt;"> </span>governing<span style="letter-spacing:1.75pt;"> </span>patents<span style="letter-spacing:1.75pt;"> </span>could change<span style="letter-spacing:1.6pt;"> </span>in<span style="letter-spacing:1.55pt;"> </span>unpredictable<span style="letter-spacing:1.65pt;"> </span>ways<span style="letter-spacing:1.55pt;"> </span>that<span style="letter-spacing:1.6pt;"> </span>could<span style="letter-spacing:1.6pt;"> </span>weaken<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>ability<span style="letter-spacing:1.65pt;"> </span>to<span style="letter-spacing:1.55pt;"> </span>obtain<span style="letter-spacing:1.6pt;"> </span>new<span style="letter-spacing:1.55pt;"> </span>patents<span style="letter-spacing:1.6pt;"> </span>or<span style="letter-spacing:1.55pt;"> </span>to<span style="letter-spacing:1.5pt;"> </span>enforce<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.5pt;"> </span>existing patents<span style="letter-spacing:0.5pt;"> </span>and<span style="letter-spacing:0.45pt;"> </span>patents<span style="letter-spacing:0.5pt;"> </span>that<span style="letter-spacing:0.5pt;"> </span>we<span style="letter-spacing:0.45pt;"> </span>might<span style="letter-spacing:0.5pt;"> </span>obtain<span style="letter-spacing:0.45pt;"> </span>in<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>future.<span style="letter-spacing:0.45pt;"> </span>For<span style="letter-spacing:0.4pt;"> </span>example,<span style="letter-spacing:0.45pt;"> </span>in<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>case,<span style="letter-spacing:0.45pt;"> </span><span style="font-style:italic;">Assoc.</span><span style="font-style:italic;letter-spacing:0.4pt;"> </span><span style="font-style:italic;">for</span><span style="font-style:italic;letter-spacing:0.45pt;"> </span><span style="font-style:italic;">Molecular</span><span style="font-style:italic;letter-spacing:0.5pt;"> </span><span style="font-style:italic;">Pathology v.</span><span style="font-style:italic;letter-spacing:0.1pt;"> </span><span style="font-style:italic;">Myriad</span><span style="font-style:italic;letter-spacing:0.15pt;"> </span><span style="font-style:italic;">Genetics,</span><span style="font-style:italic;letter-spacing:0.15pt;"> </span><span style="font-style:italic;">Inc.,</span><span style="font-style:italic;letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. Supreme<span style="letter-spacing:0.1pt;"> </span>Court<span style="letter-spacing:0.05pt;"> </span>held<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>DNA molecules<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>patentable. We<span style="letter-spacing:0.1pt;"> </span>cannot<span style="letter-spacing:0.15pt;"> </span>predict<span style="letter-spacing:0.2pt;"> </span>how<span style="letter-spacing:0.1pt;"> </span>this<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>future<span style="letter-spacing:0.15pt;"> </span>decisions<span style="letter-spacing:0.2pt;"> </span>by<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>courts,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. Congress<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USPTO may<span style="letter-spacing:0.1pt;"> </span>impact<span style="letter-spacing:0.15pt;"> </span>the value<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>patents.<span style="letter-spacing:0.1pt;"> </span>Any<span style="letter-spacing:0.05pt;"> </span>similar<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.1pt;"> </span>changes<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>laws of other<span style="letter-spacing:0.05pt;"> </span>jurisdictions<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Patent<span style="letter-spacing:0.25pt;"> </span>terms<span style="letter-spacing:0.25pt;"> </span>may<span style="letter-spacing:0.25pt;"> </span>be<span style="letter-spacing:0.2pt;"> </span>inadequate<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.2pt;"> </span>protect<span style="letter-spacing:0.25pt;"> </span>our<span style="letter-spacing:0.2pt;"> </span>competitive<span style="letter-spacing:0.35pt;"> </span>position<span style="letter-spacing:0.25pt;"> </span>on<span style="letter-spacing:0.2pt;"> </span>our<span style="letter-spacing:0.2pt;"> </span>product<span style="letter-spacing:0.25pt;"> </span>candidates<span style="letter-spacing:0.25pt;"> </span>for<span style="letter-spacing:0.25pt;"> </span>an<span style="letter-spacing:0.15pt;"> </span>adequate amount of time.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Patents<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.15pt;"> </span>lifespan.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>terms<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>individual<span style="letter-spacing:0.15pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>depend<span style="letter-spacing:0.05pt;"> </span>upon<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>legal<span style="letter-spacing:0.05pt;"> </span>term<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>in the countries<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>they<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>granted.<span style="letter-spacing:0.05pt;"> </span>In most<span style="letter-spacing:0.05pt;"> </span>countries,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>all<span style="letter-spacing:0.05pt;"> </span>maintenance<span style="letter-spacing:0.1pt;"> </span>fees<span style="letter-spacing:0.05pt;"> </span>are timely<span style="letter-spacing:0.15pt;"> </span>paid,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>natural<span style="letter-spacing:0.15pt;"> </span>expiration<span style="letter-spacing:0.1pt;"> </span>of a patent<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>generally<span style="letter-spacing:0.1pt;"> </span>20 years<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.05pt;"> </span>earliest<span style="letter-spacing:0.1pt;"> </span>non-provisional<span style="letter-spacing:0.1pt;"> </span>filing<span style="letter-spacing:0.1pt;"> </span>date<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>country.<span style="letter-spacing:0.05pt;"> </span>However, the<span style="letter-spacing:0.05pt;"> </span>actual<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>afforded<span style="letter-spacing:0.1pt;"> </span>by a patent<span style="letter-spacing:0.05pt;"> </span>varies<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>country<span style="letter-spacing:0.05pt;"> </span>to country, and depends<span style="letter-spacing:0.1pt;"> </span>upon<span style="letter-spacing:0.05pt;"> </span>many<span style="letter-spacing:0.1pt;"> </span>factors,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>type<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>patent,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>scope<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.1pt;"> </span>coverage,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>availability<span style="letter-spacing:0.15pt;"> </span>of regulatory- related<span style="letter-spacing:0.15pt;"> </span>extensions,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>availability<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>legal<span style="letter-spacing:0.1pt;"> </span>remedies<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>particular<span style="letter-spacing:0.2pt;"> </span>country<span style="letter-spacing:0.05pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>validity<span style="letter-spacing:0.1pt;"> </span>and enforceability<span style="letter-spacing:0.15pt;"> </span>of the<span style="letter-spacing:0.1pt;"> </span>patent.<span style="letter-spacing:0.1pt;"> </span>Various<span style="letter-spacing:0.1pt;"> </span>extensions<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>PTE and<span style="letter-spacing:0.05pt;"> </span>PTA, may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>available,<span style="letter-spacing:0.15pt;"> </span>but<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>life<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>patent,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the protection<span style="letter-spacing:1.9pt;"> </span>it<span style="letter-spacing:1.85pt;"> </span>affords,<span style="letter-spacing:1.9pt;"> </span>is<span style="letter-spacing:1.85pt;"> </span>limited.<span style="letter-spacing:1.9pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.1pt;"> </span>covering<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>obtained,<span style="letter-spacing:0.05pt;"> </span>once the<span style="letter-spacing:0.05pt;"> </span>patent life<span style="letter-spacing:0.1pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>expired,<span style="letter-spacing:0.1pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>be open to competition<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>competitive<span style="letter-spacing:0.15pt;"> </span>products,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>generics<span style="letter-spacing:0.1pt;"> </span>or biosimilars. Given<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>amount<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>time<span style="letter-spacing:0.1pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>development,<span style="letter-spacing:0.15pt;"> </span>testing<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>of new product<span style="letter-spacing:0.05pt;"> </span>candidates, patents<span style="letter-spacing:0.1pt;"> </span>protecting<span style="letter-spacing:0.15pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>might<span style="letter-spacing:0.05pt;"> </span>expire<span style="letter-spacing:0.05pt;"> </span>before<span style="letter-spacing:0.05pt;"> </span>or shortly<span style="letter-spacing:0.05pt;"> </span>after<span style="letter-spacing:0.1pt;"> </span>we or our partners<span style="letter-spacing:0.1pt;"> </span>commercialize those<span style="letter-spacing:0.1pt;"> </span>candidates.<span style="letter-spacing:0.15pt;"> </span>As a result,<span style="letter-spacing:0.1pt;"> </span>our owned and licensed<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>portfolio<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not provide<span style="letter-spacing:0.05pt;"> </span>us with sufficient<span style="letter-spacing:0.15pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>to exclude<span style="letter-spacing:0.05pt;"> </span>others<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>commercializing<span style="letter-spacing:0.2pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>similar<span style="letter-spacing:0.1pt;"> </span>or identical<span style="letter-spacing:0.1pt;"> </span>to ours.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">64</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">do</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">not</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">obtain</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">PTE and</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">data</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">exclusivity</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">candidates,</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">business</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">be materially harmed.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Depending <span style="letter-spacing:0.1pt;"> </span>upon <span style="letter-spacing:0.1pt;"> </span>the <span style="letter-spacing:0.15pt;"> </span>timing, <span style="letter-spacing:0.2pt;"> </span>duration <span style="letter-spacing:0.15pt;"> </span>and <span style="letter-spacing:0.1pt;"> </span>specifics <span style="letter-spacing:0.2pt;"> </span>of <span style="letter-spacing:0.1pt;"> </span>any <span style="letter-spacing:0.1pt;"> </span>FDA&#160;&#160;marketing <span style="letter-spacing:0.15pt;"> </span>approval <span style="letter-spacing:0.1pt;"> </span>of <span style="letter-spacing:0.05pt;"> </span>our <span style="letter-spacing:0.05pt;"> </span>product candidates,<span style="letter-spacing:0.9pt;"> </span>one<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.8pt;"> </span>more<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.8pt;"> </span>our<span style="letter-spacing:0.8pt;"> </span>U.S.<span style="letter-spacing:0.75pt;"> </span>patents<span style="letter-spacing:0.85pt;"> </span>may<span style="letter-spacing:0.85pt;"> </span>be<span style="letter-spacing:0.75pt;"> </span>eligible<span style="letter-spacing:0.85pt;"> </span>for<span style="letter-spacing:0.8pt;"> </span>limited<span style="letter-spacing:0.85pt;"> </span>PTE<span style="letter-spacing:0.7pt;"> </span>under<span style="letter-spacing:0.8pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>Drug<span style="letter-spacing:0.75pt;"> </span>Price<span style="letter-spacing:0.8pt;"> </span>Competition and<span style="letter-spacing:1.85pt;"> </span>Patent<span style="letter-spacing:1.9pt;"> </span>Term<span style="letter-spacing:1.9pt;"> </span>Restoration<span style="letter-spacing:1.9pt;"> </span>Act<span style="letter-spacing:1.8pt;"> </span>of<span style="letter-spacing:1.8pt;"> </span>1984<span style="letter-spacing:1.8pt;"> </span>(Hatch-Waxman<span style="letter-spacing:1.9pt;"> </span>Amendments).<span style="letter-spacing:1.9pt;"> </span>The<span style="letter-spacing:1.8pt;"> </span>Hatch-Waxman<span style="letter-spacing:1.9pt;"> </span>Amendments PTE<span style="letter-spacing:0.05pt;"> </span>term<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>up<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>five<span style="letter-spacing:0.15pt;"> </span>years<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>compensation<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>term<span style="letter-spacing:0.1pt;"> </span>lost<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA regulatory<span style="letter-spacing:0.15pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>process.<span style="letter-spacing:0.1pt;"> </span>A PTE cannot<span style="letter-spacing:0.05pt;"> </span>extend<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>remaining<span style="letter-spacing:0.1pt;"> </span>term<span style="letter-spacing:0.05pt;"> </span>of a patent<span style="letter-spacing:0.05pt;"> </span>beyond a total<span style="letter-spacing:0.05pt;"> </span>of 14 years<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>date<span style="letter-spacing:0.05pt;"> </span>of product<span style="letter-spacing:0.05pt;"> </span>approval, only<span style="letter-spacing:0.05pt;"> </span>one<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.1pt;"> </span>per<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>extended<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>only<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>covering<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>approved<span style="letter-spacing:0.05pt;"> </span>drug, a method<span style="letter-spacing:0.05pt;"> </span>for using<span style="letter-spacing:0.15pt;"> </span>it,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>method<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>manufacturing<span style="letter-spacing:0.25pt;"> </span>it<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.15pt;"> </span>be<span style="letter-spacing:0.1pt;"> </span>extended.<span style="letter-spacing:0.1pt;"> </span>However,<span style="letter-spacing:0.05pt;"> </span>even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>were<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>PTE, it<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not be<span style="letter-spacing:0.05pt;"> </span>granted<span style="letter-spacing:0.1pt;"> </span>because<span style="letter-spacing:0.1pt;"> </span>of,<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to exercise<span style="letter-spacing:0.1pt;"> </span>due diligence<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>testing<span style="letter-spacing:0.1pt;"> </span>phase<span style="letter-spacing:0.05pt;"> </span>or regulatory review<span style="letter-spacing:0.1pt;"> </span>process,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to apply<span style="letter-spacing:0.05pt;"> </span>within<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>deadlines,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to apply<span style="letter-spacing:0.05pt;"> </span>prior<span style="letter-spacing:0.05pt;"> </span>to expiration<span style="letter-spacing:0.1pt;"> </span>of relevant patents,<span style="letter-spacing:0.05pt;"> </span>or any other<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to satisfy<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>requirements.<span style="letter-spacing:0.15pt;"> </span>Moreover,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>period<span style="letter-spacing:0.05pt;"> </span>or the scope of<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.15pt;"> </span>protection<span style="letter-spacing:0.2pt;"> </span>afforded<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.15pt;"> </span>be<span style="letter-spacing:0.1pt;"> </span>less<span style="letter-spacing:0.15pt;"> </span>than<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.1pt;"> </span>request.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>unable<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>PTE or<span style="letter-spacing:0.05pt;"> </span>term<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>such extension<span style="letter-spacing:1.55pt;"> </span>is<span style="letter-spacing:1.55pt;"> </span>less<span style="letter-spacing:1.55pt;"> </span>than<span style="letter-spacing:1.55pt;"> </span>we<span style="letter-spacing:1.5pt;"> </span>request,<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.5pt;"> </span>competitors<span style="letter-spacing:1.65pt;"> </span>may<span style="letter-spacing:1.55pt;"> </span>obtain<span style="letter-spacing:1.55pt;"> </span>approval<span style="letter-spacing:1.55pt;"> </span>of<span style="letter-spacing:1.5pt;"> </span>competing<span style="letter-spacing:1.6pt;"> </span>products<span style="letter-spacing:1.55pt;"> </span>following<span style="letter-spacing:1.55pt;"> </span>our patent<span style="letter-spacing:0.1pt;"> </span>expiration,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>condition,<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be materially harmed.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.05pt;"> </span>we are unable to protect<span style="letter-spacing:0.05pt;"> </span>the confidentiality<span style="letter-spacing:0.15pt;"> </span>of our trade<span style="letter-spacing:0.05pt;"> </span>secrets,<span style="letter-spacing:0.1pt;"> </span>our business<span style="letter-spacing:0.05pt;"> </span>and competitive<span style="letter-spacing:0.15pt;"> </span>position<span style="letter-spacing:0.05pt;"> </span>would be harmed.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:1.15pt;"> </span>addition<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>seeking<span style="letter-spacing:1.2pt;"> </span>patents<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>technology<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>product<span style="letter-spacing:1.15pt;"> </span>candidates,<span style="letter-spacing:1.2pt;"> </span>we<span style="letter-spacing:1.1pt;"> </span>also<span style="letter-spacing:1.15pt;"> </span>rely<span style="letter-spacing:1.15pt;"> </span>on<span style="letter-spacing:1.1pt;"> </span>know-how<span style="letter-spacing:1.1pt;"> </span>and trade <span style="letter-spacing:1.6pt;"> </span>secret <span style="letter-spacing:1.65pt;"> </span>protection, <span style="letter-spacing:1.65pt;"> </span>as <span style="letter-spacing:1.55pt;"> </span>well <span style="letter-spacing:1.6pt;"> </span>as <span style="letter-spacing:1.55pt;"> </span>confidentiality <span style="letter-spacing:1.7pt;"> </span>agreements, <span style="letter-spacing:1.6pt;"> </span>non-disclosure <span style="letter-spacing:1.6pt;"> </span>agreements <span style="letter-spacing:1.6pt;"> </span>and <span style="letter-spacing:1.5pt;"> </span>invention assignment<span style="letter-spacing:0.15pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>employees,<span style="letter-spacing:0.15pt;"> </span>consultants<span style="letter-spacing:0.15pt;"> </span>and thir<span style="letter-spacing:0.05pt;">d</span>-parties,<span style="letter-spacing:0.1pt;"> </span>to protect<span style="letter-spacing:0.1pt;"> </span>our confidential<span style="letter-spacing:0.15pt;"> </span>and proprietary<span style="letter-spacing:0.1pt;"> </span>information,<span style="letter-spacing:0.15pt;"> </span>especially<span style="letter-spacing:0.1pt;"> </span>where we do not believe<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>appropriate<span style="letter-spacing:0.1pt;"> </span>or obtainable.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>policy<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>require<span style="letter-spacing:0.1pt;"> </span>our employees,<span style="letter-spacing:0.1pt;"> </span>corporate<span style="letter-spacing:0.1pt;"> </span>collaborators,<span style="letter-spacing:0.15pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>scientific<span style="letter-spacing:0.15pt;"> </span>collaborators,<span style="letter-spacing:0.15pt;"> </span>CROs, contract<span style="letter-spacing:0.1pt;"> </span>manufacturers,<span style="letter-spacing:0.15pt;"> </span>consultants,<span style="letter-spacing:0.1pt;"> </span>advisors,<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>to execute confidentiality<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.05pt;"> </span>upon the<span style="letter-spacing:0.1pt;"> </span>commencement<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>employment<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>consulting<span style="letter-spacing:0.15pt;"> </span>relationships<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>us. These agreements<span style="letter-spacing:0.1pt;"> </span>provide<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>all confidential<span style="letter-spacing:0.15pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>concerning<span style="letter-spacing:0.05pt;"> </span>our business<span style="letter-spacing:0.05pt;"> </span>or financial<span style="letter-spacing:0.1pt;"> </span>affairs<span style="letter-spacing:0.1pt;"> </span>developed<span style="letter-spacing:0.05pt;"> </span>by or made<span style="letter-spacing:0.05pt;"> </span>known to the individual<span style="letter-spacing:2.1pt;"> </span>or<span style="letter-spacing:2pt;"> </span>entity<span style="letter-spacing:2.05pt;"> </span>during<span style="letter-spacing:2.05pt;"> </span>the<span style="letter-spacing:2.05pt;"> </span>course<span style="letter-spacing:2.05pt;"> </span>of<span style="letter-spacing:2pt;"> </span>the<span style="letter-spacing:2.05pt;"> </span>party&#8217;s<span style="letter-spacing:2.1pt;"> </span>relationship<span style="letter-spacing:2.15pt;"> </span>with<span style="letter-spacing:2pt;"> </span>us<span style="letter-spacing:2pt;"> </span>is<span style="letter-spacing:2.05pt;"> </span>to<span style="letter-spacing:1.95pt;"> </span>be<span style="letter-spacing:1.95pt;"> </span>kept<span style="letter-spacing:2pt;"> </span>confidential<span style="letter-spacing:2.1pt;"> </span>and<span style="letter-spacing:1.95pt;"> </span>not disclosed<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties,<span style="letter-spacing:0.15pt;"> </span>except<span style="letter-spacing:0.1pt;"> </span>in certain<span style="letter-spacing:0.1pt;"> </span>specified<span style="letter-spacing:0.1pt;"> </span>circumstances.<span style="letter-spacing:0.15pt;"> </span>In the<span style="letter-spacing:0.05pt;"> </span>case<span style="letter-spacing:0.05pt;"> </span>of employees,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>agreements provide<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>all<span style="letter-spacing:0.1pt;"> </span>inventions<span style="letter-spacing:0.15pt;"> </span>conceived<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>individual,<span style="letter-spacing:0.1pt;"> </span>and that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>related<span style="letter-spacing:0.1pt;"> </span>to our current<span style="letter-spacing:0.1pt;"> </span>or planned<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.05pt;"> </span>or research<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>made<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.1pt;"> </span>normal<span style="letter-spacing:0.1pt;"> </span>working<span style="letter-spacing:0.05pt;"> </span>hours,<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>premises<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>using<span style="letter-spacing:0.05pt;"> </span>our equipment<span style="letter-spacing:0.1pt;"> </span>or proprietary<span style="letter-spacing:0.1pt;"> </span>information,<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>our exclusive<span style="letter-spacing:0.1pt;"> </span>property.<span style="letter-spacing:0.05pt;"> </span>In the<span style="letter-spacing:0.05pt;"> </span>case<span style="letter-spacing:0.05pt;"> </span>of consultants<span style="letter-spacing:0.1pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>third parties,<span style="letter-spacing:0.05pt;"> </span>the agreements<span style="letter-spacing:0.15pt;"> </span>provide<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>all<span style="letter-spacing:0.1pt;"> </span>inventions<span style="letter-spacing:0.15pt;"> </span>conceived<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>connection<span style="letter-spacing:0.05pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>services<span style="letter-spacing:0.1pt;"> </span>provided<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>our exclusive property.<span style="letter-spacing:1.3pt;"> </span>However,<span style="letter-spacing:1.25pt;"> </span>we<span style="letter-spacing:1.25pt;"> </span>cannot<span style="letter-spacing:1.25pt;"> </span>guarantee<span style="letter-spacing:1.3pt;"> </span>that<span style="letter-spacing:1.25pt;"> </span>we<span style="letter-spacing:1.2pt;"> </span>have<span style="letter-spacing:1.2pt;"> </span>entered<span style="letter-spacing:1.25pt;"> </span>into<span style="letter-spacing:1.25pt;"> </span>such<span style="letter-spacing:1.2pt;"> </span>agreements<span style="letter-spacing:1.3pt;"> </span>with<span style="letter-spacing:1.2pt;"> </span>each<span style="letter-spacing:1.25pt;"> </span>party<span style="letter-spacing:1.25pt;"> </span>that<span style="letter-spacing:1.25pt;"> </span>may have&#160;&#160;or&#160;&#160;have&#160;&#160;had&#160;&#160;access <span style="letter-spacing:0.05pt;"> </span>to&#160;&#160;our&#160;&#160;trade <span style="letter-spacing:0.05pt;"> </span>secrets <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;proprietary <span style="letter-spacing:0.1pt;"> </span>technology <span style="letter-spacing:0.05pt;"> </span>and&#160;&#160;processes. <span style="letter-spacing:0.05pt;"> </span>Additionally, <span style="letter-spacing:0.05pt;"> </span>the assignment<span style="letter-spacing:0.1pt;"> </span>of intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not be self-executing,<span style="letter-spacing:0.15pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>assignment<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.05pt;"> </span>may be breached,<span style="letter-spacing:1.7pt;"> </span>and<span style="letter-spacing:1.65pt;"> </span>we<span style="letter-spacing:1.65pt;"> </span>may<span style="letter-spacing:1.7pt;"> </span>be<span style="letter-spacing:1.65pt;"> </span>forced<span style="letter-spacing:1.7pt;"> </span>to<span style="letter-spacing:1.65pt;"> </span>bring<span style="letter-spacing:1.7pt;"> </span>claims<span style="letter-spacing:1.75pt;"> </span>against<span style="letter-spacing:1.7pt;"> </span>third<span style="letter-spacing:1.7pt;"> </span>parties,<span style="letter-spacing:1.75pt;"> </span>or<span style="letter-spacing:1.65pt;"> </span>defend<span style="letter-spacing:1.7pt;"> </span>claims<span style="letter-spacing:1.75pt;"> </span>that<span style="letter-spacing:1.7pt;"> </span>they<span style="letter-spacing:1.7pt;"> </span>may<span style="letter-spacing:1.7pt;"> </span>bring against<span style="letter-spacing:0.1pt;"> </span>us,<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>determine<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ownership<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>what<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>regard<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property.<span style="letter-spacing:0.05pt;"> </span>Any of these<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>may breach<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>disclose<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.15pt;"> </span>information,<span style="letter-spacing:0.2pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.1pt;"> </span>secrets,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>adequate<span style="letter-spacing:0.05pt;"> </span>remedies<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>such breaches.<span style="letter-spacing:0.05pt;"> </span>Enforcing<span style="letter-spacing:0.05pt;"> </span>a claim<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>a party<span style="letter-spacing:0.05pt;"> </span>illegally<span style="letter-spacing:0.1pt;"> </span>disclosed<span style="letter-spacing:0.1pt;"> </span>or misappropriated<span style="letter-spacing:0.15pt;"> </span>a trade<span style="letter-spacing:0.05pt;"> </span>secret<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>difficult,<span style="letter-spacing:0.15pt;"> </span>expensive,<span style="letter-spacing:0.05pt;"> </span>and time-consuming,<span style="letter-spacing:0.15pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>outcome<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>unpredictable.</p>
<p style="text-align:justify;margin-top:1pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>contractual<span style="letter-spacing:0.15pt;"> </span>measures,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>try<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>protect<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>confidential<span style="letter-spacing:0.15pt;"> </span>nature<span style="letter-spacing:0.05pt;"> </span>of our proprietary<span style="letter-spacing:0.1pt;"> </span>information through<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>appropriate<span style="letter-spacing:0.15pt;"> </span>precautions,<span style="letter-spacing:0.15pt;"> </span>such as physical<span style="letter-spacing:0.05pt;"> </span>and technological<span style="letter-spacing:0.1pt;"> </span>security<span style="letter-spacing:0.1pt;"> </span>measures.<span style="letter-spacing:0.1pt;"> </span>However, trade secrets<span style="letter-spacing:0.1pt;"> </span>and know-how can be difficult<span style="letter-spacing:0.15pt;"> </span>to protect.<span style="letter-spacing:0.1pt;"> </span>These measures<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not, for<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>case<span style="letter-spacing:0.05pt;"> </span>of misappropriation<span style="letter-spacing:0.2pt;"> </span>of a trade<span style="letter-spacing:0.05pt;"> </span>secret<span style="letter-spacing:0.1pt;"> </span>by an employee<span style="letter-spacing:0.05pt;"> </span>or third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>with authorized<span style="letter-spacing:0.1pt;"> </span>access,<span style="letter-spacing:0.05pt;"> </span>provide<span style="letter-spacing:0.05pt;"> </span>adequate protection<span style="letter-spacing:1.45pt;"> </span>for<span style="letter-spacing:1.35pt;"> </span>our<span style="letter-spacing:1.3pt;"> </span>proprietary<span style="letter-spacing:1.4pt;"> </span>information.<span style="letter-spacing:1.45pt;"> </span>Our<span style="letter-spacing:1.3pt;"> </span>security<span style="letter-spacing:1.4pt;"> </span>measures<span style="letter-spacing:1.4pt;"> </span>may<span style="letter-spacing:1.35pt;"> </span>not<span style="letter-spacing:1.3pt;"> </span>prevent<span style="letter-spacing:1.35pt;"> </span>an<span style="letter-spacing:1.3pt;"> </span>employee<span style="letter-spacing:1.35pt;"> </span>or<span style="letter-spacing:1.3pt;"> </span>consultant from<span style="letter-spacing:0.1pt;"> </span>misappropriating<span style="letter-spacing:0.2pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.1pt;"> </span>secrets<span style="letter-spacing:0.15pt;"> </span>and providing<span style="letter-spacing:0.05pt;"> </span>them<span style="letter-spacing:0.05pt;"> </span>to a competitor,<span style="letter-spacing:0.1pt;"> </span>and any recourse<span style="letter-spacing:0.1pt;"> </span>we might<span style="letter-spacing:0.05pt;"> </span>take against<span style="letter-spacing:0.1pt;"> </span>this<span style="letter-spacing:0.1pt;"> </span>type<span style="letter-spacing:0.1pt;"> </span>of misconduct<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not provide<span style="letter-spacing:0.05pt;"> </span>an adequate<span style="letter-spacing:0.05pt;"> </span>remedy<span style="letter-spacing:0.05pt;"> </span>to protect<span style="letter-spacing:0.1pt;"> </span>our interests<span style="letter-spacing:0.1pt;"> </span>fully.<span style="letter-spacing:0.05pt;"> </span>In addition, trade<span style="letter-spacing:0.1pt;"> </span>secrets<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>independently<span style="letter-spacing:0.15pt;"> </span>developed<span style="letter-spacing:0.1pt;"> </span>by others<span style="letter-spacing:0.05pt;"> </span>in a manner<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>prevent<span style="letter-spacing:0.05pt;"> </span>us from<span style="letter-spacing:0.05pt;"> </span>receiving<span style="letter-spacing:0.1pt;"> </span>legal recourse.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>confidential<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.15pt;"> </span>information,<span style="letter-spacing:0.2pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.1pt;"> </span>secrets,<span style="letter-spacing:0.15pt;"> </span>were to be disclosed<span style="letter-spacing:0.1pt;"> </span>or misappropriated,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of that<span style="letter-spacing:0.05pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>was independently<span style="letter-spacing:0.1pt;"> </span>developed<span style="letter-spacing:0.05pt;"> </span>by a competitor,<span style="letter-spacing:0.1pt;"> </span>our competitive position<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be harmed.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>some<span style="letter-spacing:0.1pt;"> </span>courts<span style="letter-spacing:0.1pt;"> </span>inside<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>sometimes<span style="letter-spacing:0.1pt;"> </span>less<span style="letter-spacing:0.05pt;"> </span>willing<span style="letter-spacing:0.05pt;"> </span>or unwilling<span style="letter-spacing:0.05pt;"> </span>to protect<span style="letter-spacing:0.15pt;"> </span>trade<span style="letter-spacing:0.1pt;"> </span>secrets.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>choose<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>go<span style="letter-spacing:0.05pt;"> </span>to court<span style="letter-spacing:0.05pt;"> </span>to stop<span style="letter-spacing:0.05pt;"> </span>a third<span style="letter-spacing:0.05pt;"> </span>party<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>using<span style="letter-spacing:0.05pt;"> </span>any of our trade<span style="letter-spacing:0.05pt;"> </span>secrets,<span style="letter-spacing:0.1pt;"> </span>we may incur<span style="letter-spacing:0.1pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>costs.<span style="letter-spacing:0.1pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>successful,<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>types<span style="letter-spacing:0.1pt;"> </span>of lawsuits<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>consume<span style="letter-spacing:0.05pt;"> </span>our time<span style="letter-spacing:0.05pt;"> </span>and other resources.<span style="letter-spacing:0.45pt;"> </span>Any<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>foregoing<span style="letter-spacing:0.4pt;"> </span>could<span style="letter-spacing:0.4pt;"> </span>have<span style="letter-spacing:0.35pt;"> </span>a<span style="letter-spacing:0.35pt;"> </span>material<span style="letter-spacing:0.5pt;"> </span>adverse<span style="letter-spacing:0.4pt;"> </span>effect<span style="letter-spacing:0.45pt;"> </span>on<span style="letter-spacing:0.35pt;"> </span>our<span style="letter-spacing:0.35pt;"> </span>business,<span style="letter-spacing:0.4pt;"> </span>financial<span style="letter-spacing:0.4pt;"> </span>condition,<span style="letter-spacing:0.35pt;"> </span>results of operations<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:1.7pt;"> </span>our<span style="letter-spacing:1.65pt;"> </span>trademarks<span style="letter-spacing:1.75pt;"> </span>and<span style="letter-spacing:1.65pt;"> </span>trade<span style="letter-spacing:1.7pt;"> </span>names<span style="letter-spacing:1.7pt;"> </span>are<span style="letter-spacing:1.6pt;"> </span>not<span style="letter-spacing:1.6pt;"> </span>adequately<span style="letter-spacing:1.65pt;"> </span>protected,<span style="letter-spacing:1.7pt;"> </span>then<span style="letter-spacing:1.6pt;"> </span>we<span style="letter-spacing:1.6pt;"> </span>may<span style="letter-spacing:1.65pt;"> </span>not<span style="letter-spacing:1.6pt;"> </span>be<span style="letter-spacing:1.6pt;"> </span>able<span style="letter-spacing:1.65pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>build<span style="letter-spacing:1.65pt;"> </span>name recognition<span style="letter-spacing:0.05pt;"> </span>in our markets<span style="letter-spacing:0.05pt;"> </span>of interest<span style="letter-spacing:0.1pt;"> </span>and our business<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>registered<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>unregistered<span style="letter-spacing:0.15pt;"> </span>trademarks<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.05pt;"> </span>names<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be challenged,<span style="letter-spacing:0.1pt;"> </span>infringed,<span style="letter-spacing:0.1pt;"> </span>circumvented<span style="letter-spacing:0.1pt;"> </span>or declared<span style="letter-spacing:0.15pt;"> </span>generic<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>determined<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>infringing<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>marks.<span style="letter-spacing:0.1pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>able<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>protect<span style="letter-spacing:0.1pt;"> </span>our rights<span style="letter-spacing:0.05pt;"> </span>to these trademarks<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.1pt;"> </span>names,<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>we </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">65</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">need to build</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">name</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">recognition</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">among</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">potential</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">partners</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or customers</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in our</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">markets</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">interest.</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">times,</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">competitors</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adopt</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trade</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">names</span><span style="letter-spacing:0.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trademarks</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">similar to</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ours,</span><span style="letter-spacing:2.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">thereby</span><span style="letter-spacing:2.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">impeding</span><span style="letter-spacing:2.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ability</span><span style="letter-spacing:2.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">build</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">brand</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">identity</span><span style="letter-spacing:2.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:2.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">possibly</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">leading</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:2.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market</span><span style="letter-spacing:2.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">confusion.</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In addition,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">there</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be potential</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trade</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">name</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or trademark</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">infringement</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">claims</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">brought</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by owners of other registered</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trademarks</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or trademarks</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">incorporate</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">variations</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our registered</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or unregistered</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trademarks</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or trade</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">names.</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Over</span><span style="letter-spacing:1.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">long</span><span style="letter-spacing:1.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">term,</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:1.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">unable</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:1.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">establish</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">name</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">recognition</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">based</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:1.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:1.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trademarks</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and trade</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">names,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">then</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">not</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">able</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">compete</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effectively</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our business</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be adversely</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affected.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our efforts</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to enforce</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or protect</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our proprietary</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rights</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">related</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to trademarks,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trade secrets,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">domain names, copyrights or other</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">intellectual</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">property</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be ineffective</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and could</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">result</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in substantial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">costs</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and diversion</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of resources and could</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adversely</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">affect</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our business,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of operations</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and growth prospects.</span></p>
<p style="text-align:justify;line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Intellectual<span style="letter-spacing:0.1pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>do not necessarily<span style="letter-spacing:0.1pt;"> </span>address<span style="letter-spacing:0.05pt;"> </span>all<span style="letter-spacing:0.05pt;"> </span>potential<span style="letter-spacing:0.1pt;"> </span>threats.</p>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The degree<span style="letter-spacing:0.05pt;"> </span>of future<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>afforded<span style="letter-spacing:0.1pt;"> </span>by our intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights is uncertain<span style="letter-spacing:0.05pt;"> </span>because intellectual property<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>limitations<span style="letter-spacing:0.2pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>not adequately<span style="letter-spacing:0.1pt;"> </span>protect<span style="letter-spacing:0.1pt;"> </span>our business<span style="letter-spacing:0.05pt;"> </span>or permit<span style="letter-spacing:0.1pt;"> </span>us to maintain<span style="letter-spacing:0.1pt;"> </span>our competitive<span style="letter-spacing:0.15pt;"> </span>advantage.<span style="letter-spacing:0.05pt;"> </span>For example:</p>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">our<span style="letter-spacing:0.25pt;"> </span>product<span style="letter-spacing:0.3pt;"> </span>candidates<span style="letter-spacing:0.35pt;"> </span>will<span style="letter-spacing:0.3pt;"> </span>eventually<span style="letter-spacing:0.35pt;"> </span>become<span style="letter-spacing:0.3pt;"> </span>commercially<span style="letter-spacing:0.4pt;"> </span>available<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.25pt;"> </span>generic<span style="letter-spacing:0.3pt;"> </span>or<span style="letter-spacing:0.25pt;"> </span>biosimilar<span style="letter-spacing:0.35pt;"> </span>product forms&#59;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">others<span style="letter-spacing:0.65pt;"> </span>may<span style="letter-spacing:0.65pt;"> </span>be<span style="letter-spacing:0.6pt;"> </span>able<span style="letter-spacing:0.65pt;"> </span>to<span style="letter-spacing:0.6pt;"> </span>make<span style="letter-spacing:0.65pt;"> </span>gene<span style="letter-spacing:0.6pt;"> </span>therapy<span style="letter-spacing:0.65pt;"> </span>products<span style="letter-spacing:0.65pt;"> </span>that<span style="letter-spacing:0.65pt;"> </span>are<span style="letter-spacing:0.65pt;"> </span>similar<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.55pt;"> </span>our<span style="letter-spacing:0.55pt;"> </span>product<span style="letter-spacing:0.6pt;"> </span>candidates<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.55pt;"> </span>utilize similar<span style="letter-spacing:0.15pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>but<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>covered<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.15pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we license<span style="letter-spacing:0.1pt;"> </span>or may<span style="letter-spacing:0.05pt;"> </span>own in the<span style="letter-spacing:0.05pt;"> </span>future&#59;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we,<span style="letter-spacing:1.8pt;"> </span>our licensors,<span style="letter-spacing:1.9pt;"> </span>or<span style="letter-spacing:1.8pt;"> </span>our<span style="letter-spacing:1.8pt;"> </span>current<span style="letter-spacing:1.9pt;"> </span>or<span style="letter-spacing:1.8pt;"> </span>future<span style="letter-spacing:1.85pt;"> </span>collaborators,<span style="letter-spacing:1.95pt;"> </span>might<span style="letter-spacing:1.85pt;"> </span>not<span style="letter-spacing:1.8pt;"> </span>have<span style="letter-spacing:1.75pt;"> </span>been<span style="letter-spacing:1.75pt;"> </span>the<span style="letter-spacing:1.8pt;"> </span>first<span style="letter-spacing:1.85pt;"> </span>to<span style="letter-spacing:1.75pt;"> </span>make<span style="letter-spacing:1.8pt;"> </span>the inventions<span style="letter-spacing:0.1pt;"> </span>covered<span style="letter-spacing:0.05pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>pending<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>application<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we license<span style="letter-spacing:0.1pt;"> </span>or may<span style="letter-spacing:0.05pt;"> </span>own in the<span style="letter-spacing:0.05pt;"> </span>future&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we,<span style="letter-spacing:1.55pt;"> </span>our licensors,<span style="letter-spacing:1.65pt;"> </span>or<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>current<span style="letter-spacing:1.65pt;"> </span>or<span style="letter-spacing:1.55pt;"> </span>future<span style="letter-spacing:1.6pt;"> </span>collaborators,<span style="letter-spacing:1.7pt;"> </span>might<span style="letter-spacing:1.6pt;"> </span>not<span style="letter-spacing:1.55pt;"> </span>have<span style="letter-spacing:1.55pt;"> </span>been<span style="letter-spacing:1.55pt;"> </span>the<span style="letter-spacing:1.6pt;"> </span>first<span style="letter-spacing:1.65pt;"> </span>to<span style="letter-spacing:1.55pt;"> </span>file<span style="letter-spacing:1.6pt;"> </span>patent applications<span style="letter-spacing:0.1pt;"> </span>covering<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>of our or their<span style="letter-spacing:0.05pt;"> </span>inventions&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we,<span style="letter-spacing:1.25pt;"> </span>our licensors,<span style="letter-spacing:1.35pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>current<span style="letter-spacing:1.35pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>future<span style="letter-spacing:1.3pt;"> </span>collaborators,<span style="letter-spacing:1.4pt;"> </span>may<span style="letter-spacing:1.25pt;"> </span>fail<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>meet<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>obligations<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>U.S. government<span style="letter-spacing:2.35pt;"> </span>regarding<span style="letter-spacing:2.35pt;"> </span>any<span style="letter-spacing:2.25pt;"> </span>in-licensed<span style="letter-spacing:2.35pt;"> </span>patents<span style="letter-spacing:2.3pt;"> </span>and<span style="letter-spacing:2.25pt;"> </span>patent<span style="letter-spacing:2.3pt;"> </span>applications<span style="letter-spacing:2.35pt;"> </span>funded<span style="letter-spacing:2.25pt;"> </span>by<span style="letter-spacing:2.2pt;"> </span>U.S.<span style="letter-spacing:2.15pt;"> </span>government grants,<span style="letter-spacing:0.05pt;"> </span>leading<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.05pt;"> </span>or unenforceability<span style="letter-spacing:0.15pt;"> </span>of patent<span style="letter-spacing:0.05pt;"> </span>rights&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">others <span style="letter-spacing:1.35pt;"> </span>may <span style="letter-spacing:1.35pt;"> </span>independently <span style="letter-spacing:1.4pt;"> </span>develop <span style="letter-spacing:1.35pt;"> </span>similar <span style="letter-spacing:1.4pt;"> </span>or <span style="letter-spacing:1.3pt;"> </span>alternative <span style="letter-spacing:1.4pt;"> </span>technologies <span style="letter-spacing:1.35pt;"> </span>or <span style="letter-spacing:1.25pt;"> </span>duplicate <span style="letter-spacing:1.35pt;"> </span>any <span style="letter-spacing:1.25pt;"> </span>of <span style="letter-spacing:1.25pt;"> </span>our technologies<span style="letter-spacing:0.1pt;"> </span>without<span style="letter-spacing:0.05pt;"> </span>infringing<span style="letter-spacing:0.1pt;"> </span>our owned or licensed<span style="letter-spacing:0.1pt;"> </span>intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>rights&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">it<span style="letter-spacing:0.7pt;"> </span>is<span style="letter-spacing:0.7pt;"> </span>possible<span style="letter-spacing:0.7pt;"> </span>that<span style="letter-spacing:0.7pt;"> </span>our<span style="letter-spacing:0.65pt;"> </span>pending,<span style="letter-spacing:0.7pt;"> </span>owned<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>licensed<span style="letter-spacing:0.7pt;"> </span>patent<span style="letter-spacing:0.65pt;"> </span>applications<span style="letter-spacing:0.7pt;"> </span>or<span style="letter-spacing:0.6pt;"> </span>those<span style="letter-spacing:0.65pt;"> </span>that<span style="letter-spacing:0.65pt;"> </span>we<span style="letter-spacing:0.6pt;"> </span>may<span style="letter-spacing:0.65pt;"> </span>own<span style="letter-spacing:0.6pt;"> </span>in<span style="letter-spacing:0.6pt;"> </span>the future<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>not lead<span style="letter-spacing:0.05pt;"> </span>to issued<span style="letter-spacing:0.05pt;"> </span>patents&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>possible<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>there<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>prior<span style="letter-spacing:0.1pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>disclosures<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>invalidate<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>owned<span style="letter-spacing:0.05pt;"> </span>or in-licensed<span style="letter-spacing:0.1pt;"> </span>patent rights,<span style="letter-spacing:0.05pt;"> </span>or parts<span style="letter-spacing:0.05pt;"> </span>of our owned or in-licensed<span style="letter-spacing:0.1pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>rights&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">it<span style="letter-spacing:0.3pt;"> </span>is<span style="letter-spacing:0.3pt;"> </span>possible<span style="letter-spacing:0.25pt;"> </span>that<span style="letter-spacing:0.25pt;"> </span>there<span style="letter-spacing:0.25pt;"> </span>are<span style="letter-spacing:0.25pt;"> </span>unpublished<span style="letter-spacing:0.25pt;"> </span>patent<span style="letter-spacing:0.25pt;"> </span>applications<span style="letter-spacing:0.3pt;"> </span>or<span style="letter-spacing:0.2pt;"> </span>patent<span style="letter-spacing:0.25pt;"> </span>applications<span style="letter-spacing:0.3pt;"> </span>maintained<span style="letter-spacing:0.3pt;"> </span>in<span style="letter-spacing:0.2pt;"> </span>secrecy that<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>later<span style="letter-spacing:0.1pt;"> </span>issue<span style="letter-spacing:0.05pt;"> </span>with claims<span style="letter-spacing:0.1pt;"> </span>covering<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or technology<span style="letter-spacing:0.05pt;"> </span>similar<span style="letter-spacing:0.1pt;"> </span>to ours&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">it<span style="letter-spacing:0.75pt;"> </span>is<span style="letter-spacing:0.75pt;"> </span>possible<span style="letter-spacing:0.75pt;"> </span>that<span style="letter-spacing:0.75pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>owned<span style="letter-spacing:0.7pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>in-licensed<span style="letter-spacing:0.8pt;"> </span>patent<span style="letter-spacing:0.75pt;"> </span>applications<span style="letter-spacing:0.8pt;"> </span>omit<span style="letter-spacing:0.75pt;"> </span>individual(s)<span style="letter-spacing:0.85pt;"> </span>that<span style="letter-spacing:0.75pt;"> </span>should<span style="letter-spacing:0.7pt;"> </span>be<span style="letter-spacing:0.65pt;"> </span>listed as inventor(s)<span style="letter-spacing:0.1pt;"> </span>or include<span style="letter-spacing:0.05pt;"> </span>individual(s)<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>should<span style="letter-spacing:0.05pt;"> </span>not be listed<span style="letter-spacing:0.1pt;"> </span>as inventor(s),<span style="letter-spacing:0.1pt;"> </span>which may cause these patents<span style="letter-spacing:0.05pt;"> </span>or patents<span style="letter-spacing:0.05pt;"> </span>issuing<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>to be held<span style="letter-spacing:0.05pt;"> </span>invalid<span style="letter-spacing:0.05pt;"> </span>or unenforceable&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">issued<span style="letter-spacing:0.95pt;"> </span>patents<span style="letter-spacing:0.95pt;"> </span>that<span style="letter-spacing:0.95pt;"> </span>we<span style="letter-spacing:0.9pt;"> </span>obtain<span style="letter-spacing:0.95pt;"> </span>in<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.95pt;"> </span>future<span style="letter-spacing:0.95pt;"> </span>may<span style="letter-spacing:0.9pt;"> </span>be<span style="letter-spacing:0.85pt;"> </span>held<span style="letter-spacing:0.9pt;"> </span>invalid,<span style="letter-spacing:0.9pt;"> </span>unenforceable,<span style="letter-spacing:0.95pt;"> </span>or<span style="letter-spacing:0.85pt;"> </span>narrowed<span style="letter-spacing:0.9pt;"> </span>in<span style="letter-spacing:0.85pt;"> </span>scope, including<span style="letter-spacing:0.05pt;"> </span>as a result<span style="letter-spacing:0.1pt;"> </span>of legal<span style="letter-spacing:0.05pt;"> </span>challenges<span style="letter-spacing:0.1pt;"> </span>by our competitors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.95pt;"> </span>claims<span style="letter-spacing:1pt;"> </span>of<span style="letter-spacing:0.9pt;"> </span>our<span style="letter-spacing:0.9pt;"> </span>owned<span style="letter-spacing:0.9pt;"> </span>or<span style="letter-spacing:0.9pt;"> </span>in-licensed<span style="letter-spacing:1pt;"> </span>issued<span style="letter-spacing:0.95pt;"> </span>patent<span style="letter-spacing:0.95pt;"> </span>applications,<span style="letter-spacing:1pt;"> </span>if<span style="letter-spacing:0.95pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>when<span style="letter-spacing:0.9pt;"> </span>issued,<span style="letter-spacing:0.9pt;"> </span>may<span style="letter-spacing:0.9pt;"> </span>not<span style="letter-spacing:0.85pt;"> </span>cover our product<span style="letter-spacing:0.05pt;"> </span>candidates&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.6pt;"> </span>laws<span style="letter-spacing:0.55pt;"> </span>of<span style="letter-spacing:0.55pt;"> </span>foreign<span style="letter-spacing:0.6pt;"> </span>countries<span style="letter-spacing:0.65pt;"> </span>may<span style="letter-spacing:0.6pt;"> </span>not<span style="letter-spacing:0.55pt;"> </span>protect<span style="letter-spacing:0.65pt;"> </span>our<span style="letter-spacing:0.55pt;"> </span>proprietary<span style="letter-spacing:0.65pt;"> </span>rights<span style="letter-spacing:0.55pt;"> </span>or<span style="letter-spacing:0.5pt;"> </span>the<span style="letter-spacing:0.55pt;"> </span>proprietary<span style="letter-spacing:0.6pt;"> </span>rights<span style="letter-spacing:0.55pt;"> </span>of<span style="letter-spacing:0.5pt;"> </span>license partners<span style="letter-spacing:0.1pt;"> </span>or current<span style="letter-spacing:0.1pt;"> </span>or future<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.15pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>same<span style="letter-spacing:0.05pt;"> </span>extent<span style="letter-spacing:0.05pt;"> </span>as the<span style="letter-spacing:0.05pt;"> </span>laws of the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.8pt;"> </span>inventors<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>owned<span style="letter-spacing:0.7pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>in-licensed<span style="letter-spacing:0.8pt;"> </span>patent<span style="letter-spacing:0.75pt;"> </span>applications<span style="letter-spacing:0.8pt;"> </span>may<span style="letter-spacing:0.75pt;"> </span>become<span style="letter-spacing:0.75pt;"> </span>involved<span style="letter-spacing:0.75pt;"> </span>with<span style="letter-spacing:0.7pt;"> </span>competitors, develop<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>processes<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>design<span style="letter-spacing:0.05pt;"> </span>around<span style="letter-spacing:0.05pt;"> </span>our patents,<span style="letter-spacing:0.05pt;"> </span>or become<span style="letter-spacing:0.05pt;"> </span>hostile<span style="letter-spacing:0.1pt;"> </span>to us or the<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>or patent<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>on which they<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>named<span style="letter-spacing:0.05pt;"> </span>as inventors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">our<span style="letter-spacing:0.5pt;"> </span>competitors<span style="letter-spacing:0.65pt;"> </span>might<span style="letter-spacing:0.55pt;"> </span>conduct<span style="letter-spacing:0.55pt;"> </span>research<span style="letter-spacing:0.6pt;"> </span>and<span style="letter-spacing:0.5pt;"> </span>development<span style="letter-spacing:0.6pt;"> </span>activities<span style="letter-spacing:0.65pt;"> </span>in<span style="letter-spacing:0.5pt;"> </span>countries<span style="letter-spacing:0.6pt;"> </span>where<span style="letter-spacing:0.5pt;"> </span>we<span style="letter-spacing:0.5pt;"> </span>do<span style="letter-spacing:0.5pt;"> </span>not<span style="letter-spacing:0.5pt;"> </span>have patent<span style="letter-spacing:0.1pt;"> </span>rights<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>then<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>learned<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>activities<span style="letter-spacing:0.2pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>competitive<span style="letter-spacing:0.15pt;"> </span>products for<span style="letter-spacing:0.05pt;"> </span>sale<span style="letter-spacing:0.05pt;"> </span>in our major<span style="letter-spacing:0.05pt;"> </span>commercial<span style="letter-spacing:0.15pt;"> </span>markets&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we<span style="letter-spacing:0.25pt;"> </span>have<span style="letter-spacing:0.25pt;"> </span>engaged<span style="letter-spacing:0.3pt;"> </span>in<span style="letter-spacing:0.2pt;"> </span>scientific<span style="letter-spacing:0.35pt;"> </span>collaborations<span style="letter-spacing:0.35pt;"> </span>in<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.25pt;"> </span>past<span style="letter-spacing:0.25pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>will<span style="letter-spacing:0.25pt;"> </span>continue<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.2pt;"> </span>do<span style="letter-spacing:0.2pt;"> </span>so<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.25pt;"> </span>future<span style="letter-spacing:0.25pt;"> </span>and<span style="letter-spacing:0.2pt;"> </span>our collaborators<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>adjacent<span style="letter-spacing:0.1pt;"> </span>or competing<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>scope<span style="letter-spacing:0.05pt;"> </span>of our patents&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">not develop</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">additional</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">proprietary</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">technologies</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patentable&#59;</span></p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">any product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>we develop<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be covered<span style="letter-spacing:0.05pt;"> </span>by thir<span style="letter-spacing:0.05pt;">d</span>-parties&#8217;<span style="letter-spacing:0.1pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>exclusive<span style="letter-spacing:0.1pt;"> </span>rights&#59;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>patents<span style="letter-spacing:0.05pt;"> </span>of others<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our business&#59;<span style="letter-spacing:0.1pt;"> </span>or</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we<span style="letter-spacing:0.6pt;"> </span>may<span style="letter-spacing:0.65pt;"> </span>choose<span style="letter-spacing:0.65pt;"> </span>not<span style="letter-spacing:0.6pt;"> </span>to<span style="letter-spacing:0.6pt;"> </span>file<span style="letter-spacing:0.65pt;"> </span>a<span style="letter-spacing:0.6pt;"> </span>patent<span style="letter-spacing:0.65pt;"> </span>in<span style="letter-spacing:0.6pt;"> </span>order<span style="letter-spacing:0.6pt;"> </span>to<span style="letter-spacing:0.55pt;"> </span>maintain<span style="letter-spacing:0.65pt;"> </span>certain<span style="letter-spacing:0.65pt;"> </span>trade<span style="letter-spacing:0.6pt;"> </span>secrets<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.55pt;"> </span>know-how,<span style="letter-spacing:0.55pt;"> </span>and<span style="letter-spacing:0.55pt;"> </span>a<span style="letter-spacing:0.55pt;"> </span>third party<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>subsequently<span style="letter-spacing:0.1pt;"> </span>file<span style="letter-spacing:0.05pt;"> </span>a patent<span style="letter-spacing:0.05pt;"> </span>covering<span style="letter-spacing:0.05pt;"> </span>such intellectual<span style="letter-spacing:0.15pt;"> </span>property.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;line-height:11pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Should<span style="letter-spacing:1.9pt;"> </span>any<span style="letter-spacing:1.9pt;"> </span>of<span style="letter-spacing:1.9pt;"> </span>these<span style="letter-spacing:1.95pt;"> </span>events<span style="letter-spacing:1.9pt;"> </span>occur,<span style="letter-spacing:1.9pt;"> </span>they<span style="letter-spacing:1.9pt;"> </span>could<span style="letter-spacing:1.9pt;"> </span>have<span style="letter-spacing:1.85pt;"> </span>a<span style="letter-spacing:1.85pt;"> </span>material<span style="letter-spacing:2pt;"> </span>adverse<span style="letter-spacing:1.9pt;"> </span>effect<span style="letter-spacing:1.95pt;"> </span>on<span style="letter-spacing:1.85pt;"> </span>our<span style="letter-spacing:1.85pt;"> </span>business,<span style="letter-spacing:1.9pt;"> </span>financial condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;line-height:7pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related<span style="letter-spacing:0.05pt;"> </span>to Regulatory<span style="letter-spacing:0.05pt;"> </span>and Other<span style="letter-spacing:0.05pt;"> </span>Legal Compliance<span style="letter-spacing:0.05pt;"> </span>Matters</p>
<p style="text-align:justify;margin-top:2pt;line-height:11pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Because <span style="letter-spacing:0.05pt;"> </span>gene <span style="letter-spacing:0.05pt;"> </span>editing <span style="letter-spacing:0.1pt;"> </span>is <span style="letter-spacing:0.1pt;"> </span>novel <span style="letter-spacing:0.1pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>the&#160;&#160;regulatory <span style="letter-spacing:0.05pt;"> </span>landscape <span style="letter-spacing:0.05pt;"> </span>that <span style="letter-spacing:0.05pt;"> </span>will <span style="letter-spacing:0.05pt;"> </span>govern&#160;&#160;our&#160;&#160;product <span style="letter-spacing:0.05pt;"> </span>candidates <span style="letter-spacing:0.05pt;"> </span>is uncertain<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>change,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>cannot<span style="letter-spacing:0.05pt;"> </span>predict<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>time<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>cost<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>obtaining<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>approval,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we receive it<span style="letter-spacing:0.05pt;"> </span>at all,<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="text-align:justify;line-height:5pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:5.5pt;">&#160;</p>
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:1.2pt;"> </span>regulatory<span style="letter-spacing:1.3pt;"> </span>requirements<span style="letter-spacing:1.35pt;"> </span>that<span style="letter-spacing:1.25pt;"> </span>will<span style="letter-spacing:1.25pt;"> </span>govern<span style="letter-spacing:1.25pt;"> </span>any<span style="letter-spacing:1.2pt;"> </span>novel<span style="letter-spacing:1.25pt;"> </span>gene<span style="letter-spacing:1.15pt;"> </span>editing<span style="letter-spacing:1.2pt;"> </span>product<span style="letter-spacing:1.2pt;"> </span>candidates<span style="letter-spacing:1.25pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>develop<span style="letter-spacing:1.2pt;"> </span>may continue<span style="letter-spacing:0.9pt;"> </span>to<span style="letter-spacing:0.85pt;"> </span>evolve.<span style="letter-spacing:0.9pt;"> </span>Within<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.85pt;"> </span>broader<span style="letter-spacing:0.85pt;"> </span>genetic<span style="letter-spacing:0.85pt;"> </span>medicine<span style="letter-spacing:0.9pt;"> </span>field,<span style="letter-spacing:0.85pt;"> </span>a<span style="letter-spacing:0.8pt;"> </span>limited<span style="letter-spacing:0.9pt;"> </span>number<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.8pt;"> </span>gene<span style="letter-spacing:0.8pt;"> </span>therapy<span style="letter-spacing:0.85pt;"> </span>products<span style="letter-spacing:0.85pt;"> </span>have received<span style="letter-spacing:0.15pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>authorization<span style="letter-spacing:0.2pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EMA to date.<span style="letter-spacing:0.05pt;"> </span>Even with respect<span style="letter-spacing:0.1pt;"> </span>to more<span style="letter-spacing:0.05pt;"> </span>established products <span style="letter-spacing:0.1pt;"> </span>that <span style="letter-spacing:0.1pt;"> </span>fit <span style="letter-spacing:0.1pt;"> </span>into <span style="letter-spacing:0.1pt;"> </span>the <span style="letter-spacing:0.1pt;"> </span>categories <span style="letter-spacing:0.15pt;"> </span>of <span style="letter-spacing:0.05pt;"> </span>gene <span style="letter-spacing:0.05pt;"> </span>therapies <span style="letter-spacing:0.15pt;"> </span>or&#160;&#160;cell <span style="letter-spacing:0.05pt;"> </span>therapies, <span style="letter-spacing:0.1pt;"> </span>the <span style="letter-spacing:0.05pt;"> </span>regulatory <span style="letter-spacing:0.1pt;"> </span>landscape <span style="letter-spacing:0.05pt;"> </span>is <span style="letter-spacing:0.05pt;"> </span>still developing.<span style="letter-spacing:0.1pt;"> </span>Regulatory<span style="letter-spacing:0.1pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>governing<span style="letter-spacing:0.1pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>therapy<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>and cell<span style="letter-spacing:0.05pt;"> </span>therapy<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>have changed frequently <span style="letter-spacing:1.85pt;"> </span>and <span style="letter-spacing:1.75pt;"> </span>may <span style="letter-spacing:1.8pt;"> </span>continue <span style="letter-spacing:1.8pt;"> </span>to <span style="letter-spacing:1.75pt;"> </span>change <span style="letter-spacing:1.8pt;"> </span>in <span style="letter-spacing:1.75pt;"> </span>the <span style="letter-spacing:1.8pt;"> </span>future. <span style="letter-spacing:1.8pt;"> </span>Moreover, <span style="letter-spacing:1.8pt;"> </span>there <span style="letter-spacing:1.8pt;"> </span>is <span style="letter-spacing:1.8pt;"> </span>substantial, <span style="letter-spacing:1.85pt;"> </span>and <span style="letter-spacing:1.7pt;"> </span>sometimes uncoordinated,<span style="letter-spacing:0.1pt;"> </span>overlap<span style="letter-spacing:0.05pt;"> </span>in those<span style="letter-spacing:0.05pt;"> </span>responsible<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>regulation<span style="letter-spacing:0.1pt;"> </span>of existing<span style="letter-spacing:0.1pt;"> </span>gene therapy<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>and cell therapy products.<span style="letter-spacing:0.1pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>United<span style="letter-spacing:0.1pt;"> </span>States,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA has<span style="letter-spacing:0.05pt;"> </span>established<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>Office<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>Tissues<span style="letter-spacing:0.1pt;"> </span>and Advanced Therapies<span style="letter-spacing:1.2pt;"> </span>within<span style="letter-spacing:1.2pt;"> </span>its<span style="letter-spacing:1.2pt;"> </span>Center<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>Biologics<span style="letter-spacing:1.2pt;"> </span>Evaluation<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>Research<span style="letter-spacing:1.2pt;"> </span>(CBER),<span style="letter-spacing:1.1pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>consolidate<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>review<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>gene therapy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>related<span style="letter-spacing:0.15pt;"> </span>products,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>Cellular,<span style="letter-spacing:0.15pt;"> </span>Tissue<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Gene<span style="letter-spacing:0.05pt;"> </span>Therapies<span style="letter-spacing:0.05pt;"> </span>Advisory<span style="letter-spacing:0.05pt;"> </span>Committee<span style="letter-spacing:0.1pt;"> </span>to advise<span style="letter-spacing:0.05pt;"> </span>CBER on<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.1pt;"> </span>review.<span style="letter-spacing:0.1pt;"> </span>Gene<span style="letter-spacing:0.05pt;"> </span>therapy<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to review<span style="letter-spacing:0.05pt;"> </span>and oversight<span style="letter-spacing:0.1pt;"> </span>by an institutional<span style="letter-spacing:0.15pt;"> </span>biosafety committee<span style="letter-spacing:0.5pt;"> </span>(IBC),<span style="letter-spacing:0.3pt;"> </span>a<span style="letter-spacing:0.3pt;"> </span>local<span style="letter-spacing:0.35pt;"> </span>institutional<span style="letter-spacing:0.45pt;"> </span>committee<span style="letter-spacing:0.45pt;"> </span>that<span style="letter-spacing:0.35pt;"> </span>reviews<span style="letter-spacing:0.35pt;"> </span>and<span style="letter-spacing:0.3pt;"> </span>oversees<span style="letter-spacing:0.35pt;"> </span>basic<span style="letter-spacing:0.35pt;"> </span>and<span style="letter-spacing:0.3pt;"> </span>clinical<span style="letter-spacing:0.4pt;"> </span>research<span style="letter-spacing:0.4pt;"> </span>conducted at<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>institution<span style="letter-spacing:1.35pt;"> </span>participating<span style="letter-spacing:1.3pt;"> </span>in<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>clinical<span style="letter-spacing:1.25pt;"> </span>trial.<span style="letter-spacing:1.25pt;"> </span>Although<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>FDA<span style="letter-spacing:1.1pt;"> </span>decides<span style="letter-spacing:1.2pt;"> </span>whether<span style="letter-spacing:1.2pt;"> </span>individual<span style="letter-spacing:1.25pt;"> </span>gene<span style="letter-spacing:1.15pt;"> </span>therapy protocols<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>proceed,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>process<span style="letter-spacing:0.05pt;"> </span>and determinations<span style="letter-spacing:0.15pt;"> </span>of other<span style="letter-spacing:0.05pt;"> </span>reviewing<span style="letter-spacing:0.05pt;"> </span>bodies,<span style="letter-spacing:0.05pt;"> </span>such as an IBC, can impede<span style="letter-spacing:0.05pt;"> </span>or delay<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>initiation<span style="letter-spacing:0.15pt;"> </span>of a clinical<span style="letter-spacing:0.1pt;"> </span>trial,<span style="letter-spacing:0.1pt;"> </span>even if<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>FDA<span style="letter-spacing:-0.05pt;"> </span>has reviewed<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>and approved<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.05pt;"> </span>initiation.</p>
<p style="line-height:9pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:9.5pt;">&#160;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>same<span style="letter-spacing:0.1pt;"> </span>applies<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EU. The<span style="letter-spacing:0.05pt;"> </span>EMA&#8217;s Committee<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>Advanced Therapies<span style="letter-spacing:0.05pt;"> </span>(CAT), is<span style="letter-spacing:0.05pt;"> </span>responsible<span style="letter-spacing:0.1pt;"> </span>for assessing<span style="letter-spacing:1.4pt;"> </span>the<span style="letter-spacing:1.35pt;"> </span>quality,<span style="letter-spacing:1.35pt;"> </span>safety,<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.3pt;"> </span>efficacy<span style="letter-spacing:1.4pt;"> </span>of<span style="letter-spacing:1.3pt;"> </span>advanced-therapy<span style="letter-spacing:1.4pt;"> </span>medicinal<span style="letter-spacing:1.4pt;"> </span>products.<span style="letter-spacing:1.35pt;"> </span>The<span style="letter-spacing:1.3pt;"> </span>role<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.3pt;"> </span>CAT<span style="letter-spacing:1.2pt;"> </span>is<span style="letter-spacing:1.3pt;"> </span>to prepare<span style="letter-spacing:0.35pt;"> </span>a<span style="letter-spacing:0.3pt;"> </span>draft<span style="letter-spacing:0.35pt;"> </span>opinion<span style="letter-spacing:0.35pt;"> </span>on<span style="letter-spacing:0.3pt;"> </span>an<span style="letter-spacing:0.3pt;"> </span>application<span style="letter-spacing:0.4pt;"> </span>for<span style="letter-spacing:0.35pt;"> </span>marketing<span style="letter-spacing:0.4pt;"> </span>authorization<span style="letter-spacing:0.45pt;"> </span>for<span style="letter-spacing:0.35pt;"> </span>a<span style="letter-spacing:0.3pt;"> </span>gene<span style="letter-spacing:0.25pt;"> </span>therapy<span style="letter-spacing:0.3pt;"> </span>medicinal<span style="letter-spacing:0.35pt;"> </span>candidate<span style="letter-spacing:0.35pt;"> </span>that is<span style="letter-spacing:0.15pt;"> </span>submitted<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Committee<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>Medicinal<span style="letter-spacing:0.2pt;"> </span>Products<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>Human<span style="letter-spacing:0.05pt;"> </span>Use<span style="letter-spacing:0.05pt;"> </span>(CHMP),<span style="letter-spacing:0.05pt;"> </span>before<span style="letter-spacing:0.1pt;"> </span>CHMP adopts<span style="letter-spacing:0.1pt;"> </span>its<span style="letter-spacing:0.1pt;"> </span>final opinion.<span style="letter-spacing:0.1pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and evaluation<span style="letter-spacing:0.1pt;"> </span>of a gene therapy<span style="letter-spacing:0.05pt;"> </span>medicinal<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>must<span style="letter-spacing:0.05pt;"> </span>be considered<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>context<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>relevant<span style="letter-spacing:0.15pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union<span style="letter-spacing:0.05pt;"> </span>guidelines.<span style="letter-spacing:0.1pt;"> </span>The EMA may<span style="letter-spacing:0.05pt;"> </span>issue<span style="letter-spacing:0.05pt;"> </span>new guidelines concerning<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>authorization<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>gene therapy<span style="letter-spacing:0.05pt;"> </span>medicinal<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>and require<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>guidelines.<span style="letter-spacing:0.15pt;"> </span>As<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>result,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>procedures<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>standards<span style="letter-spacing:0.15pt;"> </span>applied<span style="letter-spacing:0.1pt;"> </span>to gene therapy<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>and cell<span style="letter-spacing:0.05pt;"> </span>therapy<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be applied<span style="letter-spacing:0.05pt;"> </span>to our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>but that<span style="letter-spacing:0.05pt;"> </span>remains<span style="letter-spacing:0.1pt;"> </span>uncertain<span style="letter-spacing:0.1pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>this<span style="letter-spacing:0.05pt;"> </span>point.</p>
<p style="margin-top:2pt;line-height:9pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:9.5pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Adverse<span style="letter-spacing:0.1pt;"> </span>developments<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>post-marketing<span style="letter-spacing:0.2pt;"> </span>experience<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>conducted<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>others<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>gene therapy products,<span style="letter-spacing:0.1pt;"> </span>cell<span style="letter-spacing:0.1pt;"> </span>therapy<span style="letter-spacing:0.1pt;"> </span>products,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>developed<span style="letter-spacing:0.1pt;"> </span>through<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>application<span style="letter-spacing:0.1pt;"> </span>of gene editing<span style="letter-spacing:0.05pt;"> </span>technology<span style="letter-spacing:0.05pt;"> </span>may cause<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>bodies<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>revise<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>or approval<span style="letter-spacing:0.05pt;"> </span>of our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>limit<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>use of products<span style="letter-spacing:0.05pt;"> </span>utilizing<span style="letter-spacing:0.1pt;"> </span>gene editing<span style="letter-spacing:0.05pt;"> </span>technologies,<span style="letter-spacing:0.1pt;"> </span>either<span style="letter-spacing:0.1pt;"> </span>of which could materially<span style="letter-spacing:0.25pt;"> </span>harm<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.1pt;"> </span>business.<span style="letter-spacing:0.15pt;"> </span>In<span style="letter-spacing:0.1pt;"> </span>addition,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>clinical<span style="letter-spacing:0.2pt;"> </span>trial<span style="letter-spacing:0.2pt;"> </span>requirements<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other regulatory<span style="letter-spacing:0.15pt;"> </span>authorities<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>criteria<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>regulators<span style="letter-spacing:0.1pt;"> </span>use to determine<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>and efficacy<span style="letter-spacing:0.1pt;"> </span>of a product candidate<span style="letter-spacing:0.15pt;"> </span>vary<span style="letter-spacing:0.1pt;"> </span>substantially<span style="letter-spacing:0.2pt;"> </span>according<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>type,<span style="letter-spacing:0.1pt;"> </span>complexity,<span style="letter-spacing:0.15pt;"> </span>novelty,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>intended<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>of the potential<span style="letter-spacing:0.15pt;"> </span>products.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>approval<span style="letter-spacing:0.1pt;"> </span>process<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>novel<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>such as our product<span style="letter-spacing:0.05pt;"> </span>candidates can<span style="letter-spacing:0.4pt;"> </span>be<span style="letter-spacing:0.4pt;"> </span>more<span style="letter-spacing:0.45pt;"> </span>expensive<span style="letter-spacing:0.45pt;"> </span>and<span style="letter-spacing:0.4pt;"> </span>take<span style="letter-spacing:0.4pt;"> </span>longer<span style="letter-spacing:0.4pt;"> </span>than<span style="letter-spacing:0.4pt;"> </span>for<span style="letter-spacing:0.4pt;"> </span>other,<span style="letter-spacing:0.4pt;"> </span>better<span style="letter-spacing:0.45pt;"> </span>known,<span style="letter-spacing:0.35pt;"> </span>or<span style="letter-spacing:0.35pt;"> </span>more<span style="letter-spacing:0.4pt;"> </span>extensively<span style="letter-spacing:0.45pt;"> </span>studied<span style="letter-spacing:0.4pt;"> </span>pharmaceutical or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates.<span style="letter-spacing:0.15pt;"> </span>Regulatory<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.1pt;"> </span>administering<span style="letter-spacing:0.2pt;"> </span>existing<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>or legislation<span style="letter-spacing:0.15pt;"> </span>may not<span style="letter-spacing:0.05pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>production<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>utilizing<span style="letter-spacing:0.15pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a timely<span style="letter-spacing:0.1pt;"> </span>manner<span style="letter-spacing:0.05pt;"> </span>or under technically<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>commercially<span style="letter-spacing:0.2pt;"> </span>feasible<span style="letter-spacing:0.15pt;"> </span>conditions.<span style="letter-spacing:0.15pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>or private<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in expenses,<span style="letter-spacing:0.05pt;"> </span>delays,<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>impediments<span style="letter-spacing:0.15pt;"> </span>to our research<span style="letter-spacing:0.1pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.2pt;"> </span>of resulting<span style="letter-spacing:0.1pt;"> </span>products.</p>
<p style="margin-top:2pt;line-height:9pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:9.5pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>committees<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>advisory<span style="letter-spacing:0.1pt;"> </span>groups<span style="letter-spacing:0.1pt;"> </span>described<span style="letter-spacing:0.15pt;"> </span>above<span style="letter-spacing:0.05pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>new guidelines<span style="letter-spacing:0.1pt;"> </span>they promulgate <span style="letter-spacing:0.05pt;"> </span>may&#160;&#160;lengthen&#160;&#160;the&#160;&#160;regulatory <span style="letter-spacing:0.05pt;"> </span>review&#160;&#160;process,&#160;&#160;require <span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:2.45pt;"> </span>to<span style="letter-spacing:2.4pt;"> </span>perform&#160;&#160;additional&#160;&#160;studies<span style="letter-spacing:2.45pt;"> </span>or<span style="letter-spacing:2.4pt;"> </span>trials, increase<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>costs,<span style="letter-spacing:0.1pt;"> </span>lead<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>changes<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>positions<span style="letter-spacing:0.1pt;"> </span>and interpretations,<span style="letter-spacing:0.2pt;"> </span>delay<span style="letter-spacing:0.05pt;"> </span>or prevent approval<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>treatment<span style="letter-spacing:0.15pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>or lead<span style="letter-spacing:0.05pt;"> </span>to significant<span style="letter-spacing:0.15pt;"> </span>post-approval<span style="letter-spacing:0.1pt;"> </span>limitations<span style="letter-spacing:0.15pt;"> </span>or restrictions.<span style="letter-spacing:0.2pt;"> </span>As<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>advance<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>programs<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>we </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">67</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be required</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to consult</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">advisory</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">groups</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">comply</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">applicable</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">guidelines.</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fail</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">do</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">so, we may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be required</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to delay</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or discontinue</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of any product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we identify</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and develop.</span></p>
<p style="line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Because<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>developing<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>field<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>gene<span style="letter-spacing:0.05pt;"> </span>editing,<span style="letter-spacing:0.1pt;"> </span>in which there<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.1pt;"> </span>clinical experience,<span style="letter-spacing:0.9pt;"> </span>there<span style="letter-spacing:0.9pt;"> </span>is<span style="letter-spacing:0.9pt;"> </span>increased<span style="letter-spacing:0.85pt;"> </span>risk<span style="letter-spacing:0.85pt;"> </span>that<span style="letter-spacing:0.85pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>FDA,<span style="letter-spacing:0.75pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>EMA,<span style="letter-spacing:0.75pt;"> </span>or<span style="letter-spacing:0.8pt;"> </span>other<span style="letter-spacing:0.85pt;"> </span>regulatory<span style="letter-spacing:0.85pt;"> </span>authorities<span style="letter-spacing:0.9pt;"> </span>may<span style="letter-spacing:0.85pt;"> </span>not<span style="letter-spacing:0.8pt;"> </span>consider the<span style="letter-spacing:1.9pt;"> </span>endpoints<span style="letter-spacing:1.95pt;"> </span>of<span style="letter-spacing:1.9pt;"> </span>our<span style="letter-spacing:1.9pt;"> </span>clinical<span style="letter-spacing:2pt;"> </span>trials<span style="letter-spacing:2pt;"> </span>to<span style="letter-spacing:1.9pt;"> </span>provide<span style="letter-spacing:1.95pt;"> </span>clinically<span style="letter-spacing:2pt;"> </span>meaningful<span style="letter-spacing:1.95pt;"> </span>results<span style="letter-spacing:1.95pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>that<span style="letter-spacing:1.9pt;"> </span>these<span style="letter-spacing:1.9pt;"> </span>results<span style="letter-spacing:1.9pt;"> </span>may<span style="letter-spacing:1.9pt;"> </span>be difficult<span style="letter-spacing:0.1pt;"> </span>to analyze.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During<span style="letter-spacing:0.75pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>regulatory<span style="letter-spacing:0.85pt;"> </span>review<span style="letter-spacing:0.8pt;"> </span>process,<span style="letter-spacing:0.8pt;"> </span>we<span style="letter-spacing:0.75pt;"> </span>will<span style="letter-spacing:0.8pt;"> </span>need<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.75pt;"> </span>identify<span style="letter-spacing:0.85pt;"> </span>success<span style="letter-spacing:0.75pt;"> </span>criteria<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>endpoints<span style="letter-spacing:0.75pt;"> </span>such<span style="letter-spacing:0.7pt;"> </span>that<span style="letter-spacing:0.75pt;"> </span>the FDA,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>EMA,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.15pt;"> </span>regulatory<span style="letter-spacing:0.2pt;"> </span>authorities<span style="letter-spacing:0.25pt;"> </span>will<span style="letter-spacing:0.15pt;"> </span>be<span style="letter-spacing:0.1pt;"> </span>able<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>determine<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>clinical<span style="letter-spacing:0.2pt;"> </span>efficacy<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>safety<span style="letter-spacing:0.15pt;"> </span>profile<span style="letter-spacing:0.2pt;"> </span>of our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates.<span style="letter-spacing:0.15pt;"> </span>As we are<span style="letter-spacing:0.05pt;"> </span>initially<span style="letter-spacing:0.15pt;"> </span>seeking<span style="letter-spacing:0.05pt;"> </span>to identify<span style="letter-spacing:0.1pt;"> </span>and develop<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>to treat<span style="letter-spacing:0.1pt;"> </span>diseases<span style="letter-spacing:0.1pt;"> </span>in which<span style="letter-spacing:0.45pt;"> </span>there<span style="letter-spacing:0.5pt;"> </span>is<span style="letter-spacing:0.5pt;"> </span>little<span style="letter-spacing:0.5pt;"> </span>clinical<span style="letter-spacing:0.5pt;"> </span>experience<span style="letter-spacing:0.5pt;"> </span>using<span style="letter-spacing:0.45pt;"> </span>new<span style="letter-spacing:0.4pt;"> </span>technologies,<span style="letter-spacing:0.5pt;"> </span>there<span style="letter-spacing:0.45pt;"> </span>is<span style="letter-spacing:0.45pt;"> </span>heightened<span style="letter-spacing:0.45pt;"> </span>risk<span style="letter-spacing:0.45pt;"> </span>that<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>FDA,<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>EMA, or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>authorities<span style="letter-spacing:0.2pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>consider<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>endpoints<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we propose<span style="letter-spacing:0.05pt;"> </span>to provide<span style="letter-spacing:0.05pt;"> </span>clinically meaningful<span style="letter-spacing:1.3pt;"> </span>results<span style="letter-spacing:1.3pt;"> </span>(reflecting<span style="letter-spacing:1.35pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>tangible<span style="letter-spacing:1.25pt;"> </span>benefit<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>patients).<span style="letter-spacing:1.25pt;"> </span>In<span style="letter-spacing:1.15pt;"> </span>addition,<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>resulting<span style="letter-spacing:1.25pt;"> </span>clinical<span style="letter-spacing:1.25pt;"> </span>data<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>results may<span style="letter-spacing:0.15pt;"> </span>be<span style="letter-spacing:0.1pt;"> </span>difficult<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>analyze.<span style="letter-spacing:0.1pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA does<span style="letter-spacing:0.05pt;"> </span>find<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>success<span style="letter-spacing:0.1pt;"> </span>criteria<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>sufficiently<span style="letter-spacing:0.2pt;"> </span>validated<span style="letter-spacing:0.15pt;"> </span>and clinically<span style="letter-spacing:0.2pt;"> </span>meaningful,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not achieve<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>pre-specified<span style="letter-spacing:0.15pt;"> </span>endpoints<span style="letter-spacing:0.05pt;"> </span>to a degree<span style="letter-spacing:0.05pt;"> </span>of statistical<span style="letter-spacing:0.15pt;"> </span>significance.<span style="letter-spacing:0.15pt;"> </span>This may<span style="letter-spacing:0.65pt;"> </span>be<span style="letter-spacing:0.55pt;"> </span>a<span style="letter-spacing:0.55pt;"> </span>particularly<span style="letter-spacing:0.7pt;"> </span>significant<span style="letter-spacing:0.7pt;"> </span>risk<span style="letter-spacing:0.6pt;"> </span>for<span style="letter-spacing:0.6pt;"> </span>many<span style="letter-spacing:0.6pt;"> </span>of<span style="letter-spacing:0.55pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>genetically<span style="letter-spacing:0.65pt;"> </span>defined<span style="letter-spacing:0.6pt;"> </span>diseases<span style="letter-spacing:0.65pt;"> </span>for<span style="letter-spacing:0.6pt;"> </span>which<span style="letter-spacing:0.55pt;"> </span>we<span style="letter-spacing:0.55pt;"> </span>have<span style="letter-spacing:0.55pt;"> </span>developed or<span style="letter-spacing:0.1pt;"> </span>plan<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>develop<span style="letter-spacing:0.15pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>because<span style="letter-spacing:0.1pt;"> </span>many<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>diseases,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>SCD, XSCID and<span style="letter-spacing:0.05pt;"> </span>Gaucher disease,<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>small<span style="letter-spacing:0.15pt;"> </span>patient<span style="letter-spacing:0.15pt;"> </span>populations,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>designing<span style="letter-spacing:0.05pt;"> </span>and executing<span style="letter-spacing:0.05pt;"> </span>a rigorous<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>with appropriate statistical<span style="letter-spacing:0.2pt;"> </span>power<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>difficult<span style="letter-spacing:0.15pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>with diseases<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>have larger<span style="letter-spacing:0.1pt;"> </span>patient<span style="letter-spacing:0.1pt;"> </span>populations.<span style="letter-spacing:0.1pt;"> </span>Further,<span style="letter-spacing:0.05pt;"> </span>even if<span style="letter-spacing:0.05pt;"> </span>we do achieve<span style="letter-spacing:0.8pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>pre-specified<span style="letter-spacing:0.9pt;"> </span>criteria,<span style="letter-spacing:0.85pt;"> </span>we<span style="letter-spacing:0.7pt;"> </span>may<span style="letter-spacing:0.75pt;"> </span>produce<span style="letter-spacing:0.75pt;"> </span>results<span style="letter-spacing:0.8pt;"> </span>that<span style="letter-spacing:0.75pt;"> </span>are<span style="letter-spacing:0.75pt;"> </span>unpredictable<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>inconsistent<span style="letter-spacing:0.8pt;"> </span>with<span style="letter-spacing:0.7pt;"> </span>the<span style="letter-spacing:0.75pt;"> </span>results of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>non-primary<span style="letter-spacing:0.2pt;"> </span>endpoints<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.15pt;"> </span>relevant<span style="letter-spacing:0.15pt;"> </span>data.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>FDA also<span style="letter-spacing:0.1pt;"> </span>weighs<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>benefits<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>its risks,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA may<span style="letter-spacing:0.1pt;"> </span>view<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>efficacy<span style="letter-spacing:0.15pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>context<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>as not being<span style="letter-spacing:0.05pt;"> </span>supportive<span style="letter-spacing:0.1pt;"> </span>of regulatory approval.<span style="letter-spacing:0.05pt;"> </span>Other<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>authorities<span style="letter-spacing:0.15pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>European<span style="letter-spacing:0.05pt;"> </span>Union and other<span style="letter-spacing:0.05pt;"> </span>countries<span style="letter-spacing:0.1pt;"> </span>may make similar<span style="letter-spacing:0.05pt;"> </span>comments with<span style="letter-spacing:0.35pt;"> </span>respect<span style="letter-spacing:0.45pt;"> </span>to<span style="letter-spacing:0.35pt;"> </span>these<span style="letter-spacing:0.4pt;"> </span>endpoints<span style="letter-spacing:0.4pt;"> </span>and<span style="letter-spacing:0.3pt;"> </span>data.<span style="letter-spacing:0.35pt;"> </span>Our<span style="letter-spacing:0.3pt;"> </span>product<span style="letter-spacing:0.35pt;"> </span>candidates<span style="letter-spacing:0.4pt;"> </span>will<span style="letter-spacing:0.35pt;"> </span>be<span style="letter-spacing:0.3pt;"> </span>based<span style="letter-spacing:0.35pt;"> </span>on<span style="letter-spacing:0.3pt;"> </span>a<span style="letter-spacing:0.3pt;"> </span>novel<span style="letter-spacing:0.35pt;"> </span>technology<span style="letter-spacing:0.35pt;"> </span>that<span style="letter-spacing:0.35pt;"> </span>makes it<span style="letter-spacing:1.2pt;"> </span>difficult<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>predict<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>time<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>cost<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>development<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>subsequently<span style="letter-spacing:1.2pt;"> </span>obtaining<span style="letter-spacing:1.15pt;"> </span>regulatory<span style="letter-spacing:1.2pt;"> </span>approval.<span style="letter-spacing:1.15pt;"> </span>No gene editing<span style="letter-spacing:0.05pt;"> </span>therapeutic<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>has been approved<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>or in Europe.</p>
<p style="text-align:justify;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Clinical<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>involves<span style="letter-spacing:0.05pt;"> </span>a lengthy<span style="letter-spacing:0.05pt;"> </span>and expensive<span style="letter-spacing:0.05pt;"> </span>process,<span style="letter-spacing:0.05pt;"> </span>with an uncertain<span style="letter-spacing:0.05pt;"> </span>outcome. If clinical<span style="letter-spacing:0.05pt;"> </span>trials<span style="letter-spacing:0.05pt;"> </span>of any of our current<span style="letter-spacing:0.05pt;"> </span>or future<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.05pt;"> </span>fail<span style="letter-spacing:0.05pt;"> </span>to demonstrate<span style="letter-spacing:0.1pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>and efficacy<span style="letter-spacing:0.1pt;"> </span>to the satisfaction<span style="letter-spacing:0.1pt;"> </span>of regulatory <span style="letter-spacing:0.05pt;"> </span>authorities <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;do&#160;&#160;not&#160;&#160;otherwise <span style="letter-spacing:0.05pt;"> </span>produce&#160;&#160;positive <span style="letter-spacing:0.1pt;"> </span>results, <span style="letter-spacing:0.05pt;"> </span>we&#160;&#160;may <span style="letter-spacing:0.05pt;"> </span>incur&#160;&#160;additional <span style="letter-spacing:0.05pt;"> </span>costs <span style="letter-spacing:0.05pt;"> </span>or experience<span style="letter-spacing:0.5pt;"> </span>delays<span style="letter-spacing:0.5pt;"> </span>in<span style="letter-spacing:0.45pt;"> </span>completing,<span style="letter-spacing:0.55pt;"> </span>or<span style="letter-spacing:0.45pt;"> </span>ultimately<span style="letter-spacing:0.6pt;"> </span>be<span style="letter-spacing:0.4pt;"> </span>unable<span style="letter-spacing:0.4pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>complete,<span style="letter-spacing:0.5pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>development<span style="letter-spacing:0.5pt;"> </span>and<span style="letter-spacing:0.4pt;"> </span>commercialization of such product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.75pt;"> </span>have<span style="letter-spacing:0.75pt;"> </span>not<span style="letter-spacing:0.75pt;"> </span>initiated<span style="letter-spacing:0.8pt;"> </span>any<span style="letter-spacing:0.7pt;"> </span>clinical<span style="letter-spacing:0.8pt;"> </span>trials<span style="letter-spacing:0.8pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>date<span style="letter-spacing:0.75pt;"> </span>for<span style="letter-spacing:0.75pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>IND<span style="letter-spacing:0.7pt;"> </span>application<span style="letter-spacing:0.8pt;"> </span>for<span style="letter-spacing:0.75pt;"> </span>GPH101<span style="letter-spacing:0.65pt;"> </span>in<span style="letter-spacing:0.7pt;"> </span>sickle<span style="letter-spacing:0.75pt;"> </span>cell<span style="letter-spacing:0.75pt;"> </span>disease, and<span style="letter-spacing:0.05pt;"> </span>all<span style="letter-spacing:0.1pt;"> </span>of our other<span style="letter-spacing:0.05pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>in discovery<span style="letter-spacing:0.05pt;"> </span>or preclinical<span style="letter-spacing:0.15pt;"> </span>development.<span style="letter-spacing:0.1pt;"> </span>Before<span style="letter-spacing:0.05pt;"> </span>obtaining<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval from<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>authorities<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>sale<span style="letter-spacing:0.05pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>we must<span style="letter-spacing:0.05pt;"> </span>complete<span style="letter-spacing:0.1pt;"> </span>preclinical<span style="letter-spacing:0.15pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and then<span style="letter-spacing:0.1pt;"> </span>conduct<span style="letter-spacing:0.1pt;"> </span>extensive<span style="letter-spacing:0.15pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>demonstrate<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>and efficacy<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>in humans.<span style="letter-spacing:0.05pt;"> </span>It<span style="letter-spacing:0.05pt;"> </span>is impossible<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>predict<span style="letter-spacing:1.35pt;"> </span>when<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>if<span style="letter-spacing:1.3pt;"> </span>any<span style="letter-spacing:1.25pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>programs<span style="letter-spacing:1.35pt;"> </span>will<span style="letter-spacing:1.25pt;"> </span>prove<span style="letter-spacing:1.25pt;"> </span>effective<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>safe<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>humans<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>will<span style="letter-spacing:1.25pt;"> </span>receive regulatory<span style="letter-spacing:1.75pt;"> </span>approval.<span style="letter-spacing:1.7pt;"> </span>Preclinical<span style="letter-spacing:1.8pt;"> </span>and<span style="letter-spacing:1.65pt;"> </span>clinical<span style="letter-spacing:1.7pt;"> </span>testing<span style="letter-spacing:1.7pt;"> </span>is<span style="letter-spacing:1.65pt;"> </span>expensive,<span style="letter-spacing:1.65pt;"> </span>difficult<span style="letter-spacing:1.75pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>design<span style="letter-spacing:1.65pt;"> </span>and<span style="letter-spacing:1.6pt;"> </span>implement,<span style="letter-spacing:1.7pt;"> </span>can<span style="letter-spacing:1.6pt;"> </span>take many<span style="letter-spacing:0.1pt;"> </span>years<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>complete<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>uncertain<span style="letter-spacing:0.15pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>outcome.<span style="letter-spacing:0.1pt;"> </span>A<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>one<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>can occur<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>any stage<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials.<span style="letter-spacing:0.15pt;"> </span>Interim<span style="letter-spacing:0.15pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trial<span style="letter-spacing:0.15pt;"> </span>do not necessarily<span style="letter-spacing:0.1pt;"> </span>predict<span style="letter-spacing:0.1pt;"> </span>final<span style="letter-spacing:0.05pt;"> </span>results.<span style="letter-spacing:0.1pt;"> </span>We do not know whether<span style="letter-spacing:0.05pt;"> </span>any of our clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>begin<span style="letter-spacing:0.05pt;"> </span>or be completed<span style="letter-spacing:0.1pt;"> </span>on schedule,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>all.</p>
<p style="text-align:justify;margin-top:2pt;line-height:9pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;font-size:9.5pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Moreover,<span style="letter-spacing:0.1pt;"> </span>preclinical<span style="letter-spacing:0.15pt;"> </span>and clinical<span style="letter-spacing:0.1pt;"> </span>data<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>often<span style="letter-spacing:0.05pt;"> </span>susceptible<span style="letter-spacing:0.1pt;"> </span>to varying<span style="letter-spacing:0.05pt;"> </span>interpretations<span style="letter-spacing:0.2pt;"> </span>and analyses.<span style="letter-spacing:0.05pt;"> </span>Many companies<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>have believed<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>performed<span style="letter-spacing:0.1pt;"> </span>satisfactorily<span style="letter-spacing:0.2pt;"> </span>in preclinical<span style="letter-spacing:0.15pt;"> </span>studies<span style="letter-spacing:0.05pt;"> </span>and clinical trials<span style="letter-spacing:0.1pt;"> </span>have nonetheless<span style="letter-spacing:0.1pt;"> </span>failed<span style="letter-spacing:0.1pt;"> </span>to obtain<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of their<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.25pt;"> </span>experience<span style="letter-spacing:1.3pt;"> </span>numerous<span style="letter-spacing:1.25pt;"> </span>unforeseen<span style="letter-spacing:1.3pt;"> </span>events<span style="letter-spacing:1.25pt;"> </span>during,<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>as<span style="letter-spacing:1.2pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>result<span style="letter-spacing:1.25pt;"> </span>of,<span style="letter-spacing:1.15pt;"> </span>clinical<span style="letter-spacing:1.25pt;"> </span>trials<span style="letter-spacing:1.25pt;"> </span>that<span style="letter-spacing:1.2pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>conduct, which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>delay<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>prevent<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to receive<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>or commercialize<span style="letter-spacing:0.2pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates, including:</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">challenges<span style="letter-spacing:2.05pt;"> </span>in<span style="letter-spacing:1.95pt;"> </span>obtaining<span style="letter-spacing:2pt;"> </span>regulatory<span style="letter-spacing:2.05pt;"> </span>clearance<span style="letter-spacing:2.05pt;"> </span>or<span style="letter-spacing:1.9pt;"> </span>approval<span style="letter-spacing:1.95pt;"> </span>to<span style="letter-spacing:1.9pt;"> </span>commence<span style="letter-spacing:2pt;"> </span>clinical<span style="letter-spacing:2pt;"> </span>trials<span style="letter-spacing:2pt;"> </span>in<span style="letter-spacing:1.9pt;"> </span>the<span style="letter-spacing:1.95pt;"> </span>United States<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA through<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>IND,<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>comparable<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.05pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United States<span style="letter-spacing:0.1pt;"> </span>through<span style="letter-spacing:0.05pt;"> </span>corresponding<span style="letter-spacing:0.1pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>because<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>agencies<span style="letter-spacing:0.05pt;"> </span>have very<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.1pt;"> </span>or no experience with the<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>of gene editing<span style="letter-spacing:0.05pt;"> </span>therapeutics,<span style="letter-spacing:0.15pt;"> </span>which may require<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.05pt;"> </span>significant testing<span style="letter-spacing:0.1pt;"> </span>or data<span style="letter-spacing:0.05pt;"> </span>compared<span style="letter-spacing:0.05pt;"> </span>to more<span style="letter-spacing:0.05pt;"> </span>traditional<span style="letter-spacing:0.15pt;"> </span>therapies&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">successfully<span style="letter-spacing:1.5pt;"> </span>developing<span style="letter-spacing:1.45pt;"> </span>processes<span style="letter-spacing:1.5pt;"> </span>for<span style="letter-spacing:1.45pt;"> </span>the<span style="letter-spacing:1.45pt;"> </span>safe<span style="letter-spacing:1.45pt;"> </span>administration<span style="letter-spacing:1.55pt;"> </span>of<span style="letter-spacing:1.35pt;"> </span>these<span style="letter-spacing:1.4pt;"> </span>products,<span style="letter-spacing:1.4pt;"> </span>including<span style="letter-spacing:1.4pt;"> </span>long-term follow-up<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>patients<span style="letter-spacing:0.1pt;"> </span>who receive<span style="letter-spacing:0.1pt;"> </span>treatment<span style="letter-spacing:0.15pt;"> </span>with any of our product<span style="letter-spacing:0.05pt;"> </span>candidates&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">delays<span style="letter-spacing:0.05pt;"> </span>in reaching<span style="letter-spacing:0.05pt;"> </span>a consensus<span style="letter-spacing:0.05pt;"> </span>with regulators<span style="letter-spacing:0.1pt;"> </span>on trial<span style="letter-spacing:0.1pt;"> </span>design<span style="letter-spacing:0.05pt;"> </span>and product<span style="letter-spacing:0.05pt;"> </span>release<span style="letter-spacing:0.1pt;"> </span>specifications&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">delays<span style="letter-spacing:1.15pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>reaching<span style="letter-spacing:1.15pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>failing<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>reach<span style="letter-spacing:1.15pt;"> </span>agreement<span style="letter-spacing:1.2pt;"> </span>on<span style="letter-spacing:1.1pt;"> </span>acceptable<span style="letter-spacing:1.2pt;"> </span>clinical<span style="letter-spacing:1.2pt;"> </span>trial<span style="letter-spacing:1.2pt;"> </span>contracts<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>clinical<span style="letter-spacing:1.15pt;"> </span>trial protocols<span style="letter-spacing:0.1pt;"> </span>with prospective<span style="letter-spacing:0.1pt;"> </span>CROs,<span style="letter-spacing:-0.05pt;"> </span>and clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>sites&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">clinical</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trials</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fail</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">show</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">safety</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">efficacy,</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">produce</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">negative or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">inconclusive</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">decide,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulators</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">require</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">us, to conduct</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">additional preclinical</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">studies</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or clinical</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trials</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or abandon product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">development</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or research</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">programs&#59;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">clinical<span style="letter-spacing:0.8pt;"> </span>trials<span style="letter-spacing:0.8pt;"> </span>due<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>ethical<span style="letter-spacing:0.8pt;"> </span>considerations<span style="letter-spacing:0.85pt;"> </span>which<span style="letter-spacing:0.65pt;"> </span>may<span style="letter-spacing:0.7pt;"> </span>render<span style="letter-spacing:0.7pt;"> </span>it<span style="letter-spacing:0.7pt;"> </span>inappropriate<span style="letter-spacing:0.8pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>conduct<span style="letter-spacing:0.7pt;"> </span>a<span style="letter-spacing:0.65pt;"> </span>trial<span style="letter-spacing:0.75pt;"> </span>with<span style="letter-spacing:0.65pt;"> </span>a control<span style="letter-spacing:0.05pt;"> </span>arm<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>can be effectively<span style="letter-spacing:0.15pt;"> </span>compared<span style="letter-spacing:0.05pt;"> </span>to a treatment<span style="letter-spacing:0.15pt;"> </span>arm&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:1.65pt;"> </span>number<span style="letter-spacing:1.65pt;"> </span>of<span style="letter-spacing:1.6pt;"> </span>patients<span style="letter-spacing:1.7pt;"> </span>required<span style="letter-spacing:1.7pt;"> </span>for<span style="letter-spacing:1.65pt;"> </span>clinical<span style="letter-spacing:1.7pt;"> </span>trials<span style="letter-spacing:1.7pt;"> </span>of<span style="letter-spacing:1.6pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>product<span style="letter-spacing:1.6pt;"> </span>candidates<span style="letter-spacing:1.65pt;"> </span>may<span style="letter-spacing:1.6pt;"> </span>be<span style="letter-spacing:1.55pt;"> </span>larger<span style="letter-spacing:1.65pt;"> </span>than<span style="letter-spacing:1.6pt;"> </span>we anticipate&#59;<span style="letter-spacing:0.2pt;"> </span>enrollment<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>suitable<span style="letter-spacing:0.15pt;"> </span>participants<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials,<span style="letter-spacing:0.15pt;"> </span>which may<span style="letter-spacing:0.05pt;"> </span>be particularly challenging<span style="letter-spacing:1.3pt;"> </span>for<span style="letter-spacing:1.25pt;"> </span>some<span style="letter-spacing:1.25pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>rare<span style="letter-spacing:1.25pt;"> </span>genetically<span style="letter-spacing:1.3pt;"> </span>defined<span style="letter-spacing:1.25pt;"> </span>diseases<span style="letter-spacing:1.3pt;"> </span>we<span style="letter-spacing:1.2pt;"> </span>are<span style="letter-spacing:1.25pt;"> </span>targeting<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.15pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>most<span style="letter-spacing:1.2pt;"> </span>advanced programs,<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>delayed<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>slower<span style="letter-spacing:0.1pt;"> </span>than<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>anticipate&#59;<span style="letter-spacing:0.2pt;"> </span>or patients<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>drop out of these<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials at<span style="letter-spacing:0.05pt;"> </span>a higher<span style="letter-spacing:0.05pt;"> </span>rate<span style="letter-spacing:0.05pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>we anticipate&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we<span style="letter-spacing:0.65pt;"> </span>will<span style="letter-spacing:0.7pt;"> </span>need<span style="letter-spacing:0.65pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>educate<span style="letter-spacing:0.7pt;"> </span>medical<span style="letter-spacing:0.75pt;"> </span>personnel,<span style="letter-spacing:0.7pt;"> </span>including<span style="letter-spacing:0.7pt;"> </span>clinical<span style="letter-spacing:0.75pt;"> </span>investigators,<span style="letter-spacing:0.8pt;"> </span>and<span style="letter-spacing:0.6pt;"> </span>patients<span style="letter-spacing:0.7pt;"> </span>regarding<span style="letter-spacing:0.7pt;"> </span>the potential<span style="letter-spacing:0.1pt;"> </span>benefits<span style="letter-spacing:0.1pt;"> </span>and side<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>profile<span style="letter-spacing:0.1pt;"> </span>of each<span style="letter-spacing:0.05pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">regulatory<span style="letter-spacing:0.8pt;"> </span>agencies<span style="letter-spacing:0.75pt;"> </span>may<span style="letter-spacing:0.75pt;"> </span>require<span style="letter-spacing:0.8pt;"> </span>us<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>perform<span style="letter-spacing:0.8pt;"> </span>more<span style="letter-spacing:0.75pt;"> </span>extensive<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>lengthier<span style="letter-spacing:0.75pt;"> </span>clinical<span style="letter-spacing:0.75pt;"> </span>testing<span style="letter-spacing:0.75pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>generate more<span style="letter-spacing:0.1pt;"> </span>data,<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>long-term<span style="letter-spacing:0.15pt;"> </span>toxicology<span style="letter-spacing:0.1pt;"> </span>studies,<span style="letter-spacing:0.1pt;"> </span>compared<span style="letter-spacing:0.05pt;"> </span>to existing<span style="letter-spacing:0.1pt;"> </span>therapeutic<span style="letter-spacing:0.1pt;"> </span>modalities,<span style="letter-spacing:0.15pt;"> </span>or may impose<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.15pt;"> </span>before<span style="letter-spacing:0.05pt;"> </span>permitting<span style="letter-spacing:0.15pt;"> </span>us to initiate<span style="letter-spacing:0.1pt;"> </span>or rely<span style="letter-spacing:0.05pt;"> </span>on a clinical<span style="letter-spacing:0.1pt;"> </span>trial&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">our<span style="letter-spacing:0.95pt;"> </span>third-party<span style="letter-spacing:1.1pt;"> </span>contractors<span style="letter-spacing:1.05pt;"> </span>may<span style="letter-spacing:1pt;"> </span>fail<span style="letter-spacing:1pt;"> </span>to<span style="letter-spacing:0.95pt;"> </span>comply<span style="letter-spacing:1pt;"> </span>with<span style="letter-spacing:0.9pt;"> </span>regulatory<span style="letter-spacing:1pt;"> </span>requirements<span style="letter-spacing:1.05pt;"> </span>or<span style="letter-spacing:0.9pt;"> </span>meet<span style="letter-spacing:0.95pt;"> </span>their<span style="letter-spacing:0.95pt;"> </span>contractual obligations<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a timely<span style="letter-spacing:0.1pt;"> </span>manner,<span style="letter-spacing:0.05pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all,<span style="letter-spacing:0.05pt;"> </span>or may<span style="letter-spacing:0.05pt;"> </span>deviate<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>protocol<span style="letter-spacing:0.05pt;"> </span>or drop out of the<span style="letter-spacing:0.05pt;"> </span>trial,<span style="letter-spacing:0.1pt;"> </span>which may<span style="letter-spacing:0.05pt;"> </span>require<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we add new clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>sites<span style="letter-spacing:0.05pt;"> </span>or investigators&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">regulators,<span style="letter-spacing:0.3pt;"> </span>IRBs,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.2pt;"> </span>independent<span style="letter-spacing:0.25pt;"> </span>ethics<span style="letter-spacing:0.25pt;"> </span>committees<span style="letter-spacing:0.35pt;"> </span>may<span style="letter-spacing:0.25pt;"> </span>require<span style="letter-spacing:0.3pt;"> </span>that<span style="letter-spacing:0.2pt;"> </span>we<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.15pt;"> </span>investigators<span style="letter-spacing:0.3pt;"> </span>suspend<span style="letter-spacing:0.2pt;"> </span>or terminate<span style="letter-spacing:0.2pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>various<span style="letter-spacing:0.05pt;"> </span>reasons,<span style="letter-spacing:0.05pt;"> </span>including noncompliance<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>requirements,<span style="letter-spacing:0.15pt;"> </span>a finding<span style="letter-spacing:0.05pt;"> </span>of undesirable<span style="letter-spacing:0.1pt;"> </span>side<span style="letter-spacing:0.05pt;"> </span>effects<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>unexpected characteristics,<span style="letter-spacing:0.25pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>participants<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>being<span style="letter-spacing:0.05pt;"> </span>exposed<span style="letter-spacing:0.05pt;"> </span>to unacceptable<span style="letter-spacing:0.1pt;"> </span>health<span style="letter-spacing:0.05pt;"> </span>risks<span style="letter-spacing:0.05pt;"> </span>or after<span style="letter-spacing:0.1pt;"> </span>an inspection<span style="letter-spacing:0.1pt;"> </span>of our clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>operations<span style="letter-spacing:0.1pt;"> </span>or trial<span style="letter-spacing:0.1pt;"> </span>sites&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>cost<span style="letter-spacing:0.05pt;"> </span>of clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be greater<span style="letter-spacing:0.1pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>we anticipate&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.35pt;"> </span>supply<span style="letter-spacing:0.3pt;"> </span>or<span style="letter-spacing:0.25pt;"> </span>quality<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.25pt;"> </span>our<span style="letter-spacing:0.25pt;"> </span>product<span style="letter-spacing:0.3pt;"> </span>candidates<span style="letter-spacing:0.35pt;"> </span>or<span style="letter-spacing:0.25pt;"> </span>other<span style="letter-spacing:0.3pt;"> </span>materials<span style="letter-spacing:0.4pt;"> </span>necessary<span style="letter-spacing:0.35pt;"> </span>to<span style="letter-spacing:0.25pt;"> </span>conduct<span style="letter-spacing:0.3pt;"> </span>clinical<span style="letter-spacing:0.35pt;"> </span>trials<span style="letter-spacing:0.35pt;"> </span>of our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>insufficient<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>inadequate,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>a result<span style="letter-spacing:0.1pt;"> </span>of delays<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>testing, validation,<span style="letter-spacing:0.15pt;"> </span>manufacturing,<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>delivery<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>sites<span style="letter-spacing:0.05pt;"> </span>by us or by third parties<span style="letter-spacing:0.1pt;"> </span>with whom we have contracted<span style="letter-spacing:0.1pt;"> </span>to perform<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>of those<span style="letter-spacing:0.05pt;"> </span>functions&#59;</p></td>
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<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we<span style="letter-spacing:1.25pt;"> </span>may<span style="letter-spacing:1.3pt;"> </span>face<span style="letter-spacing:1.3pt;"> </span>challenges<span style="letter-spacing:1.35pt;"> </span>in<span style="letter-spacing:1.25pt;"> </span>sourcing<span style="letter-spacing:1.3pt;"> </span>clinical<span style="letter-spacing:1.35pt;"> </span>and,<span style="letter-spacing:1.25pt;"> </span>if<span style="letter-spacing:1.3pt;"> </span>approved,<span style="letter-spacing:1.3pt;"> </span>commercial<span style="letter-spacing:1.4pt;"> </span>supplies<span style="letter-spacing:1.3pt;"> </span>for<span style="letter-spacing:1.3pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>materials used<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>process<span style="letter-spacing:0.1pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>which may<span style="letter-spacing:0.05pt;"> </span>include<span style="letter-spacing:0.05pt;"> </span>importing<span style="letter-spacing:0.1pt;"> </span>or exporting materials<span style="letter-spacing:0.15pt;"> </span>between<span style="letter-spacing:0.05pt;"> </span>different<span style="letter-spacing:0.1pt;"> </span>jurisdictions&#59;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we<span style="letter-spacing:0.9pt;"> </span>may<span style="letter-spacing:0.95pt;"> </span>be<span style="letter-spacing:0.9pt;"> </span>unable<span style="letter-spacing:0.95pt;"> </span>to<span style="letter-spacing:0.9pt;"> </span>develop<span style="letter-spacing:0.95pt;"> </span>a<span style="letter-spacing:0.9pt;"> </span>manufacturing<span style="letter-spacing:1.05pt;"> </span>process<span style="letter-spacing:0.95pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>distribution<span style="letter-spacing:1.05pt;"> </span>network<span style="letter-spacing:0.95pt;"> </span>with<span style="letter-spacing:0.9pt;"> </span>a<span style="letter-spacing:0.9pt;"> </span>cost<span style="letter-spacing:0.95pt;"> </span>of<span style="letter-spacing:0.85pt;"> </span>goods that<span style="letter-spacing:0.05pt;"> </span>allows<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>an attractive<span style="letter-spacing:0.15pt;"> </span>return<span style="letter-spacing:0.05pt;"> </span>on investment&#59;<span style="letter-spacing:0.15pt;"> </span>and</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;margin-right:1.85%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">we<span style="letter-spacing:1.35pt;"> </span>may<span style="letter-spacing:1.35pt;"> </span>face<span style="letter-spacing:1.35pt;"> </span>challenges<span style="letter-spacing:1.4pt;"> </span>in<span style="letter-spacing:1.3pt;"> </span>establishing<span style="letter-spacing:1.4pt;"> </span>sales<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.3pt;"> </span>marketing<span style="letter-spacing:1.4pt;"> </span>capabilities<span style="letter-spacing:1.45pt;"> </span>in<span style="letter-spacing:1.3pt;"> </span>anticipation<span style="letter-spacing:1.45pt;"> </span>of,<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.3pt;"> </span>after obtaining,<span style="letter-spacing:0.05pt;"> </span>any regulatory<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>to gain<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>authorization.</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>disruptions<span style="letter-spacing:0.15pt;"> </span>caused<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>COVID-19 pandemic<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>likelihood<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we encounter such<span style="letter-spacing:0.05pt;"> </span>difficulties<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>delays<span style="letter-spacing:0.05pt;"> </span>in initiating,<span style="letter-spacing:0.15pt;"> </span>enrolling,<span style="letter-spacing:0.1pt;"> </span>conducting<span style="letter-spacing:0.05pt;"> </span>or completing<span style="letter-spacing:0.1pt;"> </span>our planned<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials.<span style="letter-spacing:0.1pt;"> </span>We could also<span style="letter-spacing:1.1pt;"> </span>encounter<span style="letter-spacing:1.1pt;"> </span>delays<span style="letter-spacing:1.1pt;"> </span>if<span style="letter-spacing:1.1pt;"> </span>a<span style="letter-spacing:1.05pt;"> </span>clinical<span style="letter-spacing:1.15pt;"> </span>trial<span style="letter-spacing:1.15pt;"> </span>is<span style="letter-spacing:1.1pt;"> </span>suspended<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>terminated<span style="letter-spacing:1.2pt;"> </span>by<span style="letter-spacing:1.05pt;"> </span>us,<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1.05pt;"> </span>IRBs<span style="letter-spacing:1pt;"> </span>of<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1.05pt;"> </span>institutions<span style="letter-spacing:1.15pt;"> </span>in<span style="letter-spacing:1pt;"> </span>which such<span style="letter-spacing:0.05pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>being<span style="letter-spacing:0.1pt;"> </span>conducted<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>relevant<span style="letter-spacing:0.15pt;"> </span>ethics<span style="letter-spacing:0.1pt;"> </span>committee,<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>Data<span style="letter-spacing:0.05pt;"> </span>Safety<span style="letter-spacing:0.1pt;"> </span>Monitoring<span style="letter-spacing:0.15pt;"> </span>Board (DSMB), for such<span style="letter-spacing:0.1pt;"> </span>trial,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>relevant<span style="letter-spacing:0.15pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>authorities.<span style="letter-spacing:0.2pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>authorities<span style="letter-spacing:0.2pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>impose<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>a suspension<span style="letter-spacing:0.05pt;"> </span>or termination<span style="letter-spacing:0.15pt;"> </span>due to a number<span style="letter-spacing:0.05pt;"> </span>of factors,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>in accordance with<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>our clinical<span style="letter-spacing:0.1pt;"> </span>protocols,<span style="letter-spacing:0.1pt;"> </span>inspection<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>operations<span style="letter-spacing:0.1pt;"> </span>or trial<span style="letter-spacing:0.1pt;"> </span>site<span style="letter-spacing:0.05pt;"> </span>by the FDA<span style="letter-spacing:1.85pt;"> </span>or<span style="letter-spacing:1.9pt;"> </span>other<span style="letter-spacing:1.95pt;"> </span>regulatory<span style="letter-spacing:2pt;"> </span>authorities,<span style="letter-spacing:2.05pt;"> </span>resulting<span style="letter-spacing:2pt;"> </span>in<span style="letter-spacing:1.9pt;"> </span>the<span style="letter-spacing:1.95pt;"> </span>imposition<span style="letter-spacing:2pt;"> </span>of<span style="letter-spacing:1.85pt;"> </span>a<span style="letter-spacing:1.85pt;"> </span>clinical<span style="letter-spacing:1.95pt;"> </span>hold,<span style="letter-spacing:1.85pt;"> </span>manufacturing<span style="letter-spacing:2pt;"> </span>or<span style="letter-spacing:1.85pt;"> </span>quality control<span style="letter-spacing:0.05pt;"> </span>issues,<span style="letter-spacing:0.05pt;"> </span>unforeseen<span style="letter-spacing:0.1pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>issues<span style="letter-spacing:0.05pt;"> </span>or adverse<span style="letter-spacing:0.05pt;"> </span>side<span style="letter-spacing:0.05pt;"> </span>effects,<span style="letter-spacing:0.1pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to demonstrate<span style="letter-spacing:0.1pt;"> </span>a benefit<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>using<span style="letter-spacing:0.05pt;"> </span>a product <span style="letter-spacing:1.85pt;"> </span>or <span style="letter-spacing:1.8pt;"> </span>treatment, <span style="letter-spacing:1.95pt;"> </span>failure <span style="letter-spacing:1.85pt;"> </span>to <span style="letter-spacing:1.75pt;"> </span>establish <span style="letter-spacing:1.85pt;"> </span>or <span style="letter-spacing:1.75pt;"> </span>achieve <span style="letter-spacing:1.8pt;"> </span>clinically <span style="letter-spacing:1.9pt;"> </span>meaningful <span style="letter-spacing:1.85pt;"> </span>trial <span style="letter-spacing:1.85pt;"> </span>endpoints, <span style="letter-spacing:1.8pt;"> </span>changes <span style="letter-spacing:1.8pt;"> </span>in<span style="color:#000000;"> </span>governmental<span style="letter-spacing:1.85pt;"> </span>regulations<span style="letter-spacing:1.85pt;"> </span>or<span style="letter-spacing:1.75pt;"> </span>administrative<span style="letter-spacing:1.95pt;"> </span>actions<span style="letter-spacing:1.8pt;"> </span>or<span style="letter-spacing:1.75pt;"> </span>lack<span style="letter-spacing:1.8pt;"> </span>of<span style="letter-spacing:1.75pt;"> </span>adequate<span style="letter-spacing:1.8pt;"> </span>funding<span style="letter-spacing:1.75pt;"> </span>to<span style="letter-spacing:1.7pt;"> </span>continue<span style="letter-spacing:1.75pt;"> </span>the<span style="letter-spacing:1.75pt;"> </span>clinical<span style="letter-spacing:1.8pt;"> </span>trial. Many<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>factors<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>cause,<span style="letter-spacing:0.05pt;"> </span>or lead<span style="letter-spacing:0.05pt;"> </span>to, a delay<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>commencement<span style="letter-spacing:0.15pt;"> </span>or completion<span style="letter-spacing:0.1pt;"> </span>of clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>also ultimately <span style="letter-spacing:0.1pt;"> </span>lead&#160;&#160;to<span style="letter-spacing:2.45pt;"> </span>the&#160;&#160;denial&#160;&#160;of<span style="letter-spacing:2.45pt;"> </span>regulatory <span style="letter-spacing:0.05pt;"> </span>approval&#160;&#160;of<span style="letter-spacing:2.45pt;"> </span>our<span style="letter-spacing:2.45pt;"> </span>product&#160;&#160;candidates. <span style="letter-spacing:0.05pt;"> </span>Further,&#160;&#160;the&#160;&#160;FDA<span style="letter-spacing:2.4pt;"> </span>or<span style="letter-spacing:2.45pt;"> </span>other regulatory<span style="letter-spacing:0.15pt;"> </span>authorities<span style="letter-spacing:0.2pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>disagree<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>design<span style="letter-spacing:0.05pt;"> </span>and our interpretation<span style="letter-spacing:0.15pt;"> </span>of data<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials or may<span style="letter-spacing:0.05pt;"> </span>change<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>even after<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.05pt;"> </span>have reviewed<span style="letter-spacing:0.05pt;"> </span>and commented<span style="letter-spacing:0.1pt;"> </span>on the<span style="letter-spacing:0.05pt;"> </span>design<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our clinical<span style="letter-spacing:0.1pt;"> </span>trials.</p>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">69</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If<span style="letter-spacing:1.5pt;"> </span>we<span style="letter-spacing:1.45pt;"> </span>are<span style="letter-spacing:1.5pt;"> </span>required<span style="letter-spacing:1.55pt;"> </span>to<span style="letter-spacing:1.45pt;"> </span>conduct<span style="letter-spacing:1.5pt;"> </span>additional<span style="letter-spacing:1.55pt;"> </span>clinical<span style="letter-spacing:1.55pt;"> </span>trials<span style="letter-spacing:1.55pt;"> </span>or<span style="letter-spacing:1.45pt;"> </span>other<span style="letter-spacing:1.5pt;"> </span>testing<span style="letter-spacing:1.55pt;"> </span>of<span style="letter-spacing:1.4pt;"> </span>our<span style="letter-spacing:1.4pt;"> </span>product<span style="letter-spacing:1.45pt;"> </span>candidates<span style="letter-spacing:1.5pt;"> </span>beyond those<span style="letter-spacing:0.9pt;"> </span>that<span style="letter-spacing:0.9pt;"> </span>we<span style="letter-spacing:0.85pt;"> </span>currently<span style="letter-spacing:0.95pt;"> </span>contemplate,<span style="letter-spacing:0.95pt;"> </span>if<span style="letter-spacing:0.9pt;"> </span>we<span style="letter-spacing:0.85pt;"> </span>are<span style="letter-spacing:0.85pt;"> </span>unable<span style="letter-spacing:0.85pt;"> </span>to<span style="letter-spacing:0.8pt;"> </span>successfully<span style="letter-spacing:0.9pt;"> </span>complete<span style="letter-spacing:0.9pt;"> </span>clinical<span style="letter-spacing:0.9pt;"> </span>trials<span style="letter-spacing:0.9pt;"> </span>or<span style="letter-spacing:0.8pt;"> </span>other<span style="letter-spacing:0.85pt;"> </span>testing<span style="letter-spacing:0.9pt;"> </span>of our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>tests<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>positive<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>only<span style="letter-spacing:0.05pt;"> </span>modestly<span style="letter-spacing:0.15pt;"> </span>positive<span style="letter-spacing:0.15pt;"> </span>or if there<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>concerns,<span style="letter-spacing:0.05pt;"> </span>we may:</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">be<span style="letter-spacing:1.15pt;"> </span>delayed<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.15pt;"> </span>obtaining<span style="letter-spacing:1.2pt;"> </span>marketing<span style="letter-spacing:1.25pt;"> </span>approval<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>such<span style="letter-spacing:1.15pt;"> </span>product<span style="letter-spacing:1.2pt;"> </span>candidates<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>not<span style="letter-spacing:1.1pt;"> </span>obtain<span style="letter-spacing:1.15pt;"> </span>marketing approval<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>all&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">obtain<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>indications<span style="letter-spacing:0.1pt;"> </span>or patient<span style="letter-spacing:0.1pt;"> </span>populations<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>not as broad<span style="letter-spacing:0.05pt;"> </span>as intended<span style="letter-spacing:0.05pt;"> </span>or desired&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">obtain <span style="letter-spacing:0.9pt;"> </span>approval <span style="letter-spacing:0.9pt;"> </span>with <span style="letter-spacing:0.85pt;"> </span>labeling <span style="letter-spacing:0.95pt;"> </span>that <span style="letter-spacing:0.9pt;"> </span>includes <span style="letter-spacing:0.9pt;"> </span>significant <span style="letter-spacing:1pt;"> </span>use <span style="letter-spacing:0.85pt;"> </span>or <span style="letter-spacing:0.85pt;"> </span>distribution <span style="letter-spacing:1pt;"> </span>restrictions <span style="letter-spacing:1pt;"> </span>or <span style="letter-spacing:0.8pt;"> </span>safety warnings,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>boxed warnings&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">be subject<span style="letter-spacing:0.05pt;"> </span>to changes<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>way the<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>administered&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">be<span style="letter-spacing:1.25pt;"> </span>required<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>perform<span style="letter-spacing:1.35pt;"> </span>additional<span style="letter-spacing:1.35pt;"> </span>clinical<span style="letter-spacing:1.35pt;"> </span>trials<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>support<span style="letter-spacing:1.3pt;"> </span>approval<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>be<span style="letter-spacing:1.25pt;"> </span>subject<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>additional<span style="letter-spacing:1.35pt;"> </span>post- marketing<span style="letter-spacing:0.1pt;"> </span>testing<span style="letter-spacing:0.1pt;"> </span>requirements&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">have<span style="letter-spacing:0.9pt;"> </span>regulatory<span style="letter-spacing:0.95pt;"> </span>authorities<span style="letter-spacing:1pt;"> </span>withdraw,<span style="letter-spacing:0.9pt;"> </span>or<span style="letter-spacing:0.85pt;"> </span>suspend,<span style="letter-spacing:0.9pt;"> </span>their<span style="letter-spacing:0.9pt;"> </span>approval<span style="letter-spacing:0.9pt;"> </span>of<span style="letter-spacing:0.85pt;"> </span>the<span style="letter-spacing:0.9pt;"> </span>product<span style="letter-spacing:0.9pt;"> </span>or<span style="letter-spacing:0.85pt;"> </span>impose<span style="letter-spacing:0.9pt;"> </span>restrictions on its<span style="letter-spacing:0.05pt;"> </span>distribution<span style="letter-spacing:0.15pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>form<span style="letter-spacing:0.05pt;"> </span>of a REMS<span style="letter-spacing:-0.05pt;"> </span>or through<span style="letter-spacing:0.05pt;"> </span>modification<span style="letter-spacing:0.15pt;"> </span>to an existing<span style="letter-spacing:0.1pt;"> </span>REMS&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">be sued&#59;<span style="letter-spacing:0.05pt;"> </span>or</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">experience<span style="letter-spacing:0.1pt;"> </span>damage<span style="letter-spacing:0.05pt;"> </span>to our reputation.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Product<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we or our collaborators<span style="letter-spacing:0.15pt;"> </span>experience<span style="letter-spacing:0.1pt;"> </span>delays<span style="letter-spacing:0.05pt;"> </span>in clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.1pt;"> </span>testing<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>obtaining<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>approvals.<span style="letter-spacing:0.1pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>know<span style="letter-spacing:0.05pt;"> </span>whether<span style="letter-spacing:0.05pt;"> </span>any clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>begin<span style="letter-spacing:0.05pt;"> </span>as planned,<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>need<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>restructured,<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be completed<span style="letter-spacing:0.1pt;"> </span>on schedule,<span style="letter-spacing:0.05pt;"> </span>or at<span style="letter-spacing:0.05pt;"> </span>all.<span style="letter-spacing:0.05pt;"> </span>Significant<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>delays also<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>shorten<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>periods<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.1pt;"> </span>which we may<span style="letter-spacing:0.05pt;"> </span>have the<span style="letter-spacing:0.05pt;"> </span>exclusive<span style="letter-spacing:0.1pt;"> </span>right<span style="letter-spacing:0.05pt;"> </span>to commercialize<span style="letter-spacing:0.2pt;"> </span>our product candidates,<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>allow<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>competitors<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>bring<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>before<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>do,<span style="letter-spacing:0.05pt;"> </span>and could<span style="letter-spacing:0.05pt;"> </span>impair<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to successfully<span style="letter-spacing:0.15pt;"> </span>commercialize<span style="letter-spacing:0.25pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>any of which may<span style="letter-spacing:0.05pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition, results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Failure<span style="letter-spacing:1.95pt;"> </span>to<span style="letter-spacing:1.9pt;"> </span>obtain<span style="letter-spacing:1.95pt;"> </span>marketing<span style="letter-spacing:1.95pt;"> </span>approval<span style="letter-spacing:1.95pt;"> </span>in<span style="letter-spacing:1.9pt;"> </span>foreign<span style="letter-spacing:1.95pt;"> </span>jurisdictions<span style="letter-spacing:2pt;"> </span>would<span style="letter-spacing:1.9pt;"> </span>prevent<span style="letter-spacing:1.95pt;"> </span>our<span style="letter-spacing:1.85pt;"> </span>product<span style="letter-spacing:1.9pt;"> </span>candidates<span style="letter-spacing:1.9pt;"> </span>from being marketed<span style="letter-spacing:0.05pt;"> </span>in such jurisdictions,<span style="letter-spacing:0.1pt;"> </span>which, in turn, would materially<span style="letter-spacing:0.15pt;"> </span>impair<span style="letter-spacing:0.05pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to generate<span style="letter-spacing:0.05pt;"> </span>revenue.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In order<span style="letter-spacing:0.05pt;"> </span>to market<span style="letter-spacing:0.1pt;"> </span>and sell<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>European<span style="letter-spacing:0.05pt;"> </span>Union and other<span style="letter-spacing:0.05pt;"> </span>foreign<span style="letter-spacing:0.05pt;"> </span>jurisdictions,<span style="letter-spacing:0.15pt;"> </span>we or<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>collaborators<span style="letter-spacing:0.2pt;"> </span>must<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.05pt;"> </span>separate<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approvals<span style="letter-spacing:0.05pt;"> </span>(a<span style="letter-spacing:0.05pt;"> </span>single<span style="letter-spacing:0.05pt;"> </span>one for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>European<span style="letter-spacing:0.05pt;"> </span>Union) and<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.05pt;"> </span>with numerous<span style="letter-spacing:0.05pt;"> </span>and varying<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>requirements.<span style="letter-spacing:0.15pt;"> </span>The approval<span style="letter-spacing:0.05pt;"> </span>procedure<span style="letter-spacing:0.05pt;"> </span>varies<span style="letter-spacing:0.05pt;"> </span>among<span style="letter-spacing:0.05pt;"> </span>countries and<span style="letter-spacing:2.1pt;"> </span>can<span style="letter-spacing:2.1pt;"> </span>involve<span style="letter-spacing:2.15pt;"> </span>additional<span style="letter-spacing:2.2pt;"> </span>testing.<span style="letter-spacing:2.2pt;"> </span>The<span style="letter-spacing:2.1pt;"> </span>time<span style="letter-spacing:2.15pt;"> </span>required<span style="letter-spacing:2.2pt;"> </span>to<span style="letter-spacing:2.1pt;"> </span>obtain<span style="letter-spacing:2.15pt;"> </span>approval<span style="letter-spacing:2.1pt;"> </span>may<span style="letter-spacing:2.1pt;"> </span>differ<span style="letter-spacing:2.15pt;"> </span>substantially<span style="letter-spacing:2.2pt;"> </span>from<span style="letter-spacing:2.1pt;"> </span>that required<span style="letter-spacing:1pt;"> </span>to<span style="letter-spacing:0.9pt;"> </span>obtain<span style="letter-spacing:0.95pt;"> </span>FDA<span style="letter-spacing:0.85pt;"> </span>approval.<span style="letter-spacing:0.95pt;"> </span>The<span style="letter-spacing:0.9pt;"> </span>regulatory<span style="letter-spacing:1pt;"> </span>approval<span style="letter-spacing:0.95pt;"> </span>process<span style="letter-spacing:0.9pt;"> </span>outside<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.9pt;"> </span>United<span style="letter-spacing:0.9pt;"> </span>States<span style="letter-spacing:0.9pt;"> </span>generally<span style="letter-spacing:0.95pt;"> </span>includes all<span style="letter-spacing:0.3pt;"> </span>of<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.3pt;"> </span>risks<span style="letter-spacing:0.3pt;"> </span>associated<span style="letter-spacing:0.35pt;"> </span>with<span style="letter-spacing:0.25pt;"> </span>obtaining<span style="letter-spacing:0.3pt;"> </span>FDA<span style="letter-spacing:0.2pt;"> </span>approval.<span style="letter-spacing:0.3pt;"> </span>In<span style="letter-spacing:0.25pt;"> </span>addition,<span style="letter-spacing:0.3pt;"> </span>in<span style="letter-spacing:0.25pt;"> </span>many<span style="letter-spacing:0.3pt;"> </span>countries<span style="letter-spacing:0.35pt;"> </span>outside<span style="letter-spacing:0.3pt;"> </span>the<span style="letter-spacing:0.25pt;"> </span>United<span style="letter-spacing:0.25pt;"> </span>States, it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.15pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>approved<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>reimbursement<span style="letter-spacing:0.15pt;"> </span>before<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>can be approved<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>sale<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>country.<span style="letter-spacing:0.1pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>third<span style="letter-spacing:0.1pt;"> </span>parties<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not obtain<span style="letter-spacing:0.05pt;"> </span>approvals<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>authorities outside<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>United<span style="letter-spacing:0.15pt;"> </span>States<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>timely<span style="letter-spacing:0.2pt;"> </span>basis,<span style="letter-spacing:0.15pt;"> </span>if<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>all.<span style="letter-spacing:0.1pt;"> </span>Approval<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA does<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>ensure<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>regulatory authorities<span style="letter-spacing:0.2pt;"> </span>in other<span style="letter-spacing:0.05pt;"> </span>countries<span style="letter-spacing:0.1pt;"> </span>or jurisdictions,<span style="letter-spacing:0.15pt;"> </span>and approval<span style="letter-spacing:0.05pt;"> </span>by one regulatory<span style="letter-spacing:0.1pt;"> </span>authority<span style="letter-spacing:0.1pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States does<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.1pt;"> </span>ensure<span style="letter-spacing:0.15pt;"> </span>approval<span style="letter-spacing:0.15pt;"> </span>by<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.2pt;"> </span>authorities<span style="letter-spacing:0.25pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.15pt;"> </span>countries<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>jurisdictions<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA. We<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to file<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approvals<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>not receive<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.1pt;"> </span>approvals<span style="letter-spacing:0.05pt;"> </span>to commercialize<span style="letter-spacing:0.2pt;"> </span>our product candidates<span style="letter-spacing:0.1pt;"> </span>in any jurisdiction,<span style="letter-spacing:0.15pt;"> </span>which would materially<span style="letter-spacing:0.15pt;"> </span>impair<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to generate<span style="letter-spacing:0.1pt;"> </span>revenue.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On<span style="letter-spacing:0.1pt;"> </span>June<span style="letter-spacing:0.1pt;"> </span>23,<span style="letter-spacing:0.1pt;"> </span>2016,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>UK<span style="letter-spacing:0.05pt;"> </span>electorate<span style="letter-spacing:0.2pt;"> </span>voted<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>favor<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>leaving<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EU, commonly<span style="letter-spacing:0.1pt;"> </span>referred<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>&#8220;Brexit.&#8221; Thereafter,<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>March<span style="letter-spacing:0.1pt;"> </span>29,<span style="letter-spacing:0.05pt;"> </span>2017,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>country<span style="letter-spacing:0.1pt;"> </span>formally<span style="letter-spacing:0.15pt;"> </span>notified<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>European<span style="letter-spacing:0.05pt;"> </span>Union of its<span style="letter-spacing:0.05pt;"> </span>intention<span style="letter-spacing:0.1pt;"> </span>to withdraw pursuant<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>Article<span style="letter-spacing:1.2pt;"> </span>50<span style="letter-spacing:1.1pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>Lisbon<span style="letter-spacing:1.1pt;"> </span>Treaty<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>withdrawal<span style="letter-spacing:1.1pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>United<span style="letter-spacing:1.1pt;"> </span>Kingdom<span style="letter-spacing:1.05pt;"> </span>from<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>EU<span style="letter-spacing:1pt;"> </span>formally took effect<span style="letter-spacing:0.1pt;"> </span>on January<span style="letter-spacing:0.05pt;"> </span>31, 2020 under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>terms<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>Withdrawal<span style="letter-spacing:0.05pt;"> </span>Agreement. Following the United Kingdom&#8217;s departure<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EU, there<span style="letter-spacing:0.1pt;"> </span>was a &#8220;transition<span style="letter-spacing:0.15pt;"> </span>period&#8221;<span style="letter-spacing:0.05pt;"> </span>during<span style="letter-spacing:0.05pt;"> </span>which the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>Kingdom was essentially<span style="letter-spacing:0.15pt;"> </span>treated as<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>Member<span style="letter-spacing:0.1pt;"> </span>State<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EU and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>regime<span style="letter-spacing:0.1pt;"> </span>remained<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>same<span style="letter-spacing:0.05pt;"> </span>across<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>Kingdom and the EU,<span style="letter-spacing:0.05pt;"> </span>while<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>future<span style="letter-spacing:0.15pt;"> </span>relationship<span style="letter-spacing:0.25pt;"> </span>between<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>United<span style="letter-spacing:0.1pt;"> </span>Kingdom<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EU was<span style="letter-spacing:0.05pt;"> </span>formally<span style="letter-spacing:0.15pt;"> </span>negotiated.<span style="letter-spacing:0.15pt;"> </span>This transition<span style="letter-spacing:1.05pt;"> </span>period<span style="letter-spacing:1pt;"> </span>ended<span style="letter-spacing:0.95pt;"> </span>on<span style="letter-spacing:0.9pt;"> </span>December<span style="letter-spacing:0.95pt;"> </span>31,<span style="letter-spacing:0.9pt;"> </span>2020.<span style="letter-spacing:0.9pt;"> </span>The<span style="letter-spacing:0.9pt;"> </span>United<span style="letter-spacing:0.95pt;"> </span>Kingdom<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.95pt;"> </span>EU<span style="letter-spacing:0.85pt;"> </span>have<span style="letter-spacing:0.9pt;"> </span>signed<span style="letter-spacing:0.95pt;"> </span>a<span style="letter-spacing:0.9pt;"> </span>EU-UK<span style="letter-spacing:0.85pt;"> </span>Trade and <span style="letter-spacing:0.05pt;"> </span>Cooperation <span style="letter-spacing:0.1pt;"> </span>Agreement, <span style="letter-spacing:0.1pt;"> </span>which <span style="letter-spacing:0.05pt;"> </span>became <span style="letter-spacing:0.1pt;"> </span>provisionally <span style="letter-spacing:0.15pt;"> </span>applicable <span style="letter-spacing:0.15pt;"> </span>on <span style="letter-spacing:0.05pt;"> </span>January <span style="letter-spacing:0.05pt;"> </span>1,&#160;&#160;2021&#160;&#160;and&#160;&#160;will <span style="letter-spacing:0.05pt;"> </span>become formally<span style="letter-spacing:1.05pt;"> </span>applicable<span style="letter-spacing:1.05pt;"> </span>once<span style="letter-spacing:0.9pt;"> </span>ratified<span style="letter-spacing:1pt;"> </span>by<span style="letter-spacing:0.9pt;"> </span>both<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.95pt;"> </span>United<span style="letter-spacing:0.95pt;"> </span>Kingdom<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.95pt;"> </span>EU.<span style="letter-spacing:0.85pt;"> </span>This<span style="letter-spacing:0.9pt;"> </span>agreement<span style="letter-spacing:1pt;"> </span>provides<span style="letter-spacing:0.95pt;"> </span>details<span style="letter-spacing:1pt;"> </span>on how<span style="letter-spacing:1.25pt;"> </span>some<span style="letter-spacing:1.3pt;"> </span>aspects<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.3pt;"> </span>UK<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>EU&#8217;s<span style="letter-spacing:1.25pt;"> </span>relationship<span style="letter-spacing:1.4pt;"> </span>will<span style="letter-spacing:1.3pt;"> </span>operate<span style="letter-spacing:1.3pt;"> </span>going<span style="letter-spacing:1.25pt;"> </span>forwards<span style="letter-spacing:1.3pt;"> </span>however<span style="letter-spacing:1.25pt;"> </span>there<span style="letter-spacing:1.3pt;"> </span>are<span style="letter-spacing:1.3pt;"> </span>still<span style="letter-spacing:1.35pt;"> </span>many uncertainties.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since<span style="letter-spacing:1.8pt;"> </span>the<span style="letter-spacing:1.8pt;"> </span>regulatory<span style="letter-spacing:1.85pt;"> </span>framework<span style="letter-spacing:1.85pt;"> </span>for<span style="letter-spacing:1.8pt;"> </span>pharmaceutical<span style="letter-spacing:1.9pt;"> </span>products<span style="letter-spacing:1.8pt;"> </span>in<span style="letter-spacing:1.75pt;"> </span>the<span style="letter-spacing:1.75pt;"> </span>United<span style="letter-spacing:1.75pt;"> </span>Kingdom<span style="letter-spacing:1.7pt;"> </span>relating<span style="letter-spacing:1.8pt;"> </span>to<span style="letter-spacing:1.7pt;"> </span>quality, safety<span style="letter-spacing:0.05pt;"> </span>and efficacy<span style="letter-spacing:0.1pt;"> </span>of pharmaceutical<span style="letter-spacing:0.15pt;"> </span>products,<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials,<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>authorization,<span style="letter-spacing:0.15pt;"> </span>commercial<span style="letter-spacing:0.15pt;"> </span>sales<span style="letter-spacing:0.05pt;"> </span>and distribution<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>pharmaceutical<span style="letter-spacing:0.25pt;"> </span>products<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.15pt;"> </span>derived<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>EU directives<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regulations,<span style="letter-spacing:0.15pt;"> </span>Brexit<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>materially impact<span style="letter-spacing:1.7pt;"> </span>the<span style="letter-spacing:1.65pt;"> </span>future<span style="letter-spacing:1.65pt;"> </span>regulatory<span style="letter-spacing:1.7pt;"> </span>regime<span style="letter-spacing:1.7pt;"> </span>which<span style="letter-spacing:1.6pt;"> </span>applies<span style="letter-spacing:1.65pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>products<span style="letter-spacing:1.65pt;"> </span>and<span style="letter-spacing:1.55pt;"> </span>the<span style="letter-spacing:1.6pt;"> </span>approval<span style="letter-spacing:1.6pt;"> </span>of<span style="letter-spacing:1.55pt;"> </span>product<span style="letter-spacing:1.6pt;"> </span>candidates<span style="letter-spacing:1.65pt;"> </span>in<span style="letter-spacing:1.55pt;"> </span>the United<span style="letter-spacing:0.15pt;"> </span>Kingdom,<span style="letter-spacing:0.1pt;"> </span>now<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>United<span style="letter-spacing:0.1pt;"> </span>Kingdom<span style="letter-spacing:0.05pt;"> </span>legislation<span style="letter-spacing:0.2pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>diverge<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>EU legislation.<span style="letter-spacing:0.2pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.1pt;"> </span>now the<span style="letter-spacing:0.1pt;"> </span>transition<span style="letter-spacing:0.15pt;"> </span>period<span style="letter-spacing:0.1pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>expired,<span style="letter-spacing:0.1pt;"> </span>Great<span style="letter-spacing:0.1pt;"> </span>Britain<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>no longer<span style="letter-spacing:0.05pt;"> </span>be covered<span style="letter-spacing:0.05pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>centralized<span style="letter-spacing:0.15pt;"> </span>procedure<span style="letter-spacing:0.05pt;"> </span>for obtaining<span style="letter-spacing:0.1pt;"> </span>EEA-wide marketing<span style="letter-spacing:0.1pt;"> </span>authorization<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>EMA and a separate<span style="letter-spacing:0.1pt;"> </span>process<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>authorization<span style="letter-spacing:0.15pt;"> </span>of drug products<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.1pt;"> </span>in Great<span style="letter-spacing:0.05pt;"> </span>Britain<span style="letter-spacing:0.05pt;"> </span>resulting<span style="letter-spacing:0.1pt;"> </span>in an authorization<span style="letter-spacing:0.15pt;"> </span>covering<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>Kingdom or Great Britain<span style="letter-spacing:0.15pt;"> </span>only.<span style="letter-spacing:0.1pt;"> </span>For<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>period<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>two<span style="letter-spacing:0.1pt;"> </span>years<span style="letter-spacing:0.15pt;"> </span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">70</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">January</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2021,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">MHRA may</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rely</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">decision</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">taken</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the European</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Commission</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approval</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of a new marketing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorization</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">centralized</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">procedure,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in order</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to more</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">quickly</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">grant</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">UK marketing</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorization.</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A separate</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">application</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">however, still</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be required.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Longer term,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Kingdom is</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">likely</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to develop</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">its</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">own legislation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">diverges</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EU.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we,<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.1pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>have, obtain<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.05pt;"> </span>approvals<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.05pt;"> </span>the terms <span style="letter-spacing:1.5pt;"> </span>of <span style="letter-spacing:1.4pt;"> </span>approvals <span style="letter-spacing:1.45pt;"> </span>and <span style="letter-spacing:1.4pt;"> </span>ongoing <span style="letter-spacing:1.4pt;"> </span>regulation <span style="letter-spacing:1.45pt;"> </span>of <span style="letter-spacing:1.4pt;"> </span>our <span style="letter-spacing:1.4pt;"> </span>product <span style="letter-spacing:1.45pt;"> </span>candidates <span style="letter-spacing:1.45pt;"> </span>could <span style="letter-spacing:1.4pt;"> </span>require <span style="letter-spacing:1.45pt;"> </span>the <span style="letter-spacing:1.4pt;"> </span>substantial expenditure<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>limit<span style="letter-spacing:0.15pt;"> </span>how we,<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>they,<span style="letter-spacing:0.05pt;"> </span>manufacture<span style="letter-spacing:0.05pt;"> </span>and market<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates, which could materially<span style="letter-spacing:0.15pt;"> </span>impair<span style="letter-spacing:0.05pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to generate<span style="letter-spacing:0.05pt;"> </span>revenue.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:1.15pt;"> </span>product<span style="letter-spacing:1.2pt;"> </span>candidate<span style="letter-spacing:1.25pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>which<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>obtain<span style="letter-spacing:1.15pt;"> </span>marketing<span style="letter-spacing:1.2pt;"> </span>approval,<span style="letter-spacing:1.15pt;"> </span>along<span style="letter-spacing:1.15pt;"> </span>with<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>manufacturing<span style="letter-spacing:1.25pt;"> </span>processes, post-approval<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>data,<span style="letter-spacing:0.05pt;"> </span>labeling,<span style="letter-spacing:0.1pt;"> </span>advertising,<span style="letter-spacing:0.1pt;"> </span>and promotional<span style="letter-spacing:0.1pt;"> </span>activities<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>such product,<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be subject<span style="letter-spacing:0.05pt;"> </span>to continual<span style="letter-spacing:1.35pt;"> </span>requirements<span style="letter-spacing:1.4pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>review<span style="letter-spacing:1.3pt;"> </span>by<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>FDA,<span style="letter-spacing:1.15pt;"> </span>EMA<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>other<span style="letter-spacing:1.25pt;"> </span>regulatory<span style="letter-spacing:1.3pt;"> </span>authorities.<span style="letter-spacing:1.35pt;"> </span>These<span style="letter-spacing:1.2pt;"> </span>requirements include<span style="letter-spacing:0.1pt;"> </span>submissions<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>post-marketing<span style="letter-spacing:0.15pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>and reports,<span style="letter-spacing:0.1pt;"> </span>facility<span style="letter-spacing:0.1pt;"> </span>registration<span style="letter-spacing:0.15pt;"> </span>and drug listing<span style="letter-spacing:0.15pt;"> </span>requirements,<span style="letter-spacing:0.2pt;"> </span>cGMP<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>relating<span style="letter-spacing:0.15pt;"> </span>to quality<span style="letter-spacing:0.05pt;"> </span>control,<span style="letter-spacing:0.05pt;"> </span>quality<span style="letter-spacing:0.05pt;"> </span>assurance<span style="letter-spacing:0.1pt;"> </span>and corresponding maintenance<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>records<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>documents,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>regarding<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>distribution<span style="letter-spacing:0.15pt;"> </span>of samples<span style="letter-spacing:0.1pt;"> </span>to physicians<span style="letter-spacing:0.1pt;"> </span>and recordkeeping.<span style="letter-spacing:0.15pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of a product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>granted,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be subject<span style="letter-spacing:0.05pt;"> </span>to limitations<span style="letter-spacing:1.3pt;"> </span>on<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>indicated<span style="letter-spacing:1.25pt;"> </span>uses<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>which<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>products<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.2pt;"> </span>be<span style="letter-spacing:1.15pt;"> </span>marketed<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>conditions<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>approval,<span style="letter-spacing:1.15pt;"> </span>or contain<span style="letter-spacing:0.1pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>costly<span style="letter-spacing:0.05pt;"> </span>post-marketing<span style="letter-spacing:0.15pt;"> </span>testing<span style="letter-spacing:0.1pt;"> </span>and surveillance<span style="letter-spacing:0.15pt;"> </span>to monitor<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>safety<span style="letter-spacing:0.05pt;"> </span>or efficacy<span style="letter-spacing:0.1pt;"> </span>of the products.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accordingly,<span style="letter-spacing:0.1pt;"> </span>assuming<span style="letter-spacing:0.1pt;"> </span>we,<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.2pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>have,<span style="letter-spacing:0.05pt;"> </span>receive<span style="letter-spacing:0.15pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>one or more product <span style="letter-spacing:0.05pt;"> </span>candidates <span style="letter-spacing:0.1pt;"> </span>we&#160;&#160;develop, <span style="letter-spacing:0.05pt;"> </span>we,&#160;&#160;and<span style="letter-spacing:2.45pt;"> </span>such<span style="letter-spacing:2.45pt;"> </span>collaborators, <span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:2.45pt;"> </span>our<span style="letter-spacing:2.45pt;"> </span>and<span style="letter-spacing:2.45pt;"> </span>their&#160;&#160;contract <span style="letter-spacing:0.05pt;"> </span>manufacturers <span style="letter-spacing:0.1pt;"> </span>will continue<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>expend<span style="letter-spacing:0.05pt;"> </span>time,<span style="letter-spacing:0.05pt;"> </span>money,<span style="letter-spacing:0.05pt;"> </span>and effort<span style="letter-spacing:0.1pt;"> </span>in all<span style="letter-spacing:0.05pt;"> </span>areas<span style="letter-spacing:0.05pt;"> </span>of regulatory<span style="letter-spacing:0.1pt;"> </span>compliance,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>manufacturing, production,<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>surveillance,<span style="letter-spacing:0.15pt;"> </span>and quality<span style="letter-spacing:0.05pt;"> </span>control.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we and such collaborators<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>not able<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with post-approval<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>requirements,<span style="letter-spacing:0.15pt;"> </span>we and such collaborators<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>have the<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approvals<span style="letter-spacing:0.05pt;"> </span>for our products <span style="letter-spacing:0.1pt;"> </span>withdrawn <span style="letter-spacing:0.1pt;"> </span>by <span style="letter-spacing:0.05pt;"> </span>regulatory <span style="letter-spacing:0.15pt;"> </span>authorities <span style="letter-spacing:0.2pt;"> </span>and&#160;&#160;our,&#160;&#160;or&#160;&#160;such&#160;&#160;collaborators&#8217;, <span style="letter-spacing:0.15pt;"> </span>ability <span style="letter-spacing:0.1pt;"> </span>to&#160;&#160;market <span style="letter-spacing:0.1pt;"> </span>any&#160;&#160;future products<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>limited,<span style="letter-spacing:0.15pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.1pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to achieve<span style="letter-spacing:0.05pt;"> </span>or sustain<span style="letter-spacing:0.05pt;"> </span>profitability.<span style="letter-spacing:0.15pt;"> </span>Further,<span style="letter-spacing:0.05pt;"> </span>the cost<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>compliance<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>post-approval<span style="letter-spacing:0.15pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>negative<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>our business,<span style="letter-spacing:0.05pt;"> </span>operating<span style="letter-spacing:0.1pt;"> </span>results, financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>which we obtain<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>could be subject<span style="letter-spacing:0.05pt;"> </span>to restrictions<span style="letter-spacing:0.15pt;"> </span>or withdrawal from<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>market,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>penalties<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we fail<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with regulatory requirements<span style="letter-spacing:1.55pt;"> </span>or<span style="letter-spacing:1.4pt;"> </span>if<span style="letter-spacing:1.45pt;"> </span>we<span style="letter-spacing:1.4pt;"> </span>experience<span style="letter-spacing:1.45pt;"> </span>unanticipated<span style="letter-spacing:1.45pt;"> </span>problems<span style="letter-spacing:1.45pt;"> </span>with<span style="letter-spacing:1.4pt;"> </span>our<span style="letter-spacing:1.4pt;"> </span>product<span style="letter-spacing:1.45pt;"> </span>candidates,<span style="letter-spacing:1.45pt;"> </span>when<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>if<span style="letter-spacing:1.45pt;"> </span>any<span style="letter-spacing:1.4pt;"> </span>of them<span style="letter-spacing:0.05pt;"> </span>are approved.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA,<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.05pt;"> </span>closely<span style="letter-spacing:0.05pt;"> </span>regulate<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>post-approval<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>and promotion<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ensure<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>marketed<span style="letter-spacing:0.15pt;"> </span>only<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>approved<span style="letter-spacing:0.1pt;"> </span>indications<span style="letter-spacing:0.15pt;"> </span>and in accordance<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>provisions<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>approved<span style="letter-spacing:0.1pt;"> </span>labeling.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>agencies impose<span style="letter-spacing:1.3pt;"> </span>stringent<span style="letter-spacing:1.3pt;"> </span>restrictions<span style="letter-spacing:1.35pt;"> </span>on<span style="letter-spacing:1.2pt;"> </span>manufacturers&#8217;<span style="letter-spacing:1.35pt;"> </span>communications<span style="letter-spacing:1.35pt;"> </span>regarding<span style="letter-spacing:1.3pt;"> </span>off-label<span style="letter-spacing:1.3pt;"> </span>use,<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>if<span style="letter-spacing:1.25pt;"> </span>we<span style="letter-spacing:1.2pt;"> </span>market<span style="letter-spacing:1.3pt;"> </span>our product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>off-label<span style="letter-spacing:0.15pt;"> </span>use,<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>be subject<span style="letter-spacing:0.05pt;"> </span>to enforcement<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>off-label<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>FDA and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>federal<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>state<span style="letter-spacing:0.1pt;"> </span>enforcement<span style="letter-spacing:0.15pt;"> </span>agencies,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Department<span style="letter-spacing:0.1pt;"> </span>of Justice.<span style="letter-spacing:0.1pt;"> </span>Violation<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>Federal Food,<span style="letter-spacing:0.05pt;"> </span>Drug,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Cosmetic<span style="letter-spacing:0.1pt;"> </span>Act<span style="letter-spacing:0.05pt;"> </span>(FDCA), and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>statutes,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>False<span style="letter-spacing:0.1pt;"> </span>Claims<span style="letter-spacing:0.1pt;"> </span>Act<span style="letter-spacing:0.05pt;"> </span>(FCA),<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>equivalent legislation<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>countries<span style="letter-spacing:0.1pt;"> </span>relating<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>promotion<span style="letter-spacing:0.1pt;"> </span>and advertising<span style="letter-spacing:0.1pt;"> </span>of prescription<span style="letter-spacing:0.15pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>lead<span style="letter-spacing:0.05pt;"> </span>to investigations<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>allegations<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>violations<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>federal<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>state<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>other<span style="letter-spacing:1.1pt;"> </span>countries&#8217;<span style="letter-spacing:1.15pt;"> </span>health<span style="letter-spacing:1.1pt;"> </span>care<span style="letter-spacing:1.1pt;"> </span>fraud<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>abuse laws<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>state<span style="letter-spacing:0.1pt;"> </span>consumer<span style="letter-spacing:0.1pt;"> </span>protection<span style="letter-spacing:0.15pt;"> </span>laws.<span style="letter-spacing:0.05pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>later<span style="letter-spacing:0.15pt;"> </span>determined<span style="letter-spacing:0.15pt;"> </span>we were not in violation<span style="letter-spacing:0.1pt;"> </span>of these<span style="letter-spacing:0.05pt;"> </span>laws, we may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>faced<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>negative<span style="letter-spacing:0.1pt;"> </span>publicity,<span style="letter-spacing:0.1pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>expenses<span style="letter-spacing:0.05pt;"> </span>defending<span style="letter-spacing:0.05pt;"> </span>our actions<span style="letter-spacing:0.05pt;"> </span>and have to divert significant<span style="letter-spacing:0.15pt;"> </span>management<span style="letter-spacing:0.1pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>matters.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>later<span style="letter-spacing:0.15pt;"> </span>discovery<span style="letter-spacing:0.1pt;"> </span>of previously<span style="letter-spacing:0.1pt;"> </span>unknown problems<span style="letter-spacing:0.1pt;"> </span>with our products,<span style="letter-spacing:0.05pt;"> </span>manufacturers,<span style="letter-spacing:0.15pt;"> </span>or manufacturing<span style="letter-spacing:0.2pt;"> </span>processes,<span style="letter-spacing:0.1pt;"> </span>or failure<span style="letter-spacing:0.1pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with regulatory<span style="letter-spacing:0.1pt;"> </span>requirements,<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>yield<span style="letter-spacing:0.05pt;"> </span>various<span style="letter-spacing:0.05pt;"> </span>negative consequences,<span style="letter-spacing:0.05pt;"> </span>including:</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">restrictions<span style="letter-spacing:0.15pt;"> </span>on such products,<span style="letter-spacing:0.05pt;"> </span>manufacturers,<span style="letter-spacing:0.15pt;"> </span>or manufacturing<span style="letter-spacing:0.15pt;"> </span>processes&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">restrictions<span style="letter-spacing:0.15pt;"> </span>on the<span style="letter-spacing:0.05pt;"> </span>labeling<span style="letter-spacing:0.1pt;"> </span>or marketing<span style="letter-spacing:0.1pt;"> </span>of a therapy&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">restrictions<span style="letter-spacing:0.15pt;"> </span>on the<span style="letter-spacing:0.05pt;"> </span>distribution<span style="letter-spacing:0.15pt;"> </span>or use of a therapy&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">requirements<span style="letter-spacing:0.15pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>post-marketing<span style="letter-spacing:0.15pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">receipt<span style="letter-spacing:0.1pt;"> </span>of warning<span style="letter-spacing:0.05pt;"> </span>or untitled<span style="letter-spacing:0.1pt;"> </span>letters&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">withdrawal<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>market&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">refusal<span style="letter-spacing:0.1pt;"> </span>to approve<span style="letter-spacing:0.05pt;"> </span>pending<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>or supplements<span style="letter-spacing:0.1pt;"> </span>to approved<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we submit&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">recall<span style="letter-spacing:0.1pt;"> </span>of products&#59;</p></td></tr></table></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">fines,<span style="letter-spacing:0.05pt;"> </span>restitution,<span style="letter-spacing:0.15pt;"> </span>or disgorgement<span style="letter-spacing:0.1pt;"> </span>of profits<span style="letter-spacing:0.1pt;"> </span>or revenue&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">restrictions<span style="letter-spacing:0.15pt;"> </span>on future<span style="letter-spacing:0.05pt;"> </span>procurements<span style="letter-spacing:0.1pt;"> </span>with governmental<span style="letter-spacing:0.1pt;"> </span>authorities&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">suspension<span style="letter-spacing:0.05pt;"> </span>or withdrawal<span style="letter-spacing:0.05pt;"> </span>of marketing<span style="letter-spacing:0.1pt;"> </span>approvals&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">suspension<span style="letter-spacing:0.05pt;"> </span>of any ongoing clinical<span style="letter-spacing:0.1pt;"> </span>trials&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">refusal<span style="letter-spacing:0.1pt;"> </span>to permit<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>import<span style="letter-spacing:0.1pt;"> </span>or export<span style="letter-spacing:0.05pt;"> </span>of our products&#59;</p></td></tr></table></div>
<p style="text-align:justify;line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.67%;text-indent:-2.5%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">product<span style="letter-spacing:0.05pt;"> </span>seizure&#59;<span style="letter-spacing:0.1pt;"> </span>and</p></td></tr></table></div>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">injunctions<span style="letter-spacing:0.1pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>imposition<span style="letter-spacing:0.1pt;"> </span>of civil<span style="letter-spacing:0.05pt;"> </span>or criminal<span style="letter-spacing:0.1pt;"> </span>penalties.</p></td></tr></table></div>
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;text-indent:4.17%;font-size:12pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:0.05pt;"> </span>government<span style="letter-spacing:0.15pt;"> </span>investigation<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>alleged<span style="letter-spacing:0.1pt;"> </span>violations<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>law<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>require<span style="letter-spacing:0.15pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>expend significant<span style="letter-spacing:0.15pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>and resources<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>response<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>generate<span style="letter-spacing:0.15pt;"> </span>negative<span style="letter-spacing:0.1pt;"> </span>publicity.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>occurrence<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any event<span style="letter-spacing:0.05pt;"> </span>or penalty<span style="letter-spacing:0.05pt;"> </span>described above <span style="letter-spacing:0.05pt;"> </span>may <span style="letter-spacing:0.1pt;"> </span>inhibit <span style="letter-spacing:0.15pt;"> </span>our <span style="letter-spacing:0.05pt;"> </span>ability <span style="letter-spacing:0.15pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>commercialize <span style="letter-spacing:0.25pt;"> </span>our&#160;&#160;product <span style="letter-spacing:0.05pt;"> </span>candidates <span style="letter-spacing:0.1pt;"> </span>and&#160;&#160;adversely <span style="letter-spacing:0.1pt;"> </span>affect <span style="letter-spacing:0.1pt;"> </span>our&#160;&#160;business, financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>relationships<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>providers,<span style="letter-spacing:0.1pt;"> </span>physicians,<span style="letter-spacing:0.1pt;"> </span>and third-party<span style="letter-spacing:0.1pt;"> </span>payors<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be subject<span style="letter-spacing:0.05pt;"> </span>to applicable anti-kickback,<span style="letter-spacing:1pt;"> </span>fraud<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.85pt;"> </span>abuse,<span style="letter-spacing:0.85pt;"> </span>anti-bribery<span style="letter-spacing:0.95pt;"> </span>and<span style="letter-spacing:0.85pt;"> </span>other<span style="letter-spacing:0.9pt;"> </span>healthcare<span style="letter-spacing:0.9pt;"> </span>laws<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.85pt;"> </span>regulations,<span style="letter-spacing:0.9pt;"> </span>which<span style="letter-spacing:0.85pt;"> </span>could<span style="letter-spacing:0.85pt;"> </span>expose us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>criminal<span style="letter-spacing:0.15pt;"> </span>sanctions,<span style="letter-spacing:0.1pt;"> </span>civil<span style="letter-spacing:0.15pt;"> </span>penalties,<span style="letter-spacing:0.15pt;"> </span>contractual<span style="letter-spacing:0.1pt;"> </span>damages,<span style="letter-spacing:0.1pt;"> </span>reputational<span style="letter-spacing:0.15pt;"> </span>harm,<span style="letter-spacing:0.05pt;"> </span>and diminished<span style="letter-spacing:0.1pt;"> </span>profits<span style="letter-spacing:0.1pt;"> </span>and future<span style="letter-spacing:0.05pt;"> </span>earnings.</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Healthcare&#160;&#160;<span style="letter-spacing:0.15pt;"> </span>providers,&#160;&#160;<span style="letter-spacing:0.15pt;"> </span>including&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>physicians,&#160;&#160;<span style="letter-spacing:0.15pt;"> </span>and&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>third-party&#160;&#160;<span style="letter-spacing:0.2pt;"> </span>payors&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>play&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>a&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>primary&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>role&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>in&#160;&#160; the recommendation<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>prescription<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>which we obtain<span style="letter-spacing:0.05pt;"> </span>marketing approval.<span style="letter-spacing:0.1pt;"> </span>Our<span style="letter-spacing:0.05pt;"> </span>current<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>arrangements<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.2pt;"> </span>payors,<span style="letter-spacing:0.1pt;"> </span>healthcare<span style="letter-spacing:0.15pt;"> </span>providers<span style="letter-spacing:0.1pt;"> </span>and customers<span style="letter-spacing:0.1pt;"> </span>may expose<span style="letter-spacing:0.1pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>broadly<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>fraud<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>abuse<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>constrain<span style="letter-spacing:0.1pt;"> </span>the business<span style="letter-spacing:0.75pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>financial<span style="letter-spacing:0.8pt;"> </span>arrangements<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>relationships<span style="letter-spacing:0.85pt;"> </span>through<span style="letter-spacing:0.75pt;"> </span>which<span style="letter-spacing:0.7pt;"> </span>we<span style="letter-spacing:0.7pt;"> </span>market,<span style="letter-spacing:0.8pt;"> </span>sell,<span style="letter-spacing:0.75pt;"> </span>and<span style="letter-spacing:0.65pt;"> </span>distribute<span style="letter-spacing:0.75pt;"> </span>our<span style="letter-spacing:0.65pt;"> </span>products for<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>obtain<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>approval.<span style="letter-spacing:0.05pt;"> </span>Restrictions<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>and state<span style="letter-spacing:0.05pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>laws and regulations,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>only if<span style="letter-spacing:0.05pt;"> </span>we have marketed<span style="letter-spacing:0.1pt;"> </span>products,<span style="letter-spacing:0.05pt;"> </span>include<span style="letter-spacing:0.05pt;"> </span>the following:</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:2.25pt;"> </span>civil<span style="letter-spacing:2.25pt;"> </span>FCA,<span style="letter-spacing:2.15pt;"> </span>prohibits<span style="letter-spacing:2.25pt;"> </span>knowingly<span style="letter-spacing:2.15pt;"> </span>presenting<span style="letter-spacing:2.25pt;"> </span>or<span style="letter-spacing:2.15pt;"> </span>causing<span style="letter-spacing:2.2pt;"> </span>the<span style="letter-spacing:2.2pt;"> </span>presentation<span style="letter-spacing:2.25pt;"> </span>of<span style="letter-spacing:2.15pt;"> </span>a<span style="letter-spacing:2.15pt;"> </span>false,<span style="letter-spacing:2.2pt;"> </span>fictitious<span style="letter-spacing:2.3pt;"> </span>or fraudulent<span style="letter-spacing:0.15pt;"> </span>claim<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>payment<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. government.<span style="letter-spacing:0.15pt;"> </span>Actions<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>FCA may<span style="letter-spacing:0.05pt;"> </span>be brought<span style="letter-spacing:0.05pt;"> </span>by the Attorney<span style="letter-spacing:0.1pt;"> </span>General<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>qui<span style="letter-spacing:0.05pt;"> </span>tam<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>private<span style="letter-spacing:0.1pt;"> </span>individual<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>name<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>government. Violations<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FCA<span style="letter-spacing:0.05pt;"> </span>can<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>very<span style="letter-spacing:0.1pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>monetary<span style="letter-spacing:0.15pt;"> </span>penalties,<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>each<span style="letter-spacing:0.05pt;"> </span>false<span style="letter-spacing:0.05pt;"> </span>claim<span style="letter-spacing:0.1pt;"> </span>and treble the<span style="letter-spacing:0.1pt;"> </span>amount<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>government&#8217;s<span style="letter-spacing:0.15pt;"> </span>damages.<span style="letter-spacing:0.1pt;"> </span>Manufacturers<span style="letter-spacing:0.2pt;"> </span>can<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>held<span style="letter-spacing:0.1pt;"> </span>liable<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>FCA even when they<span style="letter-spacing:0.45pt;"> </span>do<span style="letter-spacing:0.4pt;"> </span>not<span style="letter-spacing:0.4pt;"> </span>submit<span style="letter-spacing:0.45pt;"> </span>claims<span style="letter-spacing:0.5pt;"> </span>directly<span style="letter-spacing:0.5pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>government<span style="letter-spacing:0.5pt;"> </span>payors<span style="letter-spacing:0.45pt;"> </span>if<span style="letter-spacing:0.45pt;"> </span>they<span style="letter-spacing:0.45pt;"> </span>are<span style="letter-spacing:0.45pt;"> </span>deemed<span style="letter-spacing:0.45pt;"> </span>to<span style="letter-spacing:0.4pt;"> </span>&#8220;cause&#8221;<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>submission of false<span style="letter-spacing:0.05pt;"> </span>or fraudulent<span style="letter-spacing:0.1pt;"> </span>claims&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.9pt;"> </span>federal<span style="letter-spacing:0.95pt;"> </span>Anti-Kickback<span style="letter-spacing:0.9pt;"> </span>Statute<span style="letter-spacing:0.9pt;"> </span>prohibits,<span style="letter-spacing:0.95pt;"> </span>among<span style="letter-spacing:0.9pt;"> </span>other<span style="letter-spacing:0.9pt;"> </span>things,<span style="letter-spacing:0.85pt;"> </span>persons<span style="letter-spacing:0.85pt;"> </span>from<span style="letter-spacing:0.85pt;"> </span>soliciting,<span style="letter-spacing:0.9pt;"> </span>receiving<span style="letter-spacing:0.9pt;"> </span>or providing<span style="letter-spacing:0.1pt;"> </span>remuneration,<span style="letter-spacing:0.15pt;"> </span>directly<span style="letter-spacing:0.1pt;"> </span>or indirectly,<span style="letter-spacing:0.1pt;"> </span>to induce<span style="letter-spacing:0.05pt;"> </span>either<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>referral<span style="letter-spacing:0.15pt;"> </span>of an individual,<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>an item or service<span style="letter-spacing:0.1pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>purchasing<span style="letter-spacing:0.05pt;"> </span>or ordering<span style="letter-spacing:0.05pt;"> </span>of a good or service,<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>which payment<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be made<span style="letter-spacing:0.05pt;"> </span>under federal<span style="letter-spacing:0.15pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>such as Medicare<span style="letter-spacing:0.1pt;"> </span>and Medicaid.<span style="letter-spacing:0.1pt;"> </span>The federal<span style="letter-spacing:0.1pt;"> </span>Anti-Kickback<span style="letter-spacing:0.05pt;"> </span>Statute<span style="letter-spacing:0.05pt;"> </span>has been<span style="letter-spacing:0.05pt;"> </span>interpreted<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>apply<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>arrangements<span style="letter-spacing:0.15pt;"> </span>between<span style="letter-spacing:0.05pt;"> </span>manufacturers<span style="letter-spacing:0.15pt;"> </span>on one hand and prescribers, purchasers,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>formulary<span style="letter-spacing:0.15pt;"> </span>managers<span style="letter-spacing:0.1pt;"> </span>on the<span style="letter-spacing:0.05pt;"> </span>other.<span style="letter-spacing:0.05pt;"> </span>A person<span style="letter-spacing:0.05pt;"> </span>or entity<span style="letter-spacing:0.05pt;"> </span>does not need to have actual knowledge<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>statute<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>specific<span style="letter-spacing:0.15pt;"> </span>intent<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>violate<span style="letter-spacing:0.15pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>order<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>committed<span style="letter-spacing:0.15pt;"> </span>a violation.<span style="letter-spacing:0.1pt;"> </span>A violation<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>Anti-Kickback<span style="letter-spacing:0.05pt;"> </span>Statute<span style="letter-spacing:0.05pt;"> </span>can also<span style="letter-spacing:0.05pt;"> </span>form<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>basis<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>FCA<span style="letter-spacing:-0.05pt;"> </span>liability&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.15pt;"> </span>federal<span style="letter-spacing:0.2pt;"> </span>Health<span style="letter-spacing:0.15pt;"> </span>Insurance<span style="letter-spacing:0.2pt;"> </span>Portability<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>Accountability<span style="letter-spacing:0.15pt;"> </span>Act<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>1996<span style="letter-spacing:0.05pt;"> </span>(HIPAA),<span style="letter-spacing:0.05pt;"> </span>which,<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>addition<span style="letter-spacing:0.1pt;"> </span>to privacy<span style="letter-spacing:0.7pt;"> </span>protections<span style="letter-spacing:0.75pt;"> </span>applicable<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>healthcare<span style="letter-spacing:0.75pt;"> </span>providers<span style="letter-spacing:0.75pt;"> </span>and<span style="letter-spacing:0.65pt;"> </span>other<span style="letter-spacing:0.7pt;"> </span>entities,<span style="letter-spacing:0.75pt;"> </span>prohibits<span style="letter-spacing:0.75pt;"> </span>executing<span style="letter-spacing:0.65pt;"> </span>a<span style="letter-spacing:0.6pt;"> </span>scheme to<span style="letter-spacing:1.25pt;"> </span>defraud<span style="letter-spacing:1.3pt;"> </span>any<span style="letter-spacing:1.25pt;"> </span>healthcare<span style="letter-spacing:1.35pt;"> </span>benefit<span style="letter-spacing:1.35pt;"> </span>program<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>making<span style="letter-spacing:1.3pt;"> </span>false<span style="letter-spacing:1.3pt;"> </span>statements<span style="letter-spacing:1.4pt;"> </span>relating<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>healthcare<span style="letter-spacing:1.35pt;"> </span>matters. Similar<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>Anti-Kickback<span style="letter-spacing:0.05pt;"> </span>Statute,<span style="letter-spacing:0.05pt;"> </span>a person<span style="letter-spacing:0.05pt;"> </span>or entity<span style="letter-spacing:0.05pt;"> </span>does not need to have actual<span style="letter-spacing:0.05pt;"> </span>knowledge of the<span style="letter-spacing:0.05pt;"> </span>statute<span style="letter-spacing:0.1pt;"> </span>or specific<span style="letter-spacing:0.1pt;"> </span>intent<span style="letter-spacing:0.05pt;"> </span>to violate<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>in order<span style="letter-spacing:0.05pt;"> </span>to have committed<span style="letter-spacing:0.1pt;"> </span>a violation&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">HIPAA,<span style="letter-spacing:0.75pt;"> </span>as<span style="letter-spacing:0.8pt;"> </span>amended<span style="letter-spacing:0.85pt;"> </span>by<span style="letter-spacing:0.8pt;"> </span>the<span style="letter-spacing:0.85pt;"> </span>Health<span style="letter-spacing:0.85pt;"> </span>Information<span style="letter-spacing:0.95pt;"> </span>Technology<span style="letter-spacing:0.8pt;"> </span>for<span style="letter-spacing:0.8pt;"> </span>Economic<span style="letter-spacing:0.8pt;"> </span>and<span style="letter-spacing:0.75pt;"> </span>Clinical<span style="letter-spacing:0.85pt;"> </span>Health<span style="letter-spacing:0.8pt;"> </span>Act<span style="letter-spacing:0.75pt;"> </span>of 2009 (HITECH), and its implementing<span style="letter-spacing:0.1pt;"> </span>regulations,<span style="letter-spacing:0.05pt;"> </span>including the final omnibus rule published on January<span style="letter-spacing:1.05pt;"> </span>25,<span style="letter-spacing:1pt;"> </span>2013,<span style="letter-spacing:1pt;"> </span>imposes,<span style="letter-spacing:1pt;"> </span>among<span style="letter-spacing:1pt;"> </span>other<span style="letter-spacing:1pt;"> </span>things,<span style="letter-spacing:1pt;"> </span>certain<span style="letter-spacing:1.05pt;"> </span>requirements<span style="letter-spacing:1.1pt;"> </span>relating<span style="letter-spacing:1.05pt;"> </span>to<span style="letter-spacing:0.95pt;"> </span>the<span style="letter-spacing:1pt;"> </span>privacy,<span style="letter-spacing:1pt;"> </span>security and<span style="letter-spacing:0.1pt;"> </span>transmission<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>individually<span style="letter-spacing:0.15pt;"> </span>identifiable<span style="letter-spacing:0.2pt;"> </span>health<span style="letter-spacing:0.1pt;"> </span>information.<span style="letter-spacing:0.2pt;"> </span>Among<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>things,<span style="letter-spacing:0.1pt;"> </span>HITECH makes HIPAA&#8217;s<span style="letter-spacing:0.05pt;"> </span>privacy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>security<span style="letter-spacing:0.1pt;"> </span>standards<span style="letter-spacing:0.1pt;"> </span>directly<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>to &#8220;business<span style="letter-spacing:0.05pt;"> </span>associates,&#8221;<span style="letter-spacing:0.1pt;"> </span>defined<span style="letter-spacing:0.05pt;"> </span>as independent<span style="letter-spacing:0.1pt;"> </span>contractors<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>agents<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>covered<span style="letter-spacing:0.1pt;"> </span>entities<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>create,<span style="letter-spacing:0.15pt;"> </span>receive,<span style="letter-spacing:0.15pt;"> </span>maintain,<span style="letter-spacing:0.15pt;"> </span>transmit,<span style="letter-spacing:0.15pt;"> </span>or obtain, protected<span style="letter-spacing:0.15pt;"> </span>health<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>connection<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>providing<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>service<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>on behalf<span style="letter-spacing:0.05pt;"> </span>of a covered<span style="letter-spacing:0.05pt;"> </span>entity, and<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>covered<span style="letter-spacing:0.1pt;"> </span>subcontractors.<span style="letter-spacing:0.2pt;"> </span>HITECH also<span style="letter-spacing:0.1pt;"> </span>increased<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>civil<span style="letter-spacing:0.05pt;"> </span>and criminal<span style="letter-spacing:0.1pt;"> </span>penalties<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be imposed<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>covered<span style="letter-spacing:0.05pt;"> </span>entities,<span style="letter-spacing:0.1pt;"> </span>business<span style="letter-spacing:0.05pt;"> </span>associates<span style="letter-spacing:0.1pt;"> </span>and possibly<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>persons,<span style="letter-spacing:0.05pt;"> </span>and gave state attorneys<span style="letter-spacing:0.15pt;"> </span>general<span style="letter-spacing:0.1pt;"> </span>new<span style="letter-spacing:0.05pt;"> </span>authority<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>file<span style="letter-spacing:0.1pt;"> </span>civil<span style="letter-spacing:0.1pt;"> </span>actions<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>damages<span style="letter-spacing:0.05pt;"> </span>or injunctions<span style="letter-spacing:0.1pt;"> </span>in federal<span style="letter-spacing:0.1pt;"> </span>courts<span style="letter-spacing:0.05pt;"> </span>to enforce<span style="letter-spacing:1.3pt;"> </span>the<span style="letter-spacing:1.3pt;"> </span>federal<span style="letter-spacing:1.35pt;"> </span>HIPAA<span style="letter-spacing:1.2pt;"> </span>laws<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>seek<span style="letter-spacing:1.25pt;"> </span>attorney&#8217;s<span style="letter-spacing:1.3pt;"> </span>fees<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>costs<span style="letter-spacing:1.25pt;"> </span>associated<span style="letter-spacing:1.3pt;"> </span>with<span style="letter-spacing:1.2pt;"> </span>pursuing<span style="letter-spacing:1.25pt;"> </span>federal civil<span style="letter-spacing:0.05pt;"> </span>actions&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FDCA,</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">among</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">things,</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">strictly</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulates</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">drug</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">marketing,</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prohibits</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manufacturers</span><span style="letter-spacing:0.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from marketing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">such products</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">off-label</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">use and regulates</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">distribution</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of samples&#59;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">federal<span style="letter-spacing:0.2pt;"> </span>laws<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.15pt;"> </span>require<span style="letter-spacing:0.2pt;"> </span>pharmaceutical<span style="letter-spacing:0.25pt;"> </span>manufacturers<span style="letter-spacing:0.25pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>report<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>calculated<span style="letter-spacing:0.15pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>prices<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the government<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>provide<span style="letter-spacing:0.7pt;"> </span>certain<span style="letter-spacing:0.75pt;"> </span>discounts<span style="letter-spacing:0.7pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>rebates<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>government<span style="letter-spacing:0.75pt;"> </span>authorities<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>private<span style="letter-spacing:0.75pt;"> </span>entities,<span style="letter-spacing:0.75pt;"> </span>often as a condition<span style="letter-spacing:0.05pt;"> </span>of reimbursement<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>government<span style="letter-spacing:0.1pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>programs&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">federal<span style="letter-spacing:1.7pt;"> </span>transparency<span style="letter-spacing:1.7pt;"> </span>laws,<span style="letter-spacing:1.6pt;"> </span>including<span style="letter-spacing:1.65pt;"> </span>the<span style="letter-spacing:1.65pt;"> </span>federal<span style="letter-spacing:1.7pt;"> </span>Physician<span style="letter-spacing:1.65pt;"> </span>Payment<span style="letter-spacing:1.65pt;"> </span>Sunshine<span style="letter-spacing:1.6pt;"> </span>Act<span style="letter-spacing:1.55pt;"> </span>created<span style="letter-spacing:1.65pt;"> </span>under<span style="letter-spacing:1.6pt;"> </span>the Patient<span style="letter-spacing:0.1pt;"> </span>Protection<span style="letter-spacing:0.1pt;"> </span>and Affordable<span style="letter-spacing:0.1pt;"> </span>Care Act as amended<span style="letter-spacing:0.05pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>Health<span style="letter-spacing:0.05pt;"> </span>Care and Education Reconciliation<span style="letter-spacing:0.15pt;"> </span>Act<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>2010<span style="letter-spacing:0.05pt;"> </span>(collectively,<span style="letter-spacing:0.2pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ACA), and<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.1pt;"> </span>implementing<span style="letter-spacing:0.2pt;"> </span>regulations,<span style="letter-spacing:0.1pt;"> </span>which requires manufacturers<span style="letter-spacing:1.4pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>certain<span style="letter-spacing:1.35pt;"> </span>drugs,<span style="letter-spacing:1.3pt;"> </span>devices,<span style="letter-spacing:1.3pt;"> </span>medical<span style="letter-spacing:1.3pt;"> </span>supplies,<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>biologics,<span style="letter-spacing:1.3pt;"> </span>among<span style="letter-spacing:1.25pt;"> </span>others,<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>track<span style="letter-spacing:1.25pt;"> </span>and disclose<span style="letter-spacing:0.1pt;"> </span>payments<span style="letter-spacing:0.05pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>Medicare,<span style="letter-spacing:0.1pt;"> </span>Medicaid<span style="letter-spacing:0.1pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>Children&#8217;s<span style="letter-spacing:0.1pt;"> </span>Health Insurance<span style="letter-spacing:0.05pt;"> </span>Program (with certain exceptions)<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.15pt;"> </span>transfers<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>value<span style="letter-spacing:0.15pt;"> </span>they<span style="letter-spacing:0.15pt;"> </span>make<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>U.S. physicians<span style="letter-spacing:0.15pt;"> </span>(defined<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>include<span style="letter-spacing:0.1pt;"> </span>doctors, dentists,<span style="letter-spacing:0.15pt;"> </span>optometrists,<span style="letter-spacing:0.2pt;"> </span>podiatrists<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>chiropractors)<span style="letter-spacing:0.15pt;"> </span>and teaching<span style="letter-spacing:0.05pt;"> </span>hospitals,<span style="letter-spacing:0.1pt;"> </span>as well<span style="letter-spacing:0.05pt;"> </span>as ownership<span style="letter-spacing:0.05pt;"> </span>and investment<span style="letter-spacing:2.05pt;"> </span>interests<span style="letter-spacing:2.05pt;"> </span>held<span style="letter-spacing:2pt;"> </span>by<span style="letter-spacing:1.9pt;"> </span>physicians<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>their<span style="letter-spacing:1.95pt;"> </span>immediate<span style="letter-spacing:2.05pt;"> </span>family<span style="letter-spacing:2pt;"> </span>members.<span style="letter-spacing:2pt;"> </span>Effective<span style="letter-spacing:2pt;"> </span>January<span style="letter-spacing:1.95pt;"> </span>1, 2022, <span style="letter-spacing:2pt;"> </span>these <span style="letter-spacing:2.05pt;"> </span>reporting <span style="letter-spacing:2.1pt;"> </span>obligations <span style="letter-spacing:2.1pt;"> </span>will <span style="letter-spacing:2.05pt;"> </span>extend <span style="letter-spacing:2pt;"> </span>to <span style="letter-spacing:1.95pt;"> </span>include <span style="letter-spacing:2pt;"> </span>transfers <span style="letter-spacing:2.05pt;"> </span>of <span style="letter-spacing:1.95pt;"> </span>value <span style="letter-spacing:2pt;"> </span>made <span style="letter-spacing:2pt;"> </span>to <span style="letter-spacing:1.95pt;"> </span>certain non-physician<span style="letter-spacing:0.1pt;"> </span>providers<span style="letter-spacing:0.1pt;"> </span>such as physician<span style="letter-spacing:0.05pt;"> </span>assistants<span style="letter-spacing:0.1pt;"> </span>and nurse<span style="letter-spacing:0.05pt;"> </span>practitioners.<span style="letter-spacing:0.15pt;"> </span>This information<span style="letter-spacing:0.15pt;"> </span>is subsequently<span style="letter-spacing:1.3pt;"> </span>made<span style="letter-spacing:1.25pt;"> </span>publicly<span style="letter-spacing:1.25pt;"> </span>available<span style="letter-spacing:1.3pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>searchable<span style="letter-spacing:1.25pt;"> </span>format<span style="letter-spacing:1.25pt;"> </span>on<span style="letter-spacing:1.15pt;"> </span>a<span style="letter-spacing:1.15pt;"> </span>Centers<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.2pt;"> </span>Medicare<span style="letter-spacing:1.25pt;"> </span>&#38;<span style="letter-spacing:1.15pt;"> </span>Medicaid Services <span style="letter-spacing:0.1pt;"> </span>(CMS), <span style="letter-spacing:0.05pt;"> </span>website. <span style="letter-spacing:0.1pt;"> </span>Failure <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>disclose <span style="letter-spacing:0.15pt;"> </span>required <span style="letter-spacing:0.15pt;"> </span>information <span style="letter-spacing:0.15pt;"> </span>may <span style="letter-spacing:0.05pt;"> </span>result <span style="letter-spacing:0.1pt;"> </span>in&#160;&#160;civil <span style="letter-spacing:0.05pt;"> </span>monetary penalties<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>all<span style="letter-spacing:0.1pt;"> </span>payments,<span style="letter-spacing:0.1pt;"> </span>transfers<span style="letter-spacing:0.15pt;"> </span>of value<span style="letter-spacing:0.05pt;"> </span>or ownership<span style="letter-spacing:0.05pt;"> </span>or investment<span style="letter-spacing:0.1pt;"> </span>interests<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>not timely, accurately&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>and&#160;&#160; completely&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>reported&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>in&#160;&#160; an&#160;&#160; annual&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>submission.&#160;&#160;<span style="letter-spacing:0.1pt;"> </span>Certain&#160;&#160; states&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>also&#160;&#160; mandate implementation<span style="letter-spacing:0.15pt;"> </span>of compliance<span style="letter-spacing:0.1pt;"> </span>programs,<span style="letter-spacing:0.1pt;"> </span>impose<span style="letter-spacing:0.05pt;"> </span>restrictions<span style="letter-spacing:0.15pt;"> </span>on drug manufacturer<span style="letter-spacing:0.15pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>practices and/or<span style="letter-spacing:0.1pt;"> </span>require<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>tracking<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>reporting<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>gifts,<span style="letter-spacing:0.1pt;"> </span>compensation<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>remuneration<span style="letter-spacing:0.15pt;"> </span>to physicians and/or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>provider<span style="letter-spacing:0.1pt;">s</span>&#59; and</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">analogous<span style="letter-spacing:1.5pt;"> </span>state<span style="letter-spacing:1.5pt;"> </span>and<span style="letter-spacing:1.45pt;"> </span>foreign<span style="letter-spacing:1.45pt;"> </span>laws<span style="letter-spacing:1.4pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>regulations,<span style="letter-spacing:1.5pt;"> </span>such<span style="letter-spacing:1.4pt;"> </span>as<span style="letter-spacing:1.4pt;"> </span>state<span style="letter-spacing:1.45pt;"> </span>anti-kickback,<span style="letter-spacing:1.5pt;"> </span>anti-bribery<span style="letter-spacing:1.55pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>false claims<span style="letter-spacing:0.15pt;"> </span>laws,<span style="letter-spacing:0.05pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>apply<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>healthcare<span style="letter-spacing:0.15pt;"> </span>items<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>services<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>reimbursed<span style="letter-spacing:0.15pt;"> </span>by non-governmental third-party<span style="letter-spacing:0.15pt;"> </span>payors,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>private<span style="letter-spacing:0.1pt;"> </span>insurers.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;margin-top:2pt;line-height:10pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Some<span style="letter-spacing:0.05pt;"> </span>state<span style="letter-spacing:0.05pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>also require pharmaceutical companies to comply with specific compliance standards, restrict financial<span style="letter-spacing:0.05pt;"> </span>interactions<span style="letter-spacing:0.05pt;"> </span>between<span style="letter-spacing:0.05pt;"> </span>pharmaceutical companies and healthcare providers or require pharmaceutical companies<span style="letter-spacing:-0.2pt;"> </span>to<span style="letter-spacing:-0.2pt;"> </span>report<span style="letter-spacing:-0.2pt;"> </span>information<span style="letter-spacing:-0.2pt;"> </span>related<span style="letter-spacing:-0.2pt;"> </span>to<span style="letter-spacing:-0.2pt;"> </span>payments<span style="letter-spacing:-0.2pt;"> </span>to<span style="letter-spacing:-0.2pt;"> </span>health<span style="letter-spacing:-0.2pt;"> </span>care<span style="letter-spacing:-0.2pt;"> </span>providers<span style="letter-spacing:-0.2pt;"> </span>or<span style="letter-spacing:-0.2pt;"> </span>marketing<span style="letter-spacing:-0.2pt;"> </span>expenditures.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Efforts<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ensure<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>our business<span style="letter-spacing:0.05pt;"> </span>arrangements<span style="letter-spacing:0.15pt;"> </span>with third<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.05pt;"> </span>with applicable<span style="letter-spacing:0.1pt;"> </span>healthcare laws<span style="letter-spacing:2.3pt;"> </span>and<span style="letter-spacing:2.3pt;"> </span>regulations<span style="letter-spacing:2.4pt;"> </span>will<span style="letter-spacing:2.35pt;"> </span>involve<span style="letter-spacing:2.35pt;"> </span>substantial<span style="letter-spacing:2.4pt;"> </span>costs.<span style="letter-spacing:2.35pt;"> </span>Given<span style="letter-spacing:2.3pt;"> </span>the<span style="letter-spacing:2.35pt;"> </span>breadth<span style="letter-spacing:2.35pt;"> </span>of<span style="letter-spacing:2.3pt;"> </span>the<span style="letter-spacing:2.35pt;"> </span>laws<span style="letter-spacing:2.3pt;"> </span>and<span style="letter-spacing:2.25pt;"> </span>regulations,<span style="letter-spacing:2.35pt;"> </span>limited guidance<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>and evolving<span style="letter-spacing:0.05pt;"> </span>government<span style="letter-spacing:0.1pt;"> </span>interpretations<span style="letter-spacing:0.2pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>laws and regulations, governmental<span style="letter-spacing:0.15pt;"> </span>authorities<span style="letter-spacing:0.2pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>possibly<span style="letter-spacing:0.1pt;"> </span>conclude<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>practices<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with healthcare<span style="letter-spacing:0.1pt;"> </span>laws and<span style="letter-spacing:0.05pt;"> </span>regulations.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>operations<span style="letter-spacing:0.15pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>found<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>violation<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>described<span style="letter-spacing:0.15pt;"> </span>above<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>any other government<span style="letter-spacing:0.15pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>apply<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>us,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to significant<span style="letter-spacing:0.15pt;"> </span>penalties,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>civil<span style="letter-spacing:0.05pt;"> </span>and criminal penalties,<span style="letter-spacing:1.3pt;"> </span>damages,<span style="letter-spacing:1.25pt;"> </span>fines,<span style="letter-spacing:1.25pt;"> </span>exclusion<span style="letter-spacing:1.25pt;"> </span>from<span style="letter-spacing:1.25pt;"> </span>participation<span style="letter-spacing:1.35pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>government<span style="letter-spacing:1.3pt;"> </span>health<span style="letter-spacing:1.25pt;"> </span>care<span style="letter-spacing:1.25pt;"> </span>programs,<span style="letter-spacing:1.25pt;"> </span>such<span style="letter-spacing:1.15pt;"> </span>as<span style="letter-spacing:1.15pt;"> </span>Medicare and<span style="letter-spacing:1.6pt;"> </span>Medicaid,<span style="letter-spacing:1.7pt;"> </span>individual<span style="letter-spacing:1.7pt;"> </span>imprisonment,<span style="letter-spacing:1.75pt;"> </span>and<span style="letter-spacing:1.6pt;"> </span>the<span style="letter-spacing:1.65pt;"> </span>curtailment<span style="letter-spacing:1.75pt;"> </span>or<span style="letter-spacing:1.6pt;"> </span>restructuring<span style="letter-spacing:1.75pt;"> </span>of<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>operations,<span style="letter-spacing:1.65pt;"> </span>any<span style="letter-spacing:1.55pt;"> </span>of<span style="letter-spacing:1.55pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.1pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>provision&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;<span style="letter-spacing:0.05pt;"> </span>benefits&#160;&#160; or&#160;&#160; advantages&#160;&#160; to&#160;&#160; physicians&#160;&#160; to&#160;&#160; induce&#160;&#160; or&#160;&#160; encourage&#160;&#160; the&#160;&#160; prescription, recommendation,<span style="letter-spacing:0.05pt;"> </span>endorsement,<span style="letter-spacing:0.05pt;"> </span>purchase,<span style="letter-spacing:0.05pt;"> </span>supply,<span style="letter-spacing:0.05pt;"> </span>order, or use of medicinal products is prohibited in the European Union.<span style="letter-spacing:2.3pt;"> </span>The<span style="letter-spacing:2.3pt;"> </span>provision<span style="letter-spacing:2.25pt;"> </span>of<span style="letter-spacing:2.25pt;"> </span>benefits<span style="letter-spacing:2.25pt;"> </span>or<span style="letter-spacing:2.25pt;"> </span>advantages<span style="letter-spacing:2.25pt;"> </span>to<span style="letter-spacing:2.25pt;"> </span>also<span style="letter-spacing:2.25pt;"> </span>induce<span style="letter-spacing:2.25pt;"> </span>or<span style="letter-spacing:2.25pt;"> </span>reward<span style="letter-spacing:2.25pt;"> </span>improper<span style="letter-spacing:2.25pt;"> </span>performance<span style="letter-spacing:2.25pt;"> </span>generally<span style="letter-spacing:2.25pt;"> </span>is governed<span style="letter-spacing:0.05pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>national<span style="letter-spacing:0.05pt;"> </span>anti-bribery<span style="letter-spacing:0.05pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>European<span style="letter-spacing:0.05pt;"> </span>Union<span style="letter-spacing:0.05pt;"> </span>Member<span style="letter-spacing:0.05pt;"> </span>States,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the Bribery Act 2010 in the United<span style="letter-spacing:1.7pt;"> </span>Kingdom.<span style="letter-spacing:1.7pt;"> </span>Infringement<span style="letter-spacing:1.7pt;"> </span>of<span style="letter-spacing:1.7pt;"> </span>these<span style="letter-spacing:1.7pt;"> </span>laws<span style="letter-spacing:1.7pt;"> </span>could<span style="letter-spacing:1.7pt;"> </span>result<span style="letter-spacing:1.7pt;"> </span>in<span style="letter-spacing:1.7pt;"> </span>substantial<span style="letter-spacing:1.7pt;"> </span>fines<span style="letter-spacing:1.65pt;"> </span>and<span style="letter-spacing:1.65pt;"> </span>imprisonment.<span style="letter-spacing:1.65pt;"> </span>EU<span style="letter-spacing:1.65pt;"> </span>Directive 2001/83/EC,<span style="letter-spacing:0.05pt;"> </span>which is the EU Directive governing medicinal products for human use, further provides that, where medicinal<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>are being promoted to persons qualified to prescribe or supply them, no gifts, pecuniary advantages<span style="letter-spacing:-0.15pt;"> </span>or<span style="letter-spacing:-0.15pt;"> </span>benefits<span style="letter-spacing:-0.15pt;"> </span>in<span style="letter-spacing:-0.15pt;"> </span>kind<span style="letter-spacing:-0.15pt;"> </span>may<span style="letter-spacing:-0.15pt;"> </span>be<span style="letter-spacing:-0.15pt;"> </span>supplied,<span style="letter-spacing:-0.15pt;"> </span>offered<span style="letter-spacing:-0.15pt;"> </span>or<span style="letter-spacing:-0.15pt;"> </span>promised<span style="letter-spacing:-0.15pt;"> </span>to<span style="letter-spacing:-0.15pt;"> </span>such<span style="letter-spacing:-0.15pt;"> </span>persons<span style="letter-spacing:-0.15pt;"> </span>unless<span style="letter-spacing:-0.15pt;"> </span>they<span style="letter-spacing:-0.15pt;"> </span>are<span style="letter-spacing:-0.15pt;"> </span>inexpensive<span style="letter-spacing:-0.2pt;"> </span>and relevant<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>practice<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>medicine<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>pharmacy.<span style="letter-spacing:0.05pt;"> </span>This<span style="letter-spacing:0.05pt;"> </span>provision<span style="letter-spacing:0.05pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>transposed<span style="letter-spacing:0.05pt;"> </span>into the Human Medicines Regulations<span style="letter-spacing:-0.2pt;"> </span>2012<span style="letter-spacing:-0.2pt;"> </span>and<span style="letter-spacing:-0.2pt;"> </span>so<span style="letter-spacing:-0.2pt;"> </span>remains<span style="letter-spacing:-0.2pt;"> </span>applicable<span style="letter-spacing:-0.2pt;"> </span>in<span style="letter-spacing:-0.2pt;"> </span>the<span style="letter-spacing:-0.2pt;"> </span>United<span style="letter-spacing:-0.2pt;"> </span>Kingdom<span style="letter-spacing:-0.2pt;"> </span>despite<span style="letter-spacing:-0.2pt;"> </span>its<span style="letter-spacing:-0.2pt;"> </span>departure<span style="letter-spacing:-0.2pt;"> </span>from<span style="letter-spacing:-0.2pt;"> </span>the<span style="letter-spacing:-0.2pt;"> </span>EU.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Payments<span style="letter-spacing:0.1pt;"> </span>made<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>physicians<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union Member<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>must<span style="letter-spacing:0.05pt;"> </span>be publicly<span style="letter-spacing:0.05pt;"> </span>disclosed. Moreover,<span style="letter-spacing:0.1pt;"> </span>agreements<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>physicians<span style="letter-spacing:0.15pt;"> </span>often<span style="letter-spacing:0.05pt;"> </span>must<span style="letter-spacing:0.05pt;"> </span>be the<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>of prior<span style="letter-spacing:0.05pt;"> </span>notification<span style="letter-spacing:0.15pt;"> </span>and approval<span style="letter-spacing:0.05pt;"> </span>by the physician&#8217;s<span style="letter-spacing:0.15pt;"> </span>employer,<span style="letter-spacing:0.15pt;"> </span>his<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>her<span style="letter-spacing:0.1pt;"> </span>competent<span style="letter-spacing:0.15pt;"> </span>professional<span style="letter-spacing:0.15pt;"> </span>organization,<span style="letter-spacing:0.15pt;"> </span>and/or<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>authorities<span style="letter-spacing:0.15pt;"> </span>of the individual<span style="letter-spacing:0.15pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union<span style="letter-spacing:0.05pt;"> </span>Member<span style="letter-spacing:0.1pt;"> </span>States.<span style="letter-spacing:0.1pt;"> </span>These<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>provided<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>national<span style="letter-spacing:0.1pt;"> </span>laws, industry<span style="letter-spacing:0.05pt;"> </span>codes, or<span style="letter-spacing:0.05pt;"> </span>professional<span style="letter-spacing:0.15pt;"> </span>codes<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>conduct<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union<span style="letter-spacing:0.05pt;"> </span>Member<span style="letter-spacing:0.1pt;"> </span>States.<span style="letter-spacing:0.05pt;"> </span>Failure<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with these requirements<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in reputational<span style="letter-spacing:0.15pt;"> </span>risk,<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>reprimands,<span style="letter-spacing:0.1pt;"> </span>administrative<span style="letter-spacing:0.2pt;"> </span>penalties,<span style="letter-spacing:0.1pt;"> </span>fines<span style="letter-spacing:0.05pt;"> </span>or imprisonment.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">73</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Healthcare</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">reform</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">legislation</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">increase</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the difficulty</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and cost</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">us and any collaborators</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we may</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">have</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">obtain</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">marketing</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">approval</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of and commercialize</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our product</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">candidates</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and affect</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the prices</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we, or they,</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">obtain.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>United<span style="letter-spacing:0.1pt;"> </span>States<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>some<span style="letter-spacing:0.1pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>jurisdictions,<span style="letter-spacing:0.2pt;"> </span>there<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>continue<span style="letter-spacing:0.05pt;"> </span>to be ongoing efforts<span style="letter-spacing:0.1pt;"> </span>to implement<span style="letter-spacing:0.15pt;"> </span>legislative<span style="letter-spacing:0.2pt;"> </span>and regulatory<span style="letter-spacing:0.1pt;"> </span>changes<span style="letter-spacing:0.05pt;"> </span>regarding<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>healthcare<span style="letter-spacing:0.1pt;"> </span>system.<span style="letter-spacing:0.05pt;"> </span>Such changes<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>prevent<span style="letter-spacing:0.05pt;"> </span>or delay<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>approval<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop,<span style="letter-spacing:0.05pt;"> </span>restrict<span style="letter-spacing:0.15pt;"> </span>or regulate<span style="letter-spacing:0.1pt;"> </span>post-approval activities,<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>affect<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>profitably<span style="letter-spacing:0.15pt;"> </span>sell<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>which we obtain<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval. Although<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>cannot<span style="letter-spacing:0.1pt;"> </span>predict<span style="letter-spacing:0.15pt;"> </span>what<span style="letter-spacing:0.05pt;"> </span>healthcare<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>reform<span style="letter-spacing:0.15pt;"> </span>efforts<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>successful,<span style="letter-spacing:0.15pt;"> </span>such efforts<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in more <span style="letter-spacing:1.35pt;"> </span>rigorous <span style="letter-spacing:1.35pt;"> </span>coverage <span style="letter-spacing:1.35pt;"> </span>criteria, <span style="letter-spacing:1.45pt;"> </span>in <span style="letter-spacing:1.3pt;"> </span>additional <span style="letter-spacing:1.4pt;"> </span>downward <span style="letter-spacing:1.3pt;"> </span>pressure <span style="letter-spacing:1.4pt;"> </span>on <span style="letter-spacing:1.3pt;"> </span>the <span style="letter-spacing:1.35pt;"> </span>price <span style="letter-spacing:1.3pt;"> </span>that <span style="letter-spacing:1.3pt;"> </span>we, <span style="letter-spacing:1.25pt;"> </span>or <span style="letter-spacing:1.25pt;"> </span>our <span style="letter-spacing:1.25pt;"> </span>future collaborators,<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>receive<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>any approved<span style="letter-spacing:0.05pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>or in other<span style="letter-spacing:0.05pt;"> </span>consequences<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>may adversely<span style="letter-spacing:0.05pt;"> </span>affect<span style="letter-spacing:0.05pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to achieve<span style="letter-spacing:0.05pt;"> </span>or maintain<span style="letter-spacing:0.1pt;"> </span>profitability.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Within<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>United<span style="letter-spacing:0.1pt;"> </span>States,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>federal<span style="letter-spacing:0.15pt;"> </span>government<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>individual<span style="letter-spacing:0.15pt;"> </span>states<span style="letter-spacing:0.15pt;"> </span>have aggressively<span style="letter-spacing:0.1pt;"> </span>pursued<span style="letter-spacing:0.05pt;"> </span>healthcare reform,<span style="letter-spacing:0.15pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>evidenced<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>passing<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ACA and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ongoing<span style="letter-spacing:0.05pt;"> </span>efforts<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>modify<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>repeal<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>legislation.<span style="letter-spacing:0.15pt;"> </span>The ACA<span style="letter-spacing:2.35pt;"> </span>substantially <span style="letter-spacing:0.05pt;"> </span>changed<span style="letter-spacing:2.45pt;"> </span>the<span style="letter-spacing:2.45pt;"> </span>way<span style="letter-spacing:2.4pt;"> </span>healthcare&#160;&#160;is<span style="letter-spacing:2.4pt;"> </span>financed<span style="letter-spacing:2.4pt;"> </span>by<span style="letter-spacing:2.35pt;"> </span>both<span style="letter-spacing:2.35pt;"> </span>governmental<span style="letter-spacing:2.45pt;"> </span>and<span style="letter-spacing:2.35pt;"> </span>private<span style="letter-spacing:2.45pt;"> </span>insurers<span style="letter-spacing:2.45pt;"> </span>and contains<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>number<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>and reimbursement<span style="letter-spacing:0.15pt;"> </span>of drug products<span style="letter-spacing:0.05pt;"> </span>and/or<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>could potentially<span style="letter-spacing:0.1pt;"> </span>reduce<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>demand<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>pharmaceutical<span style="letter-spacing:0.15pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>such as increasing<span style="letter-spacing:0.1pt;"> </span>drug rebates<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>state<span style="letter-spacing:0.05pt;"> </span>Medicaid programs<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>brand<span style="letter-spacing:0.1pt;"> </span>name<span style="letter-spacing:0.1pt;"> </span>prescription<span style="letter-spacing:0.2pt;"> </span>drugs<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>extending<span style="letter-spacing:0.1pt;"> </span>those<span style="letter-spacing:0.1pt;"> </span>rebates<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>Medicaid<span style="letter-spacing:0.1pt;"> </span>managed<span style="letter-spacing:0.05pt;"> </span>care<span style="letter-spacing:0.05pt;"> </span>and assessing a fee<span style="letter-spacing:0.05pt;"> </span>on manufacturers<span style="letter-spacing:0.15pt;"> </span>and importers<span style="letter-spacing:0.1pt;"> </span>of brand<span style="letter-spacing:0.05pt;"> </span>name<span style="letter-spacing:0.05pt;"> </span>prescription<span style="letter-spacing:0.15pt;"> </span>drugs reimbursed<span style="letter-spacing:0.05pt;"> </span>under certain<span style="letter-spacing:0.05pt;"> </span>government programs,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>Medicare<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Medicaid.<span style="letter-spacing:0.1pt;"> </span>Other<span style="letter-spacing:0.05pt;"> </span>aspects<span style="letter-spacing:0.05pt;"> </span>of healthcare<span style="letter-spacing:0.1pt;"> </span>reform,<span style="letter-spacing:0.1pt;"> </span>such as expanded<span style="letter-spacing:0.05pt;"> </span>government enforcement<span style="letter-spacing:1.2pt;"> </span>authority<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>heightened<span style="letter-spacing:1.1pt;"> </span>standards<span style="letter-spacing:1.15pt;"> </span>that<span style="letter-spacing:1.1pt;"> </span>could<span style="letter-spacing:1.1pt;"> </span>increase<span style="letter-spacing:1.15pt;"> </span>compliance-related<span style="letter-spacing:1.25pt;"> </span>costs,<span style="letter-spacing:1.1pt;"> </span>could<span style="letter-spacing:1.1pt;"> </span>also<span style="letter-spacing:1.1pt;"> </span>affect our<span style="letter-spacing:0.05pt;"> </span>business.<span style="letter-spacing:0.1pt;"> </span>Modifications<span style="letter-spacing:0.2pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>implemented<span style="letter-spacing:0.2pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>previous<span style="letter-spacing:0.05pt;"> </span>presidential<span style="letter-spacing:0.15pt;"> </span>administration<span style="letter-spacing:0.15pt;"> </span>and additional modifications<span style="letter-spacing:0.15pt;"> </span>or repeal<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>occur.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There <span style="letter-spacing:0.05pt;"> </span>have&#160;&#160;been&#160;&#160;executive, <span style="letter-spacing:0.1pt;"> </span>judicial <span style="letter-spacing:0.1pt;"> </span>and&#160;&#160;congressional <span style="letter-spacing:0.1pt;"> </span>challenges <span style="letter-spacing:0.1pt;"> </span>to&#160;&#160;certain <span style="letter-spacing:0.1pt;"> </span>aspects <span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;the&#160;&#160;ACA.<span style="letter-spacing:2.4pt;"> </span>For example,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. Supreme<span style="letter-spacing:0.05pt;"> </span>Court is<span style="letter-spacing:0.05pt;"> </span>currently<span style="letter-spacing:0.1pt;"> </span>reviewing<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>constitutionality<span style="letter-spacing:0.2pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>ACA,<span style="letter-spacing:-0.05pt;"> </span>but it<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>unknown when a<span style="letter-spacing:0.05pt;"> </span>decision<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>reached.<span style="letter-spacing:0.1pt;"> </span>On February<span style="letter-spacing:0.05pt;"> </span>10, 2021, the<span style="letter-spacing:0.05pt;"> </span>Biden administration<span style="letter-spacing:0.15pt;"> </span>withdrew<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>government&#8217;s support<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>overturning<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>ACA. Although<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>Supreme<span style="letter-spacing:0.1pt;"> </span>Court<span style="letter-spacing:0.05pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>yet<span style="letter-spacing:0.1pt;"> </span>ruled<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>constitutionality<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the ACA,<span style="letter-spacing:0.7pt;"> </span>on<span style="letter-spacing:0.75pt;"> </span>January<span style="letter-spacing:0.75pt;"> </span>28,<span style="letter-spacing:0.7pt;"> </span>2021,<span style="letter-spacing:0.7pt;"> </span>President<span style="letter-spacing:0.8pt;"> </span>Biden<span style="letter-spacing:0.7pt;"> </span>issued<span style="letter-spacing:0.75pt;"> </span>an<span style="letter-spacing:0.7pt;"> </span>executive<span style="letter-spacing:0.8pt;"> </span>order<span style="letter-spacing:0.75pt;"> </span>that<span style="letter-spacing:0.75pt;"> </span>initiat<span style="letter-spacing:0.1pt;">e</span>d<span style="letter-spacing:0.7pt;"> </span>a<span style="letter-spacing:0.7pt;"> </span>special<span style="letter-spacing:0.8pt;"> </span>enrollment<span style="letter-spacing:0.8pt;"> </span>period for<span style="letter-spacing:0.25pt;"> </span>purposes<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.2pt;"> </span>obtaining<span style="letter-spacing:0.25pt;"> </span>health<span style="letter-spacing:0.25pt;"> </span>insurance<span style="letter-spacing:0.3pt;"> </span>coverage<span style="letter-spacing:0.25pt;"> </span>through<span style="letter-spacing:0.25pt;"> </span>the<span style="letter-spacing:0.25pt;"> </span>ACA<span style="letter-spacing:0.15pt;"> </span>marketplac<span style="letter-spacing:0.15pt;">e</span>,<span style="letter-spacing:0.2pt;"> </span>which<span style="letter-spacing:0.2pt;"> </span>began<span style="letter-spacing:0.2pt;"> </span>on<span style="letter-spacing:0.2pt;"> </span>February<span style="letter-spacing:0.25pt;"> </span>15, 2021<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>remain<span style="letter-spacing:0.1pt;"> </span>open through<span style="letter-spacing:0.05pt;"> </span>August 15, 2021. The executive<span style="letter-spacing:0.1pt;"> </span>order<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>instruc<span style="letter-spacing:0.1pt;">t</span>ed certain<span style="letter-spacing:0.1pt;"> </span>governmental agencies<span style="letter-spacing:1.95pt;"> </span>to<span style="letter-spacing:1.9pt;"> </span>review<span style="letter-spacing:1.95pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>reconsider<span style="letter-spacing:2pt;"> </span>their<span style="letter-spacing:1.95pt;"> </span>existing<span style="letter-spacing:2pt;"> </span>policies<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>rules<span style="letter-spacing:1.95pt;"> </span>that<span style="letter-spacing:1.95pt;"> </span>limit<span style="letter-spacing:2pt;"> </span>access<span style="letter-spacing:1.95pt;"> </span>to<span style="letter-spacing:1.9pt;"> </span>healthcare,<span style="letter-spacing:1.95pt;"> </span>including among <span style="letter-spacing:2.35pt;"> </span>others, <span style="letter-spacing:2.35pt;"> </span>reexamining <span style="letter-spacing:2.4pt;"> </span>Medicaid <span style="letter-spacing:2.4pt;"> </span>demonstration <span style="letter-spacing:2.45pt;"> </span>projects <span style="letter-spacing:2.4pt;"> </span>and <span style="letter-spacing:2.25pt;"> </span>waiver <span style="letter-spacing:2.3pt;"> </span>programs <span style="letter-spacing:2.35pt;"> </span>that <span style="letter-spacing:2.3pt;"> </span>include <span style="letter-spacing:2.3pt;"> </span>work requirements,<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>policies<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>create<span style="letter-spacing:0.15pt;"> </span>unnecessary<span style="letter-spacing:0.15pt;"> </span>barriers<span style="letter-spacing:0.1pt;"> </span>to obtaining<span style="letter-spacing:0.05pt;"> </span>access<span style="letter-spacing:0.05pt;"> </span>to health<span style="letter-spacing:0.05pt;"> </span>insurance<span style="letter-spacing:0.1pt;"> </span>coverage through<span style="letter-spacing:2.4pt;"> </span>Medicaid<span style="letter-spacing:2.45pt;"> </span>or<span style="letter-spacing:2.35pt;"> </span>the<span style="letter-spacing:2.4pt;"> </span>ACA.<span style="letter-spacing:2.25pt;"> </span>It<span style="letter-spacing:2.35pt;"> </span>is<span style="letter-spacing:2.35pt;"> </span>unclear<span style="letter-spacing:2.35pt;"> </span>how<span style="letter-spacing:2.3pt;"> </span>the<span style="letter-spacing:2.35pt;"> </span>Supreme<span style="letter-spacing:2.35pt;"> </span>Court<span style="letter-spacing:2.3pt;"> </span>ruling,<span style="letter-spacing:2.35pt;"> </span>other<span style="letter-spacing:2.35pt;"> </span>such<span style="letter-spacing:2.3pt;"> </span>litigation,<span style="letter-spacing:2.45pt;"> </span>and<span style="letter-spacing:2.3pt;"> </span>the healthcare<span style="letter-spacing:0.55pt;"> </span>reform<span style="letter-spacing:0.55pt;"> </span>measures<span style="letter-spacing:0.55pt;"> </span>of<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.5pt;"> </span>Biden<span style="letter-spacing:0.45pt;"> </span>administration<span style="letter-spacing:0.6pt;"> </span>will<span style="letter-spacing:0.5pt;"> </span>impact<span style="letter-spacing:0.55pt;"> </span>the<span style="letter-spacing:0.5pt;"> </span>ACA.<span style="letter-spacing:0.4pt;"> </span>There<span style="letter-spacing:0.5pt;"> </span>is<span style="letter-spacing:0.5pt;"> </span>no<span style="letter-spacing:0.45pt;"> </span>assurance<span style="letter-spacing:0.55pt;"> </span>that<span style="letter-spacing:0.45pt;"> </span>federal or<span style="letter-spacing:1.55pt;"> </span>state<span style="letter-spacing:1.6pt;"> </span>health<span style="letter-spacing:1.6pt;"> </span>care<span style="letter-spacing:1.6pt;"> </span>reform<span style="letter-spacing:1.65pt;"> </span>will<span style="letter-spacing:1.6pt;"> </span>not<span style="letter-spacing:1.55pt;"> </span>adversely<span style="letter-spacing:1.65pt;"> </span>affect<span style="letter-spacing:1.65pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>future<span style="letter-spacing:1.6pt;"> </span>business<span style="letter-spacing:1.6pt;"> </span>and<span style="letter-spacing:1.55pt;"> </span>financial<span style="letter-spacing:1.65pt;"> </span>results,<span style="letter-spacing:1.65pt;"> </span>and<span style="letter-spacing:1.55pt;"> </span>we<span style="letter-spacing:1.5pt;"> </span>cannot predict<span style="letter-spacing:0.15pt;"> </span>how<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>federal<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>state<span style="letter-spacing:0.1pt;"> </span>legislative,<span style="letter-spacing:0.2pt;"> </span>judicial<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>administrative<span style="letter-spacing:0.25pt;"> </span>changes<span style="letter-spacing:0.05pt;"> </span>relating<span style="letter-spacing:0.1pt;"> </span>to healthcare<span style="letter-spacing:0.1pt;"> </span>reform<span style="letter-spacing:0.1pt;"> </span>will affect<span style="letter-spacing:0.1pt;"> </span>our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>legislative<span style="letter-spacing:0.2pt;"> </span>changes<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>proposed<span style="letter-spacing:0.1pt;"> </span>and adopted<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>since<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>ACA was<span style="letter-spacing:2.35pt;"> </span>enacted.<span style="letter-spacing:2.4pt;"> </span>For<span style="letter-spacing:2.35pt;"> </span>example,<span style="letter-spacing:2.35pt;"> </span>in<span style="letter-spacing:2.3pt;"> </span>August<span style="letter-spacing:2.3pt;"> </span>2011,<span style="letter-spacing:2.3pt;"> </span>the<span style="letter-spacing:2.35pt;"> </span>Budget<span style="letter-spacing:2.3pt;"> </span>Control<span style="letter-spacing:2.35pt;"> </span>Act<span style="letter-spacing:2.3pt;"> </span>of<span style="letter-spacing:2.3pt;"> </span>2011,<span style="letter-spacing:2.3pt;"> </span>among<span style="letter-spacing:2.35pt;"> </span>other<span style="letter-spacing:2.35pt;"> </span>things,<span style="letter-spacing:2.35pt;"> </span>created measures<span style="letter-spacing:1.2pt;"> </span>for<span style="letter-spacing:1.15pt;"> </span>spending<span style="letter-spacing:1.15pt;"> </span>reductions<span style="letter-spacing:1.2pt;"> </span>by<span style="letter-spacing:1.1pt;"> </span>Congress.<span style="letter-spacing:1.15pt;"> </span>Specifically,<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>Joint<span style="letter-spacing:1.15pt;"> </span>Select<span style="letter-spacing:1.15pt;"> </span>Committee<span style="letter-spacing:1.15pt;"> </span>on<span style="letter-spacing:1.05pt;"> </span>Deficit<span style="letter-spacing:1.15pt;"> </span>Reduction, asked<span style="letter-spacing:0.95pt;"> </span>with<span style="letter-spacing:0.9pt;"> </span>recommending<span style="letter-spacing:1pt;"> </span>a<span style="letter-spacing:0.9pt;"> </span>targeted<span style="letter-spacing:1pt;"> </span>deficit<span style="letter-spacing:1pt;"> </span>reduction<span style="letter-spacing:1pt;"> </span>of<span style="letter-spacing:0.9pt;"> </span>at<span style="letter-spacing:0.95pt;"> </span>least<span style="letter-spacing:0.95pt;"> </span>$1.2<span style="letter-spacing:0.85pt;"> </span>trillion<span style="letter-spacing:0.95pt;"> </span>for<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.9pt;"> </span>years<span style="letter-spacing:0.9pt;"> </span>2013<span style="letter-spacing:0.85pt;"> </span>through<span style="letter-spacing:0.9pt;"> </span>2021, was <span style="letter-spacing:1.4pt;"> </span>unable <span style="letter-spacing:1.45pt;"> </span>to <span style="letter-spacing:1.4pt;"> </span>reach <span style="letter-spacing:1.4pt;"> </span>required <span style="letter-spacing:1.45pt;"> </span>goals, <span style="letter-spacing:1.4pt;"> </span>thereby <span style="letter-spacing:1.4pt;"> </span>triggering <span style="letter-spacing:1.45pt;"> </span>the <span style="letter-spacing:1.4pt;"> </span>legislation&#8217;s <span style="letter-spacing:1.5pt;"> </span>automatic <span style="letter-spacing:1.45pt;"> </span>reduction <span style="letter-spacing:1.45pt;"> </span>to <span style="letter-spacing:1.35pt;"> </span>several government<span style="letter-spacing:0.15pt;"> </span>programs.<span style="letter-spacing:0.15pt;"> </span>This includes<span style="letter-spacing:0.05pt;"> </span>aggregate<span style="letter-spacing:0.1pt;"> </span>reductions<span style="letter-spacing:0.1pt;"> </span>of Medicare<span style="letter-spacing:0.1pt;"> </span>payments<span style="letter-spacing:0.05pt;"> </span>to providers<span style="letter-spacing:0.1pt;"> </span>of up to 2% per fiscal<span style="letter-spacing:0.15pt;"> </span>year,<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>went<span style="letter-spacing:0.05pt;"> </span>into<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>April<span style="letter-spacing:0.05pt;"> </span>2013, and, due to subsequent<span style="letter-spacing:0.05pt;"> </span>legislative<span style="letter-spacing:0.15pt;"> </span>amendments,<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>remain<span style="letter-spacing:0.1pt;"> </span>in effect<span style="letter-spacing:0.2pt;"> </span>through<span style="letter-spacing:0.1pt;"> </span>2030<span style="letter-spacing:0.05pt;"> </span>unless<span style="letter-spacing:0.1pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>Congressional<span style="letter-spacing:0.15pt;"> </span>action<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>taken.<span style="letter-spacing:0.1pt;"> </span>However,<span style="letter-spacing:0.05pt;"> </span>COVID-19 relief<span style="letter-spacing:0.15pt;"> </span>legislation suspended<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>2%<span style="letter-spacing:0.55pt;"> </span>Medicare<span style="letter-spacing:0.65pt;"> </span>sequester<span style="letter-spacing:0.65pt;"> </span>reductions<span style="letter-spacing:0.65pt;"> </span>from<span style="letter-spacing:0.55pt;"> </span>May<span style="letter-spacing:0.5pt;"> </span>1,<span style="letter-spacing:0.5pt;"> </span>2020<span style="letter-spacing:0.5pt;"> </span>through<span style="letter-spacing:0.55pt;"> </span>December<span style="letter-spacing:0.55pt;"> </span>31,<span style="letter-spacing:0.5pt;"> </span>2021.<span style="letter-spacing:0.5pt;"> </span>On<span style="letter-spacing:0.5pt;"> </span>January<span style="letter-spacing:0.55pt;"> </span>2, 2013,<span style="letter-spacing:2.1pt;"> </span>the<span style="letter-spacing:2.15pt;"> </span>American<span style="letter-spacing:2.15pt;"> </span>Taxpayer<span style="letter-spacing:2.15pt;"> </span>Relief<span style="letter-spacing:2.15pt;"> </span>Act<span style="letter-spacing:2.1pt;"> </span>of<span style="letter-spacing:2.1pt;"> </span>2012<span style="letter-spacing:2.1pt;"> </span>was<span style="letter-spacing:2.1pt;"> </span>signed<span style="letter-spacing:2.15pt;"> </span>into<span style="letter-spacing:2.1pt;"> </span>law,<span style="letter-spacing:2.05pt;"> </span>which,<span style="letter-spacing:2.05pt;"> </span>among<span style="letter-spacing:2.1pt;"> </span>other<span style="letter-spacing:2.1pt;"> </span>things,<span style="letter-spacing:2.1pt;"> </span>further reduced<span style="letter-spacing:2.2pt;"> </span>Medicare<span style="letter-spacing:2.25pt;"> </span>payments<span style="letter-spacing:2.2pt;"> </span>to<span style="letter-spacing:2.15pt;"> </span>several<span style="letter-spacing:2.25pt;"> </span>providers,<span style="letter-spacing:2.25pt;"> </span>including<span style="letter-spacing:2.2pt;"> </span>hospitals,<span style="letter-spacing:2.25pt;"> </span>imaging<span style="letter-spacing:2.2pt;"> </span>centers<span style="letter-spacing:2.25pt;"> </span>and<span style="letter-spacing:2.15pt;"> </span>cancer<span style="letter-spacing:2.15pt;"> </span>treatment<span style="color:#000000;"> </span>centers,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>increased<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>statute<span style="letter-spacing:0.1pt;"> </span>of limitations<span style="letter-spacing:0.15pt;"> </span>period<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>government<span style="letter-spacing:0.1pt;"> </span>to recover<span style="letter-spacing:0.05pt;"> </span>overpayments<span style="letter-spacing:0.1pt;"> </span>to providers from<span style="letter-spacing:0.1pt;"> </span>three<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>five<span style="letter-spacing:0.1pt;"> </span>years.<span style="letter-spacing:0.1pt;"> </span>The Bipartisan<span style="letter-spacing:0.1pt;"> </span>Budget Act (BBA), also<span style="letter-spacing:0.05pt;"> </span>amended<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>ACA,<span style="letter-spacing:-0.05pt;"> </span>effective<span style="letter-spacing:0.1pt;"> </span>January<span style="letter-spacing:0.05pt;"> </span>1, 2019, by increasing<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>point-of-sale<span style="letter-spacing:0.2pt;"> </span>discount<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>owed<span style="letter-spacing:0.05pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>pharmaceutical<span style="letter-spacing:0.2pt;"> </span>manufacturers<span style="letter-spacing:0.2pt;"> </span>who participate<span style="letter-spacing:0.15pt;"> </span>in Medicare Part<span style="letter-spacing:0.05pt;"> </span>D and closing<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>coverage<span style="letter-spacing:0.05pt;"> </span>gap in most<span style="letter-spacing:0.05pt;"> </span>Medicare<span style="letter-spacing:0.1pt;"> </span>drug plans,<span style="letter-spacing:0.05pt;"> </span>commonly<span style="letter-spacing:0.05pt;"> </span>referred<span style="letter-spacing:0.1pt;"> </span>to as the<span style="letter-spacing:0.05pt;"> </span>&#8220;donut<span style="letter-spacing:0.05pt;"> </span>hole.&#8221;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Furthermore,<span style="letter-spacing:0.15pt;"> </span>there<span style="letter-spacing:0.1pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>heightened<span style="letter-spacing:0.1pt;"> </span>governmental<span style="letter-spacing:0.15pt;"> </span>scrutiny<span style="letter-spacing:0.15pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>manner<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>which manufacturers<span style="letter-spacing:0.15pt;"> </span>set prices<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>marketed<span style="letter-spacing:0.15pt;"> </span>products,<span style="letter-spacing:0.1pt;"> </span>which has resulted<span style="letter-spacing:0.1pt;"> </span>in several<span style="letter-spacing:0.1pt;"> </span>congressional<span style="letter-spacing:0.1pt;"> </span>inquiries<span style="letter-spacing:0.1pt;"> </span>and proposed<span style="letter-spacing:0.05pt;"> </span>legislation designed<span style="letter-spacing:0.1pt;"> </span>to,<span style="letter-spacing:0.05pt;"> </span>among<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>things,<span style="letter-spacing:0.1pt;"> </span>bring<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.05pt;"> </span>transparency<span style="letter-spacing:0.1pt;"> </span>to product<span style="letter-spacing:0.05pt;"> </span>pricing,<span style="letter-spacing:0.05pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>relationship<span style="letter-spacing:0.15pt;"> </span>between pricing<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>manufacturer<span style="letter-spacing:0.2pt;"> </span>patient<span style="letter-spacing:0.15pt;"> </span>assistance<span style="letter-spacing:0.15pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>and reform<span style="letter-spacing:0.1pt;"> </span>government<span style="letter-spacing:0.1pt;"> </span>program<span style="letter-spacing:0.05pt;"> </span>reimbursement methodologies<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>products.<span style="letter-spacing:0.1pt;"> </span>At the<span style="letter-spacing:0.05pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>level,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Trump<span style="letter-spacing:0.05pt;"> </span>administration<span style="letter-spacing:0.15pt;"> </span>used several<span style="letter-spacing:0.1pt;"> </span>means<span style="letter-spacing:0.05pt;"> </span>to propose<span style="letter-spacing:0.05pt;"> </span>or implement<span style="letter-spacing:0.15pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>pricing<span style="letter-spacing:0.1pt;"> </span>reform,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>through<span style="letter-spacing:0.05pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>budget<span style="letter-spacing:0.05pt;"> </span>proposals,<span style="letter-spacing:0.05pt;"> </span>executive<span style="letter-spacing:0.1pt;"> </span>orders<span style="letter-spacing:0.05pt;"> </span>and policy initiatives.<span style="letter-spacing:0.2pt;"> </span>For<span style="letter-spacing:0.05pt;"> </span>example,<span style="letter-spacing:0.05pt;"> </span>on July<span style="letter-spacing:0.05pt;"> </span>24, 2020 and September<span style="letter-spacing:0.1pt;"> </span>13, 2020, the<span style="letter-spacing:0.05pt;"> </span>Trump<span style="letter-spacing:0.05pt;"> </span>administration<span style="letter-spacing:0.15pt;"> </span>announced<span style="letter-spacing:0.05pt;"> </span>several executive<span style="letter-spacing:0.1pt;"> </span>orders<span style="letter-spacing:0.05pt;"> </span>related<span style="letter-spacing:0.1pt;"> </span>to prescription<span style="letter-spacing:0.15pt;"> </span>drug pricing<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.05pt;"> </span>to implement<span style="letter-spacing:0.1pt;"> </span>several<span style="letter-spacing:0.1pt;"> </span>of the administration&#8217;s proposals.<span style="letter-spacing:0.1pt;"> </span>As<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>result,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">74</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">released</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">final</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rule</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on September</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">24, 2020, effective</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">November</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30, 2020, providing </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">guidance </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">states </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">build </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">submit </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">importation </span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">plans </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">drugs </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Canada.&#160;&#160;Further, </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on November</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2020,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">HHS finalized</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">removing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">safe</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harbor</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">protection</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reductions</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from pharmaceutical</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">manufacturers</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">plan</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sponsors</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">under</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Medicare</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Part</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">D,</span><span style="letter-spacing:2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">either</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">directly</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:1.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">through</span><span style="letter-spacing:2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pharmacy benefit</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">managers,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">unless</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reduction</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">required</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by law. The implementation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rule</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">has been delayed by</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Biden</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">administration</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">January</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2022</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">January</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2023</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">response</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ongoing</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">litigation.</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The rule also</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">creates</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">new</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">safe</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harbor</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reductions</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reflected</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">point-of-sale,</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">well</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as a new safe</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harbor</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for certain</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fixed</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fee</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">arrangements</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">between</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pharmacy</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">benefit</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">managers</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and manufacturers,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the implementation</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of which</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">also</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">been</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">delayed</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">until</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">January</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2023.</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">November</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20, 2020, CMS, issued</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an interim</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">final</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rule implementing</span><span style="letter-spacing:2.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Trump</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">administration&#8217;s</span><span style="letter-spacing:2.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Most</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Favored</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Nation</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">executive</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">order,</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">would</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tie</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Medicare Part </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">payments </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certain </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">physician-administered </span><span style="letter-spacing:0.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">drugs </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">lowest </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">paid </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in&#160;&#160;other </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">economically advanced</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">countries,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effective</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">January</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2021.</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">December</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2020,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">U.S. District</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Court</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Northern California</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">issued</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">nationwide</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">preliminary</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">injunction</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">against</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">implementation</span><span style="letter-spacing:2.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">interim</span><span style="letter-spacing:2.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">final</span><span style="letter-spacing:2.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rule.</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It</span><span style="letter-spacing:2.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is unclear</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">whether</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Biden</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">administration</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">work to reverse</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">these</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">measures</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or pursue</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">similar</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">policy</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">initiatives. Individual </span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">states </span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in </span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the </span><span style="letter-spacing:1.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United </span><span style="letter-spacing:1.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">States </span><span style="letter-spacing:1.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have </span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">also </span><span style="letter-spacing:1.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">become </span><span style="letter-spacing:1.35pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">increasingly </span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">active </span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in </span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">passing </span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legislation </span><span style="letter-spacing:1.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and implementing</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulations</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">designed</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to control</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pharmaceutical</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pricing,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or patient reimbursement</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">constraints,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">discounts,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">restrictions</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on certain</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">access</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and marketing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cost</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disclosure</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and transparency</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">measures,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">some</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cases,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">designed</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">encourage</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">importation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">countries</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and bulk purchasing.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">addition,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regional</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorities</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and individual</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">hospitals</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">increasingly</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">using</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">bidding procedures</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">determine</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">what</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pharmaceutical</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">products</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and which suppliers</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be included</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in their</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prescription drug</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">programs.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">It</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">difficult</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">predict</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">future</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legislative</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">landscape</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and the effect </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">business, </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">operations, </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition </span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prospects. </span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">However, </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we&#160;&#160;expect </span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that additional</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">state</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">federal</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">healthcare</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reform</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">measures</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">will</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be adopted</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">future,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">particularly</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in light</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of the new</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">presidential</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">administration.</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Further,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">possible</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">additional</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">governmental</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">action</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">taken</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in response</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">COVID-19 pandemic.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">state</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">level,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legislatures</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have also</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">been increasingly</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">passing</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">legislation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and implementing</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulations</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">designed</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">control</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pharmaceutical</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and biological</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">pricing,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">including</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">price</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or patient</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reimbursement</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">constraints,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">discounts,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">restrictions</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certain</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">access</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and marketing</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cost</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disclosure and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">transparency</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">measures,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and, in some</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cases,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">designed</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to encourage</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">importation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">countries</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and bulk purchasing.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Fast <span style="letter-spacing:0.1pt;"> </span>track, <span style="letter-spacing:0.15pt;"> </span>breakthrough, <span style="letter-spacing:0.1pt;"> </span>or <span style="letter-spacing:0.1pt;"> </span>regenerative <span style="letter-spacing:0.2pt;"> </span>medicine <span style="letter-spacing:0.2pt;"> </span>advanced <span style="letter-spacing:0.1pt;"> </span>therapy <span style="letter-spacing:0.15pt;"> </span>designation <span style="letter-spacing:0.15pt;"> </span>by <span style="letter-spacing:0.1pt;"> </span>the <span style="letter-spacing:0.05pt;"> </span>FDA&#160;&#160;may <span style="letter-spacing:0.1pt;"> </span>not actually<span style="letter-spacing:0.1pt;"> </span>lead<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>faster<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>process,<span style="letter-spacing:0.05pt;"> </span>and does not assure<span style="letter-spacing:0.05pt;"> </span>FDA approval<span style="letter-spacing:0.05pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">FDA&#8217;s<span style="letter-spacing:0.05pt;"> </span>fast<span style="letter-spacing:0.1pt;"> </span>track,<span style="letter-spacing:0.1pt;"> </span>breakthrough,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regenerative<span style="letter-spacing:0.15pt;"> </span>medicine<span style="letter-spacing:0.1pt;"> </span>advanced<span style="letter-spacing:0.05pt;"> </span>therapy<span style="letter-spacing:0.05pt;"> </span>(RMAT), programs<span style="letter-spacing:0.1pt;"> </span>are intended<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>expedite<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>of certain<span style="letter-spacing:0.1pt;"> </span>qualifying<span style="letter-spacing:0.1pt;"> </span>products<span style="letter-spacing:0.05pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>treatment<span style="letter-spacing:0.15pt;"> </span>of serious<span style="letter-spacing:0.05pt;"> </span>diseases and<span style="letter-spacing:0.05pt;"> </span>conditions.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>treatment<span style="letter-spacing:0.15pt;"> </span>of a serious<span style="letter-spacing:0.05pt;"> </span>or lif<span style="letter-spacing:0.05pt;">e</span>-threatening<span style="letter-spacing:0.1pt;"> </span>condition<span style="letter-spacing:0.05pt;"> </span>and preclinical <span style="letter-spacing:0.2pt;"> </span>or <span style="letter-spacing:0.05pt;"> </span>clinical <span style="letter-spacing:0.15pt;"> </span>data <span style="letter-spacing:0.1pt;"> </span>demonstrate <span style="letter-spacing:0.15pt;"> </span>the <span style="letter-spacing:0.1pt;"> </span>product&#8217;s <span style="letter-spacing:0.15pt;"> </span>potential <span style="letter-spacing:0.15pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>address <span style="letter-spacing:0.1pt;"> </span>an <span style="letter-spacing:0.05pt;"> </span>unmet <span style="letter-spacing:0.1pt;"> </span>medical <span style="letter-spacing:0.15pt;"> </span>need&#160;&#160;for <span style="letter-spacing:0.05pt;"> </span>this condition,<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.05pt;"> </span>sponsor<span style="letter-spacing:1.05pt;"> </span>may<span style="letter-spacing:1.05pt;"> </span>apply<span style="letter-spacing:1.05pt;"> </span>for<span style="letter-spacing:1.05pt;"> </span>FDA<span style="letter-spacing:0.95pt;"> </span>fast<span style="letter-spacing:1.05pt;"> </span>track<span style="letter-spacing:1.05pt;"> </span>designation.<span style="letter-spacing:1.1pt;"> </span>A<span style="letter-spacing:1pt;"> </span>product<span style="letter-spacing:1.05pt;"> </span>candidate<span style="letter-spacing:1.1pt;"> </span>may<span style="letter-spacing:1pt;"> </span>be<span style="letter-spacing:0.95pt;"> </span>designated<span style="letter-spacing:1.05pt;"> </span>as<span style="letter-spacing:0.95pt;"> </span>a<span style="color:#000000;"> </span>breakthrough<span style="letter-spacing:0.1pt;"> </span>therapy<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>to treat<span style="letter-spacing:0.1pt;"> </span>a serious<span style="letter-spacing:0.05pt;"> </span>or life-threatening<span style="letter-spacing:0.2pt;"> </span>condition<span style="letter-spacing:0.05pt;"> </span>and preliminary<span style="letter-spacing:0.15pt;"> </span>clinical evidence<span style="letter-spacing:0.9pt;"> </span>indicates<span style="letter-spacing:0.95pt;"> </span>that<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.9pt;"> </span>product<span style="letter-spacing:0.9pt;"> </span>candidate<span style="letter-spacing:0.95pt;"> </span>may<span style="letter-spacing:0.9pt;"> </span>demonstrate<span style="letter-spacing:0.95pt;"> </span>substantial<span style="letter-spacing:0.95pt;"> </span>improvement<span style="letter-spacing:0.95pt;"> </span>over<span style="letter-spacing:0.85pt;"> </span>existing<span style="letter-spacing:0.9pt;"> </span>therapies on<span style="letter-spacing:1.1pt;"> </span>one<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>more<span style="letter-spacing:1.15pt;"> </span>clinically<span style="letter-spacing:1.25pt;"> </span>significant<span style="letter-spacing:1.25pt;"> </span>endpoints.<span style="letter-spacing:1.15pt;"> </span>A<span style="letter-spacing:1.1pt;"> </span>product<span style="letter-spacing:1.15pt;"> </span>candidate<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.15pt;"> </span>receive<span style="letter-spacing:1.2pt;"> </span>RMAT<span style="letter-spacing:1.05pt;"> </span>designation<span style="letter-spacing:1.2pt;"> </span>if<span style="letter-spacing:1.15pt;"> </span>it<span style="letter-spacing:1.1pt;"> </span>is<span style="letter-spacing:1.1pt;"> </span>a regenerative<span style="letter-spacing:0.2pt;"> </span>medicine<span style="letter-spacing:0.15pt;"> </span>therapy<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>to treat,<span style="letter-spacing:0.1pt;"> </span>modify,<span style="letter-spacing:0.05pt;"> </span>reverse<span style="letter-spacing:0.1pt;"> </span>or cure<span style="letter-spacing:0.05pt;"> </span>a serious<span style="letter-spacing:0.05pt;"> </span>or life-threatening condition,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>preliminary<span style="letter-spacing:0.2pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>evidence<span style="letter-spacing:0.1pt;"> </span>indicates<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.15pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>potential<span style="letter-spacing:0.1pt;"> </span>to address<span style="letter-spacing:0.05pt;"> </span>an unmet<span style="letter-spacing:0.15pt;"> </span>medical<span style="letter-spacing:0.2pt;"> </span>need<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>such<span style="letter-spacing:0.1pt;"> </span>condition.<span style="letter-spacing:0.15pt;"> </span>While<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.15pt;"> </span>seek<span style="letter-spacing:0.15pt;"> </span>fast<span style="letter-spacing:0.15pt;"> </span>track,<span style="letter-spacing:0.15pt;"> </span>breakthrough,<span style="letter-spacing:0.15pt;"> </span>and/or<span style="letter-spacing:0.1pt;"> </span>RMAT designation, there<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>no guarantee<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>be successful<span style="letter-spacing:0.1pt;"> </span>in obtaining<span style="letter-spacing:0.05pt;"> </span>any such designation.<span style="letter-spacing:0.1pt;"> </span>Even if<span style="letter-spacing:0.05pt;"> </span>we do obtain<span style="letter-spacing:0.05pt;"> </span>such designation,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not experience<span style="letter-spacing:0.1pt;"> </span>a faster<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>process,<span style="letter-spacing:0.05pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>or approval<span style="letter-spacing:0.05pt;"> </span>compared<span style="letter-spacing:0.05pt;"> </span>to conventional FDA<span style="letter-spacing:0.95pt;"> </span>procedures.<span style="letter-spacing:1.1pt;"> </span>A<span style="letter-spacing:1pt;"> </span>fast<span style="letter-spacing:1.05pt;"> </span>track,<span style="letter-spacing:1.05pt;"> </span>breakthrough,<span style="letter-spacing:1.1pt;"> </span>or<span style="letter-spacing:1pt;"> </span>RMAT<span style="letter-spacing:0.95pt;"> </span>designation<span style="letter-spacing:1.1pt;"> </span>does<span style="letter-spacing:1pt;"> </span>not<span style="letter-spacing:1pt;"> </span>ensure<span style="letter-spacing:1.05pt;"> </span>that<span style="letter-spacing:1.05pt;"> </span>the<span style="letter-spacing:1.05pt;"> </span>product<span style="letter-spacing:1pt;"> </span>candidate will<span style="letter-spacing:0.05pt;"> </span>receive<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>or that<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be granted<span style="letter-spacing:0.05pt;"> </span>within<span style="letter-spacing:0.05pt;"> </span>any particular<span style="letter-spacing:0.15pt;"> </span>timeframe.<span style="letter-spacing:0.15pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>the FDA<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>withdraw<span style="letter-spacing:0.1pt;"> </span>fast<span style="letter-spacing:0.1pt;"> </span>track,<span style="letter-spacing:0.1pt;"> </span>breakthrough,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>RMAT designation<span style="letter-spacing:0.15pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>believes<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>designation<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>no<span style="letter-spacing:0.05pt;"> </span>longer supported<span style="letter-spacing:0.15pt;"> </span>by<span style="letter-spacing:0.1pt;"> </span>data<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.1pt;"> </span>clinical<span style="letter-spacing:0.2pt;"> </span>development<span style="letter-spacing:0.2pt;"> </span>program.<span style="letter-spacing:0.15pt;"> </span>Fast<span style="letter-spacing:0.15pt;"> </span>track,<span style="letter-spacing:0.15pt;"> </span>breakthrough,<span style="letter-spacing:0.15pt;"> </span>and/or<span style="letter-spacing:0.1pt;"> </span>RMAT designation alone<span style="letter-spacing:0.05pt;"> </span>do not guarantee<span style="letter-spacing:0.1pt;"> </span>qualification<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>FDA&#8217;s priority<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>procedures.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Priority<span style="letter-spacing:0.15pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>designation<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>FDA may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>lead<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>faster<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.1pt;"> </span>process<span style="letter-spacing:0.1pt;"> </span>and,<span style="letter-spacing:0.05pt;"> </span>in any event,<span style="letter-spacing:0.05pt;"> </span>does not assure<span style="letter-spacing:0.05pt;"> </span>FDA<span style="letter-spacing:-0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If<span style="letter-spacing:1.3pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>FDA<span style="letter-spacing:1.15pt;"> </span>determines<span style="letter-spacing:1.3pt;"> </span>that<span style="letter-spacing:1.25pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>product<span style="letter-spacing:1.25pt;"> </span>candidate<span style="letter-spacing:1.3pt;"> </span>is<span style="letter-spacing:1.25pt;"> </span>intended<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>treat<span style="letter-spacing:1.3pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>serious<span style="letter-spacing:1.25pt;"> </span>disease<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>condition<span style="letter-spacing:1.25pt;"> </span>and,<span style="letter-spacing:1.2pt;"> </span>if approved,<span style="letter-spacing:0.1pt;"> </span>would<span style="letter-spacing:0.05pt;"> </span>provide<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>improvement<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>safety<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>effectiveness<span style="letter-spacing:0.15pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>treatment,<span style="letter-spacing:0.15pt;"> </span>prevention,<span style="letter-spacing:0.1pt;"> </span>or diagnosis<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>disease<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>condition,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA may<span style="letter-spacing:0.1pt;"> </span>designate<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>priority<span style="letter-spacing:0.15pt;"> </span>review.<span style="letter-spacing:0.1pt;"> </span>A priority<span style="letter-spacing:0.2pt;"> </span>review<span style="letter-spacing:0.15pt;"> </span>designation<span style="letter-spacing:0.2pt;"> </span>means<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>goal<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA to<span style="letter-spacing:0.05pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>application<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>six<span style="letter-spacing:0.1pt;"> </span>months<span style="letter-spacing:0.1pt;"> </span>from filing<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>application,<span style="letter-spacing:0.1pt;"> </span>rather<span style="letter-spacing:0.1pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>standard<span style="letter-spacing:0.05pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>period<span style="letter-spacing:0.05pt;"> </span>of ten<span style="letter-spacing:0.05pt;"> </span>months.<span style="letter-spacing:0.05pt;"> </span>We may<span style="letter-spacing:0.05pt;"> </span>request<span style="letter-spacing:0.05pt;"> </span>priority<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>for certain<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>FDA has<span style="letter-spacing:0.05pt;"> </span>broad<span style="letter-spacing:0.1pt;"> </span>discretion<span style="letter-spacing:0.15pt;"> </span>with respect<span style="letter-spacing:0.1pt;"> </span>to whether<span style="letter-spacing:0.05pt;"> </span>or not to grant<span style="letter-spacing:0.05pt;"> </span>priority review<span style="letter-spacing:0.1pt;"> </span>status<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate,<span style="letter-spacing:0.15pt;"> </span>so<span style="letter-spacing:0.05pt;"> </span>even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we believe<span style="letter-spacing:0.05pt;"> </span>a particular<span style="letter-spacing:0.15pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>eligible<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>such designation<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>status,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA may<span style="letter-spacing:0.1pt;"> </span>disagree<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>decide<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>grant<span style="letter-spacing:0.1pt;"> </span>it.<span style="letter-spacing:0.1pt;"> </span>Moreover,<span style="letter-spacing:0.05pt;"> </span>a priority<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>designation does<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>necessarily<span style="letter-spacing:0.15pt;"> </span>mean<span style="letter-spacing:0.1pt;"> </span>a faster<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>process<span style="letter-spacing:0.05pt;"> </span>or necessarily<span style="letter-spacing:0.1pt;"> </span>confer<span style="letter-spacing:0.05pt;"> </span>any advantage<span style="letter-spacing:0.05pt;"> </span>with respect<span style="letter-spacing:0.1pt;"> </span>to approval<span style="letter-spacing:0.15pt;"> </span>compared<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>conventional<span style="letter-spacing:0.15pt;"> </span>FDA procedures.<span style="letter-spacing:0.15pt;"> </span>Receiving<span style="letter-spacing:0.1pt;"> </span>priority<span style="letter-spacing:0.15pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA does<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>guarantee approval<span style="letter-spacing:0.05pt;"> </span>within<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>six-month<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>cycle<span style="letter-spacing:0.05pt;"> </span>or thereafter.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">75</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.55pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">not</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">able</span><span style="letter-spacing:0.55pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">obtain</span><span style="letter-spacing:0.55pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">orphan</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">drug</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">exclusivity</span><span style="letter-spacing:0.6pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.55pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">one</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">more</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.45pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.45pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">product</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">candidates,</span><span style="letter-spacing:0.5pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.45pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">even</span><span style="letter-spacing:0.45pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">if we do, that</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">exclusivity</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">not prevent</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the FDA</span><span style="letter-spacing:-0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">or the EMA</span><span style="letter-spacing:-0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">approving</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">competing</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">products.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>Orphan<span style="letter-spacing:0.1pt;"> </span>Drug<span style="letter-spacing:0.1pt;"> </span>Act,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA may<span style="letter-spacing:0.1pt;"> </span>designate<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidate<span style="letter-spacing:0.15pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>orphan<span style="letter-spacing:0.1pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>or biologic<span style="letter-spacing:0.1pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>to treat<span style="letter-spacing:0.1pt;"> </span>a rare<span style="letter-spacing:0.05pt;"> </span>disease<span style="letter-spacing:0.05pt;"> </span>or condition.<span style="letter-spacing:0.05pt;"> </span>A similar<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>scheme<span style="letter-spacing:0.05pt;"> </span>governs<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>of orphan product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EMA<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union.<span style="letter-spacing:0.05pt;"> </span>Generally,<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>with an orphan<span style="letter-spacing:0.05pt;"> </span>drug designation subsequently<span style="letter-spacing:2.15pt;"> </span>receives<span style="letter-spacing:2.15pt;"> </span>the<span style="letter-spacing:2.1pt;"> </span>first<span style="letter-spacing:2.15pt;"> </span>marketing<span style="letter-spacing:2.15pt;"> </span>approval<span style="letter-spacing:2.1pt;"> </span>for<span style="letter-spacing:2.1pt;"> </span>the<span style="letter-spacing:2.1pt;"> </span>indication<span style="letter-spacing:2.15pt;"> </span>for<span style="letter-spacing:2.1pt;"> </span>which<span style="letter-spacing:2.05pt;"> </span>it<span style="letter-spacing:2.1pt;"> </span>has<span style="letter-spacing:2.05pt;"> </span>such<span style="letter-spacing:2.05pt;"> </span>designation,<span style="letter-spacing:2.15pt;"> </span>the product<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.15pt;"> </span>entitled<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.1pt;"> </span>period<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.15pt;"> </span>exclusivity,<span style="letter-spacing:0.15pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>precludes<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA or<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>EMA<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>approving another<span style="letter-spacing:1.05pt;"> </span>marketing<span style="letter-spacing:1.1pt;"> </span>application<span style="letter-spacing:1.1pt;"> </span>for<span style="letter-spacing:1.05pt;"> </span>another<span style="letter-spacing:1.05pt;"> </span>similar<span style="letter-spacing:1.05pt;"> </span>product<span style="letter-spacing:1pt;"> </span>candidate<span style="letter-spacing:1.05pt;"> </span>for<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1pt;"> </span>same<span style="letter-spacing:1pt;"> </span>orphan<span style="letter-spacing:1pt;"> </span>therapeutic<span style="letter-spacing:1.05pt;"> </span>indication for<span style="letter-spacing:1.4pt;"> </span>that<span style="letter-spacing:1.4pt;"> </span>time<span style="letter-spacing:1.4pt;"> </span>period.<span style="letter-spacing:1.4pt;"> </span>The<span style="letter-spacing:1.35pt;"> </span>applicable<span style="letter-spacing:1.45pt;"> </span>period<span style="letter-spacing:1.4pt;"> </span>is<span style="letter-spacing:1.4pt;"> </span>seven<span style="letter-spacing:1.4pt;"> </span>years<span style="letter-spacing:1.4pt;"> </span>in<span style="letter-spacing:1.35pt;"> </span>the<span style="letter-spacing:1.4pt;"> </span>United<span style="letter-spacing:1.35pt;"> </span>States<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.3pt;"> </span>ten<span style="letter-spacing:1.35pt;"> </span>years<span style="letter-spacing:1.35pt;"> </span>in<span style="letter-spacing:1.3pt;"> </span>the<span style="letter-spacing:1.35pt;"> </span>European Union.<span style="letter-spacing:0.05pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>exclusivity<span style="letter-spacing:0.15pt;"> </span>period<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union<span style="letter-spacing:0.05pt;"> </span>can<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>reduced<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>six<span style="letter-spacing:0.1pt;"> </span>years<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>no longer<span style="letter-spacing:0.05pt;"> </span>meets<span style="letter-spacing:0.05pt;"> </span>the criteria <span style="letter-spacing:0.2pt;"> </span>for <span style="letter-spacing:0.05pt;"> </span>orphan <span style="letter-spacing:0.05pt;"> </span>drug&#160;&#160;designation, <span style="letter-spacing:0.1pt;"> </span>in&#160;&#160;particular <span style="letter-spacing:0.15pt;"> </span>if <span style="letter-spacing:0.05pt;"> </span>the <span style="letter-spacing:0.05pt;"> </span>product <span style="letter-spacing:0.05pt;"> </span>is <span style="letter-spacing:0.05pt;"> </span>sufficiently <span style="letter-spacing:0.15pt;"> </span>profitable <span style="letter-spacing:0.1pt;"> </span>so&#160;&#160;that <span style="letter-spacing:0.05pt;"> </span>market exclusivity<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>no longer<span style="letter-spacing:0.05pt;"> </span>justified.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.85%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.05pt;"> </span>order<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA to<span style="letter-spacing:0.05pt;"> </span>grant<span style="letter-spacing:0.1pt;"> </span>orphan<span style="letter-spacing:0.1pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>exclusivity<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>one<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>agency<span style="letter-spacing:0.1pt;"> </span>must<span style="letter-spacing:0.1pt;"> </span>find that<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>indicated<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>treatment<span style="letter-spacing:0.15pt;"> </span>of a condition<span style="letter-spacing:0.05pt;"> </span>or disease<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>affects<span style="letter-spacing:0.1pt;"> </span>fewer than 200,000 individuals<span style="letter-spacing:1.1pt;"> </span>in<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1pt;"> </span>United<span style="letter-spacing:1pt;"> </span>States<span style="letter-spacing:1pt;"> </span>or<span style="letter-spacing:0.95pt;"> </span>that<span style="letter-spacing:1pt;"> </span>affects<span style="letter-spacing:1.05pt;"> </span>200,000<span style="letter-spacing:0.95pt;"> </span>or<span style="letter-spacing:0.95pt;"> </span>more<span style="letter-spacing:1pt;"> </span>individuals<span style="letter-spacing:1.05pt;"> </span>in<span style="letter-spacing:0.95pt;"> </span>the<span style="letter-spacing:1pt;"> </span>United<span style="letter-spacing:1pt;"> </span>States<span style="letter-spacing:1pt;"> </span>and<span style="letter-spacing:0.95pt;"> </span>for<span style="letter-spacing:1pt;"> </span>which there<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>no<span style="letter-spacing:0.05pt;"> </span>reasonable<span style="letter-spacing:0.15pt;"> </span>expectation<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>cost<span style="letter-spacing:0.1pt;"> </span>of developing<span style="letter-spacing:0.05pt;"> </span>and making<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidate<span style="letter-spacing:0.1pt;"> </span>available<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the disease<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>condition<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>recovered<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>sales<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>United<span style="letter-spacing:0.1pt;"> </span>States.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>FDA may<span style="letter-spacing:0.1pt;"> </span>conclude<span style="letter-spacing:0.05pt;"> </span>that the<span style="letter-spacing:0.1pt;"> </span>condition<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>disease<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>seek<span style="letter-spacing:0.05pt;"> </span>orphan<span style="letter-spacing:0.05pt;"> </span>drug exclusivity<span style="letter-spacing:0.1pt;"> </span>does not meet<span style="letter-spacing:0.05pt;"> </span>this<span style="letter-spacing:0.05pt;"> </span>standard.<span style="letter-spacing:0.05pt;"> </span>Even if<span style="letter-spacing:0.05pt;"> </span>we obtain orphan <span style="letter-spacing:0.05pt;"> </span>drug&#160;&#160;exclusivity <span style="letter-spacing:0.1pt;"> </span>for <span style="letter-spacing:0.05pt;"> </span>a&#160;&#160;product <span style="letter-spacing:0.05pt;"> </span>candidate, <span style="letter-spacing:0.1pt;"> </span>that <span style="letter-spacing:0.05pt;"> </span>exclusivity <span style="letter-spacing:0.1pt;"> </span>may <span style="letter-spacing:0.05pt;"> </span>not&#160;&#160;effectively <span style="letter-spacing:0.15pt;"> </span>protect <span style="letter-spacing:0.05pt;"> </span>the&#160;&#160;product candidate<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>competition<span style="letter-spacing:0.1pt;"> </span>because<span style="letter-spacing:0.05pt;"> </span>different<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>can be approved<span style="letter-spacing:0.05pt;"> </span>for the same condition. In addition,<span style="letter-spacing:0.6pt;"> </span>even<span style="letter-spacing:0.55pt;"> </span>after<span style="letter-spacing:0.65pt;"> </span>an<span style="letter-spacing:0.55pt;"> </span>orphan<span style="letter-spacing:0.6pt;"> </span>drug<span style="letter-spacing:0.55pt;"> </span>is<span style="letter-spacing:0.6pt;"> </span>approved,<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>FDA<span style="letter-spacing:0.5pt;"> </span>can<span style="letter-spacing:0.55pt;"> </span>subsequently<span style="letter-spacing:0.65pt;"> </span>approve<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>same<span style="letter-spacing:0.6pt;"> </span>product<span style="letter-spacing:0.6pt;"> </span>candidate for<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>same<span style="letter-spacing:1.2pt;"> </span>condition<span style="letter-spacing:1.2pt;"> </span>if<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>FDA<span style="letter-spacing:1.1pt;"> </span>concludes<span style="letter-spacing:1.2pt;"> </span>that<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>later<span style="letter-spacing:1.25pt;"> </span>product<span style="letter-spacing:1.2pt;"> </span>candidate<span style="letter-spacing:1.2pt;"> </span>is<span style="letter-spacing:1.15pt;"> </span>clinically<span style="letter-spacing:1.25pt;"> </span>superior<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>that<span style="letter-spacing:1.15pt;"> </span>it<span style="letter-spacing:1.15pt;"> </span>is shown<span style="letter-spacing:0.7pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>be<span style="letter-spacing:0.7pt;"> </span>safer,<span style="letter-spacing:0.75pt;"> </span>more<span style="letter-spacing:0.75pt;"> </span>effective<span style="letter-spacing:0.8pt;"> </span>or<span style="letter-spacing:0.7pt;"> </span>makes<span style="letter-spacing:0.75pt;"> </span>a<span style="letter-spacing:0.7pt;"> </span>major<span style="letter-spacing:0.7pt;"> </span>contribution<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>patient<span style="letter-spacing:0.75pt;"> </span>care<span style="letter-spacing:0.7pt;"> </span>compared<span style="letter-spacing:0.7pt;"> </span>with<span style="letter-spacing:0.65pt;"> </span>the<span style="letter-spacing:0.7pt;"> </span>product<span style="letter-spacing:0.7pt;"> </span>that has<span style="letter-spacing:0.05pt;"> </span>orphan<span style="letter-spacing:0.1pt;"> </span>exclusivity.<span style="letter-spacing:0.15pt;"> </span>Orphan<span style="letter-spacing:0.05pt;"> </span>drug<span style="letter-spacing:0.05pt;"> </span>exclusivity<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>lost<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA or<span style="letter-spacing:0.05pt;"> </span>EMA<span style="letter-spacing:0.05pt;"> </span>determines<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>request for<span style="letter-spacing:0.1pt;"> </span>designation<span style="letter-spacing:0.15pt;"> </span>was materially<span style="letter-spacing:0.15pt;"> </span>defective<span style="letter-spacing:0.1pt;"> </span>or if<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>manufacturer<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to assure<span style="letter-spacing:0.05pt;"> </span>sufficient<span style="letter-spacing:0.15pt;"> </span>quantity<span style="letter-spacing:0.05pt;"> </span>of the product<span style="letter-spacing:0.05pt;"> </span>to meet<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>needs<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>patients<span style="letter-spacing:0.1pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>rare<span style="letter-spacing:0.05pt;"> </span>disease<span style="letter-spacing:0.05pt;"> </span>or condition.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>employees,<span style="letter-spacing:0.15pt;"> </span>principal<span style="letter-spacing:0.1pt;"> </span>investigators,<span style="letter-spacing:0.15pt;"> </span>consultants,<span style="letter-spacing:0.1pt;"> </span>and commercial<span style="letter-spacing:0.1pt;"> </span>partners<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>engage in misconduct<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.1pt;"> </span>improper<span style="letter-spacing:0.1pt;"> </span>activities,<span style="letter-spacing:0.2pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>non-compliance<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>standards<span style="letter-spacing:0.1pt;"> </span>and requirements<span style="letter-spacing:0.1pt;"> </span>and insider trading.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:1.2pt;"> </span>are<span style="letter-spacing:1.25pt;"> </span>exposed<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>risk<span style="letter-spacing:1.25pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>fraud<span style="letter-spacing:1.25pt;"> </span>or<span style="letter-spacing:1.2pt;"> </span>other<span style="letter-spacing:1.25pt;"> </span>misconduct<span style="letter-spacing:1.3pt;"> </span>by<span style="letter-spacing:1.2pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>employees,<span style="letter-spacing:1.3pt;"> </span>consultants,<span style="letter-spacing:1.3pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>commercial partners,<span style="letter-spacing:0.15pt;"> </span>and,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>commence<span style="letter-spacing:0.15pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials,<span style="letter-spacing:0.15pt;"> </span>our principal<span style="letter-spacing:0.1pt;"> </span>investigators.<span style="letter-spacing:0.15pt;"> </span>Misconduct<span style="letter-spacing:0.1pt;"> </span>by these<span style="letter-spacing:0.05pt;"> </span>parties<span style="letter-spacing:0.1pt;"> </span>could include<span style="letter-spacing:0.15pt;"> </span>intentional<span style="letter-spacing:0.2pt;"> </span>failures<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>FDA regulations<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>European<span style="letter-spacing:0.1pt;"> </span>Union and<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.15pt;"> </span>jurisdictions,<span style="letter-spacing:0.25pt;"> </span>provide<span style="letter-spacing:0.15pt;"> </span>accurate<span style="letter-spacing:0.2pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>authorities, comply<span style="letter-spacing:0.05pt;"> </span>with healthcare<span style="letter-spacing:0.1pt;"> </span>fraud<span style="letter-spacing:0.05pt;"> </span>and abuse<span style="letter-spacing:0.05pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>and abroad, report financial information<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>data<span style="letter-spacing:0.1pt;"> </span>accurately,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>disclose<span style="letter-spacing:0.15pt;"> </span>unauthorized<span style="letter-spacing:0.1pt;"> </span>activities<span style="letter-spacing:0.15pt;"> </span>to us. In particular,<span style="letter-spacing:0.15pt;"> </span>sales,<span style="letter-spacing:0.05pt;"> </span>marketing,<span style="letter-spacing:0.1pt;"> </span>and business<span style="letter-spacing:0.1pt;"> </span>arrangements<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>healthcare<span style="letter-spacing:0.15pt;"> </span>industry<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>extensive<span style="letter-spacing:0.1pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>intended<span style="letter-spacing:0.05pt;"> </span>to prevent fraud,<span style="letter-spacing:0.1pt;"> </span>misconduct,<span style="letter-spacing:0.15pt;"> </span>kickbacks,<span style="letter-spacing:0.1pt;"> </span>self-dealing<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>abusive<span style="letter-spacing:0.1pt;"> </span>practices.<span style="letter-spacing:0.15pt;"> </span>These<span style="letter-spacing:0.05pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>restrict<span style="letter-spacing:0.15pt;"> </span>or prohibit<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>wide<span style="letter-spacing:0.05pt;"> </span>range<span style="letter-spacing:0.05pt;"> </span>of pricing,<span style="letter-spacing:0.05pt;"> </span>discounting,<span style="letter-spacing:0.1pt;"> </span>marketing<span style="letter-spacing:0.1pt;"> </span>and promotion,<span style="letter-spacing:0.1pt;"> </span>sales<span style="letter-spacing:0.05pt;"> </span>commission,<span style="letter-spacing:0.1pt;"> </span>customer<span style="letter-spacing:0.1pt;"> </span>incentive programs,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>arrangements.<span style="letter-spacing:0.2pt;"> </span>Such<span style="letter-spacing:0.05pt;"> </span>misconduct<span style="letter-spacing:0.15pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>involve<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>improper<span style="letter-spacing:0.1pt;"> </span>use of information obtained<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>course<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trials<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>interactions<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA, the<span style="letter-spacing:0.1pt;"> </span>EMA<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>authorities, which<span style="letter-spacing:1pt;"> </span>could<span style="letter-spacing:1.05pt;"> </span>result<span style="letter-spacing:1.1pt;"> </span>in<span style="letter-spacing:1pt;"> </span>regulatory<span style="letter-spacing:1.1pt;"> </span>sanctions<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1pt;"> </span>cause<span style="letter-spacing:1pt;"> </span>serious<span style="letter-spacing:1pt;"> </span>harm<span style="letter-spacing:1pt;"> </span>to<span style="letter-spacing:0.95pt;"> </span>our<span style="letter-spacing:0.95pt;"> </span>reputation.<span style="letter-spacing:1.05pt;"> </span>We have adopted a code of conduct<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>to all<span style="letter-spacing:0.05pt;"> </span>of our employees,<span style="letter-spacing:0.1pt;"> </span>but it<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>not always possible<span style="letter-spacing:1.95pt;"> </span>to<span style="letter-spacing:1.9pt;"> </span>identify<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>deter<span style="letter-spacing:1.95pt;"> </span>employee<span style="letter-spacing:1.95pt;"> </span>misconduct,<span style="letter-spacing:2pt;"> </span>and<span style="letter-spacing:1.9pt;"> </span>the<span style="letter-spacing:1.9pt;"> </span>precautions<span style="letter-spacing:1.95pt;"> </span>we<span style="letter-spacing:1.85pt;"> </span>take<span style="letter-spacing:1.9pt;"> </span>to<span style="letter-spacing:1.85pt;"> </span>detect<span style="letter-spacing:1.9pt;"> </span>and<span style="letter-spacing:1.85pt;"> </span>prevent<span style="letter-spacing:1.9pt;"> </span>this activity<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>effective<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>controlling<span style="letter-spacing:0.15pt;"> </span>unknown<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>unmanaged<span style="letter-spacing:0.1pt;"> </span>risks<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>losses<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>protecting<span style="letter-spacing:0.15pt;"> </span>us from government<span style="letter-spacing:0.15pt;"> </span>investigations<span style="letter-spacing:0.2pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>actions<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>lawsuits<span style="letter-spacing:0.1pt;"> </span>stemming<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>a failure<span style="letter-spacing:0.1pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with these<span style="letter-spacing:0.05pt;"> </span>laws or regulations.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>actions<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>instituted<span style="letter-spacing:0.15pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>us,<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>successful<span style="letter-spacing:0.1pt;"> </span>in defending<span style="letter-spacing:0.05pt;"> </span>ourselves<span style="letter-spacing:0.1pt;"> </span>or asserting<span style="letter-spacing:0.1pt;"> </span>our rights,<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>actions<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>have a significant<span style="letter-spacing:0.15pt;"> </span>impact<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.05pt;"> </span>condition, results<span style="letter-spacing:0.05pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>imposition<span style="letter-spacing:0.1pt;"> </span>of significant<span style="letter-spacing:0.15pt;"> </span>fines<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>sanctions.</p>
<p style="line-height:8pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="line-height:10pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>U.S. and<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>export<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>import<span style="letter-spacing:0.1pt;"> </span>controls,<span style="letter-spacing:0.1pt;"> </span>sanctions,<span style="letter-spacing:0.1pt;"> </span>embargoes,<span style="letter-spacing:0.1pt;"> </span>anti-corruption laws,<span style="letter-spacing:1pt;"> </span>and<span style="letter-spacing:1pt;"> </span>anti-money<span style="letter-spacing:1.1pt;"> </span>laundering<span style="letter-spacing:1.05pt;"> </span>laws<span style="letter-spacing:1pt;"> </span>and<span style="letter-spacing:1pt;"> </span>regulations.<span style="letter-spacing:1.05pt;"> </span>Compliance<span style="letter-spacing:1.05pt;"> </span>with<span style="letter-spacing:1pt;"> </span>these<span style="letter-spacing:1.05pt;"> </span>legal<span style="letter-spacing:1.05pt;"> </span>standards<span style="letter-spacing:1.05pt;"> </span>could<span style="letter-spacing:0.95pt;"> </span>impair our<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>compete<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>domestic<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>international<span style="letter-spacing:0.15pt;"> </span>markets.<span style="letter-spacing:0.05pt;"> </span>We can face<span style="letter-spacing:0.05pt;"> </span>criminal<span style="letter-spacing:0.1pt;"> </span>liability<span style="letter-spacing:0.15pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>serious consequences<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>violations,<span style="letter-spacing:0.1pt;"> </span>which can harm our business.</p>
<p style="line-height:6pt;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>export<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>import<span style="letter-spacing:0.15pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regulations,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. Export<span style="letter-spacing:0.1pt;"> </span>Administration Regulations,<span style="letter-spacing:1.5pt;"> </span>U.S.<span style="letter-spacing:1.4pt;"> </span>Customs<span style="letter-spacing:1.5pt;"> </span>regulations,<span style="letter-spacing:1.5pt;"> </span>various<span style="letter-spacing:1.45pt;"> </span>economic<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>trade<span style="letter-spacing:1.45pt;"> </span>sanctions<span style="letter-spacing:1.5pt;"> </span>regulations<span style="letter-spacing:1.5pt;"> </span>administered<span style="letter-spacing:1.55pt;"> </span>by<span style="letter-spacing:1.4pt;"> </span>the U.S. Treasury<span style="letter-spacing:0.1pt;"> </span>Department&#8217;s<span style="letter-spacing:0.15pt;"> </span>Office<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>Foreign<span style="letter-spacing:0.1pt;"> </span>Assets<span style="letter-spacing:0.1pt;"> </span>Control,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. Foreign<span style="letter-spacing:0.1pt;"> </span>Corrupt<span style="letter-spacing:0.1pt;"> </span>Practices<span style="letter-spacing:0.15pt;"> </span>Act<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>1977,<span style="letter-spacing:0.05pt;"> </span>as amended<span style="letter-spacing:0.15pt;"> </span>(FCPA),<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>U.S.<span style="letter-spacing:0.05pt;"> </span>domestic<span style="letter-spacing:0.2pt;"> </span>bribery<span style="letter-spacing:0.15pt;"> </span>statute<span style="letter-spacing:0.2pt;"> </span>contained<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.1pt;"> </span>18<span style="letter-spacing:0.1pt;"> </span>U.S.C.<span style="letter-spacing:0.05pt;"> </span>&#167;<span style="letter-spacing:0.1pt;"> </span>201,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>U.S. Travel<span style="letter-spacing:0.1pt;"> </span>Act,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>USA PATRIOT<span style="letter-spacing:1.7pt;"> </span>Act,<span style="letter-spacing:1.75pt;"> </span>and<span style="letter-spacing:1.75pt;"> </span>other<span style="letter-spacing:1.8pt;"> </span>state<span style="letter-spacing:1.8pt;"> </span>and<span style="letter-spacing:1.75pt;"> </span>national<span style="letter-spacing:1.85pt;"> </span>anti-bribery<span style="letter-spacing:1.9pt;"> </span>and<span style="letter-spacing:1.75pt;"> </span>anti-</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:6pt;margin-right:1.67%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">money</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laundering</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laws</span><span style="letter-spacing:1.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:1.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:1.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">countries</span><span style="letter-spacing:1.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in which</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">conduct</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">activities.</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Anti-corruption</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laws are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">interpreted</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">broadly</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and prohibit</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">companies</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and their employees,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agents,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">contractors,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborators</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorizing,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">promising,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">offering,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or providing, directly</span><span style="letter-spacing:1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">indirectly,</span><span style="letter-spacing:1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">improper</span><span style="letter-spacing:1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">payments</span><span style="letter-spacing:0.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">anything</span><span style="letter-spacing:0.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">else</span><span style="letter-spacing:0.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.85pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">value</span><span style="letter-spacing:0.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.85pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">recipients</span><span style="letter-spacing:0.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.85pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">public</span><span style="letter-spacing:0.9pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.85pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">private</span><span style="letter-spacing:0.95pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">sector. We</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">engage</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">third</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">parties</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to sell</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our products</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">outside</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">United</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">States,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to conduct</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">clinical</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">trials,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and/or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to obtain</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">necessary</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">permits,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">licenses,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">patent</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">registrations,</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regulatory</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">approvals.</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We have direct</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or indirect interactions</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">with</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">officials</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">employees</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">government</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agencies</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or government-affiliated</span><span style="letter-spacing:0.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">hospitals,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">universities, and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">organizations.</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">can</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">held</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">liable</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">for</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">corrupt</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">illegal</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">activities</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our employees,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">agents, contractors,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">collaborators,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">even if</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we do not explicitly</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">authorize</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or have actual</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">knowledge of such activities.</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">violations</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">laws and regulations</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">described</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">above may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">result</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in substantial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">civil</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and criminal fines</span><span style="letter-spacing:0.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">penalties,</span><span style="letter-spacing:0.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">imprisonment,</span><span style="letter-spacing:0.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">loss</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">export</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.65pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">import</span><span style="letter-spacing:0.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">privileges,</span><span style="letter-spacing:0.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">debarment,</span><span style="letter-spacing:0.75pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">tax</span><span style="letter-spacing:0.7pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reassessments,</span><span style="letter-spacing:0.8pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">breach of contract</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and fraud</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">litigation,</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reputational</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">harm,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and other</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">consequences.</span></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Inadequate<span style="letter-spacing:0.1pt;"> </span>funding<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>FDA and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>government<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>hinder<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>ability<span style="letter-spacing:0.1pt;"> </span>to hire<span style="letter-spacing:0.05pt;"> </span>and retain key <span style="letter-spacing:2.4pt;"> </span>leadership <span style="letter-spacing:2.45pt;"> </span>and <span style="letter-spacing:2.4pt;"> </span>other <span style="letter-spacing:2.45pt;"> </span>personnel, <span style="letter-spacing:2.45pt;"> </span>prevent <span style="letter-spacing:2.45pt;"> </span>new <span style="letter-spacing:2.35pt;"> </span>products <span style="letter-spacing:2.4pt;"> </span>and <span style="letter-spacing:2.35pt;"> </span>services <span style="letter-spacing:2.45pt;"> </span>from <span style="letter-spacing:2.4pt;"> </span>being <span style="letter-spacing:2.35pt;"> </span>developed <span style="letter-spacing:2.4pt;"> </span>or commercialized<span style="letter-spacing:0.15pt;"> </span>in a timely<span style="letter-spacing:0.1pt;"> </span>manner or otherwise<span style="letter-spacing:0.05pt;"> </span>prevent<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>agencies<span style="letter-spacing:0.05pt;"> </span>from performing<span style="letter-spacing:0.05pt;"> </span>normal business functions<span style="letter-spacing:0.05pt;"> </span>on which the operation<span style="letter-spacing:0.05pt;"> </span>of our business<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>rely,<span style="letter-spacing:0.05pt;"> </span>which could negatively<span style="letter-spacing:0.1pt;"> </span>impact<span style="letter-spacing:0.05pt;"> </span>our business.</p>
<p style="margin-top:6pt;line-height:6pt;margin-bottom:0pt;margin-right:1.67%;text-indent:4.17%;font-size:6pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:2.25pt;"> </span>ability<span style="letter-spacing:2.35pt;"> </span>of<span style="letter-spacing:2.25pt;"> </span>the<span style="letter-spacing:2.3pt;"> </span>FDA<span style="letter-spacing:2.2pt;"> </span>to<span style="letter-spacing:2.25pt;"> </span>review<span style="letter-spacing:2.3pt;"> </span>and<span style="letter-spacing:2.25pt;"> </span>approve<span style="letter-spacing:2.3pt;"> </span>new<span style="letter-spacing:2.25pt;"> </span>products<span style="letter-spacing:2.3pt;"> </span>can<span style="letter-spacing:2.25pt;"> </span>be<span style="letter-spacing:2.25pt;"> </span>affected<span style="letter-spacing:2.3pt;"> </span>by<span style="letter-spacing:2.2pt;"> </span>a<span style="letter-spacing:2.2pt;"> </span>variety<span style="letter-spacing:2.3pt;"> </span>of<span style="letter-spacing:2.2pt;"> </span>factors, including<span style="letter-spacing:0.1pt;"> </span>government<span style="letter-spacing:0.15pt;"> </span>budget<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>funding<span style="letter-spacing:0.05pt;"> </span>levels,<span style="letter-spacing:0.05pt;"> </span>ability<span style="letter-spacing:0.1pt;"> </span>to hire<span style="letter-spacing:0.05pt;"> </span>and retain<span style="letter-spacing:0.1pt;"> </span>key personnel<span style="letter-spacing:0.05pt;"> </span>and accept<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>payment of<span style="letter-spacing:0.05pt;"> </span>user<span style="letter-spacing:0.1pt;"> </span>fees,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>statutory,<span style="letter-spacing:0.15pt;"> </span>regulatory,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>policy<span style="letter-spacing:0.1pt;"> </span>changes.<span style="letter-spacing:0.1pt;"> </span>Average<span style="letter-spacing:0.1pt;"> </span>review<span style="letter-spacing:0.1pt;"> </span>times<span style="letter-spacing:0.1pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>agency<span style="letter-spacing:0.05pt;"> </span>have fluctuated<span style="letter-spacing:0.1pt;"> </span>in recent<span style="letter-spacing:1.2pt;"> </span>years<span style="letter-spacing:1.2pt;"> </span>as<span style="letter-spacing:1.15pt;"> </span>a<span style="letter-spacing:1.15pt;"> </span>result.<span style="letter-spacing:1.25pt;"> </span>In<span style="letter-spacing:1.15pt;"> </span>addition,<span style="letter-spacing:1.2pt;"> </span>government<span style="letter-spacing:1.25pt;"> </span>funding<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>other<span style="letter-spacing:1.15pt;"> </span>agencies<span style="letter-spacing:1.15pt;"> </span>on<span style="letter-spacing:1.1pt;"> </span>which<span style="letter-spacing:1.1pt;"> </span>our<span style="letter-spacing:1.1pt;"> </span>operations<span style="letter-spacing:1.2pt;"> </span>may<span style="letter-spacing:1.15pt;"> </span>rely, including<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>fund research<span style="letter-spacing:0.1pt;"> </span>and development<span style="letter-spacing:0.1pt;"> </span>activities,<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>political<span style="letter-spacing:0.1pt;"> </span>process,<span style="letter-spacing:0.05pt;"> </span>which is inherently<span style="letter-spacing:0.1pt;"> </span>fluid<span style="letter-spacing:0.05pt;"> </span>and unpredictable.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Disruptions<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>agencies<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>also<span style="letter-spacing:0.05pt;"> </span>slow the<span style="letter-spacing:0.05pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>necessary<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>new drugs<span style="letter-spacing:0.05pt;"> </span>to be reviewed and/or<span style="letter-spacing:1.3pt;"> </span>approved<span style="letter-spacing:1.3pt;"> </span>by<span style="letter-spacing:1.25pt;"> </span>necessary<span style="letter-spacing:1.35pt;"> </span>government<span style="letter-spacing:1.35pt;"> </span>agencies,<span style="letter-spacing:1.3pt;"> </span>which<span style="letter-spacing:1.25pt;"> </span>would<span style="letter-spacing:1.25pt;"> </span>adversely<span style="letter-spacing:1.3pt;"> </span>affect<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>business.<span style="letter-spacing:1.25pt;"> </span>For<span style="letter-spacing:1.2pt;"> </span>example, over<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>last<span style="letter-spacing:0.1pt;"> </span>several<span style="letter-spacing:0.15pt;"> </span>years<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. government<span style="letter-spacing:0.15pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>shut<span style="letter-spacing:0.1pt;"> </span>down<span style="letter-spacing:0.05pt;"> </span>several<span style="letter-spacing:0.1pt;"> </span>times<span style="letter-spacing:0.1pt;"> </span>and certain<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>agencies,<span style="letter-spacing:0.05pt;"> </span>such as<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>FDA,<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.1pt;"> </span>had<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>furlough<span style="letter-spacing:0.1pt;"> </span>critical<span style="letter-spacing:0.2pt;"> </span>FDA and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>government<span style="letter-spacing:0.15pt;"> </span>employees<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>stop<span style="letter-spacing:0.1pt;"> </span>critical<span style="letter-spacing:0.2pt;"> </span>activities. Additionally,<span style="letter-spacing:0.2pt;"> </span>as<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>March<span style="letter-spacing:0.15pt;"> </span>18,<span style="letter-spacing:0.1pt;"> </span>2021,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA noted<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>continuing<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>ensure<span style="letter-spacing:0.1pt;"> </span>timely<span style="letter-spacing:0.15pt;"> </span>reviews<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>applications<span style="letter-spacing:0.15pt;"> </span>for medical<span style="letter-spacing:0.15pt;"> </span>products<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>COVID-19 pandemic<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>line<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>its<span style="letter-spacing:0.1pt;"> </span>user<span style="letter-spacing:0.1pt;"> </span>fee<span style="letter-spacing:0.1pt;"> </span>performance<span style="letter-spacing:0.1pt;"> </span>goals&#59;<span style="letter-spacing:0.05pt;"> </span>however, the<span style="letter-spacing:0.05pt;"> </span>FDA may <span style="letter-spacing:0.1pt;"> </span>not <span style="letter-spacing:0.05pt;"> </span>be <span style="letter-spacing:0.05pt;"> </span>able <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>continue <span style="letter-spacing:0.1pt;"> </span>its <span style="letter-spacing:0.1pt;"> </span>current <span style="letter-spacing:0.15pt;"> </span>pace <span style="letter-spacing:0.1pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>review <span style="letter-spacing:0.1pt;"> </span>timelines <span style="letter-spacing:0.2pt;"> </span>could <span style="letter-spacing:0.1pt;"> </span>be&#160;&#160;extended, <span style="letter-spacing:0.05pt;"> </span>including <span style="letter-spacing:0.05pt;"> </span>where&#160;&#160;a pre-approval<span style="letter-spacing:1.45pt;"> </span>inspection<span style="letter-spacing:1.45pt;"> </span>or<span style="letter-spacing:1.35pt;"> </span>an<span style="letter-spacing:1.35pt;"> </span>inspection<span style="letter-spacing:1.45pt;"> </span>of<span style="letter-spacing:1.35pt;"> </span>clinical<span style="letter-spacing:1.45pt;"> </span>sites<span style="letter-spacing:1.4pt;"> </span>is<span style="letter-spacing:1.4pt;"> </span>required<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.35pt;"> </span>due<span style="letter-spacing:1.35pt;"> </span>to<span style="letter-spacing:1.35pt;"> </span>the<span style="letter-spacing:1.35pt;"> </span>COVID-19<span style="letter-spacing:1.25pt;"> </span>pandemic<span style="letter-spacing:1.35pt;"> </span>and travel<span style="letter-spacing:1.05pt;"> </span>restrictions<span style="letter-spacing:1.1pt;"> </span>FDA<span style="letter-spacing:0.9pt;"> </span>is<span style="letter-spacing:1pt;"> </span>unable<span style="letter-spacing:1pt;"> </span>to<span style="letter-spacing:0.95pt;"> </span>complete<span style="letter-spacing:1.05pt;"> </span>such<span style="letter-spacing:0.95pt;"> </span>required<span style="letter-spacing:1.05pt;"> </span>inspections<span style="letter-spacing:1.05pt;"> </span>during<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1pt;"> </span>review<span style="letter-spacing:1pt;"> </span>period.<span style="letter-spacing:0.95pt;"> </span>Since<span style="letter-spacing:0.95pt;"> </span>March</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2020<span style="letter-spacing:0.1pt;"> </span>when<span style="letter-spacing:0.1pt;"> </span>foreign<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>domestic<span style="letter-spacing:0.15pt;"> </span>inspections<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>facilities<span style="letter-spacing:0.2pt;"> </span>were<span style="letter-spacing:0.05pt;"> </span>largely<span style="letter-spacing:0.15pt;"> </span>placed<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>hold,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA has<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>working to<span style="letter-spacing:0.05pt;"> </span>resume<span style="letter-spacing:0.1pt;"> </span>routine<span style="letter-spacing:0.1pt;"> </span>surveillance,<span style="letter-spacing:0.2pt;"> </span>bioresearch<span style="letter-spacing:0.15pt;"> </span>monitoring<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>pre-approval<span style="letter-spacing:0.15pt;"> </span>inspections<span style="letter-spacing:0.15pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>a prioritized<span style="letter-spacing:0.15pt;"> </span>basis.<span style="letter-spacing:0.05pt;"> </span>The FDA has developed<span style="letter-spacing:0.05pt;"> </span>a rating<span style="letter-spacing:0.05pt;"> </span>system<span style="letter-spacing:0.05pt;"> </span>to assist<span style="letter-spacing:0.1pt;"> </span>in determining<span style="letter-spacing:0.1pt;"> </span>when and where it<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>safest<span style="letter-spacing:0.1pt;"> </span>to conduct<span style="letter-spacing:0.05pt;"> </span>prioritized domestic<span style="letter-spacing:0.15pt;"> </span>inspections.<span style="letter-spacing:0.15pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>April<span style="letter-spacing:0.1pt;"> </span>2021,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA issued<span style="letter-spacing:0.1pt;"> </span>industry<span style="letter-spacing:0.05pt;"> </span>guidance<span style="letter-spacing:0.05pt;"> </span>formally<span style="letter-spacing:0.1pt;"> </span>announcing<span style="letter-spacing:0.05pt;"> </span>plans<span style="letter-spacing:0.05pt;"> </span>to employ remote<span style="letter-spacing:0.15pt;"> </span>interactive<span style="letter-spacing:0.2pt;"> </span>evaluations<span style="letter-spacing:0.15pt;"> </span>using<span style="letter-spacing:0.1pt;"> </span>risk<span style="letter-spacing:0.1pt;"> </span>management<span style="letter-spacing:0.15pt;"> </span>methods<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>meet<span style="letter-spacing:0.1pt;"> </span>user<span style="letter-spacing:0.1pt;"> </span>fee<span style="letter-spacing:0.1pt;"> </span>commitments<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>goal<span style="letter-spacing:0.05pt;"> </span>dates, and in<span style="letter-spacing:0.05pt;"> </span>May<span style="letter-spacing:0.05pt;"> </span>2021<span style="letter-spacing:0.05pt;"> </span>announced<span style="letter-spacing:0.1pt;"> </span>plans<span style="letter-spacing:0.1pt;"> </span>to continue<span style="letter-spacing:0.05pt;"> </span>progress<span style="letter-spacing:0.05pt;"> </span>toward<span style="letter-spacing:0.05pt;"> </span>resuming<span style="letter-spacing:0.1pt;"> </span>standard<span style="letter-spacing:0.05pt;"> </span>operational<span style="letter-spacing:0.1pt;"> </span>levels.<span style="letter-spacing:0.05pt;"> </span>Should the<span style="letter-spacing:0.05pt;"> </span>FDA determine<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>inspection<span style="letter-spacing:0.15pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>necessary<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>and an inspection<span style="letter-spacing:0.1pt;"> </span>cannot<span style="letter-spacing:0.05pt;"> </span>be completed<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>review cycle<span style="letter-spacing:0.1pt;"> </span>due<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>restrictions<span style="letter-spacing:0.2pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>travel,<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA has<span style="letter-spacing:0.05pt;"> </span>stated<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>generally<span style="letter-spacing:0.15pt;"> </span>intends<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>issue<span style="letter-spacing:0.05pt;"> </span>a complete<span style="letter-spacing:0.1pt;"> </span>response<span style="letter-spacing:0.05pt;"> </span>letter or<span style="letter-spacing:1.2pt;"> </span>defer<span style="letter-spacing:1.25pt;"> </span>action<span style="letter-spacing:1.25pt;"> </span>on<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>application<span style="letter-spacing:1.3pt;"> </span>until<span style="letter-spacing:1.25pt;"> </span>an<span style="letter-spacing:1.2pt;"> </span>inspection<span style="letter-spacing:1.3pt;"> </span>can<span style="letter-spacing:1.2pt;"> </span>be<span style="letter-spacing:1.15pt;"> </span>completed.<span style="letter-spacing:1.25pt;"> </span>In<span style="letter-spacing:1.15pt;"> </span>2020<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>2021,<span style="letter-spacing:1.15pt;"> </span>several<span style="letter-spacing:1.25pt;"> </span>companies announced<span style="letter-spacing:0.1pt;"> </span>receipt<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>complete<span style="letter-spacing:0.15pt;"> </span>response<span style="letter-spacing:0.1pt;"> </span>letters<span style="letter-spacing:0.15pt;"> </span>due<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>FDA&#8217;s<span style="letter-spacing:0.05pt;"> </span>inability<span style="letter-spacing:0.1pt;"> </span>to complete<span style="letter-spacing:0.1pt;"> </span>required<span style="letter-spacing:0.1pt;"> </span>inspections<span style="letter-spacing:0.1pt;"> </span>for their<span style="letter-spacing:0.1pt;"> </span>applications.<span style="letter-spacing:0.15pt;"> </span>Regulatory<span style="letter-spacing:0.1pt;"> </span>authorities<span style="letter-spacing:0.2pt;"> </span>outside<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>U.S. may<span style="letter-spacing:0.1pt;"> </span>adopt<span style="letter-spacing:0.1pt;"> </span>similar<span style="letter-spacing:0.1pt;"> </span>restrictions<span style="letter-spacing:0.15pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>policy<span style="letter-spacing:0.05pt;"> </span>measures in<span style="letter-spacing:0.1pt;"> </span>response<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.15pt;"> </span>COVID-19 pandemic<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>experience<span style="letter-spacing:0.15pt;"> </span>delays<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>regulatory<span style="letter-spacing:0.15pt;"> </span>activities.<span style="letter-spacing:0.2pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>prolonged government<span style="letter-spacing:0.85pt;"> </span>shutdown<span style="letter-spacing:0.75pt;"> </span>occurs,<span style="letter-spacing:0.8pt;"> </span>it<span style="letter-spacing:0.8pt;"> </span>could<span style="letter-spacing:0.8pt;"> </span>significantly<span style="letter-spacing:0.9pt;"> </span>impact<span style="letter-spacing:0.85pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>ability<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>the<span style="letter-spacing:0.75pt;"> </span>FDA<span style="letter-spacing:0.65pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>timely<span style="letter-spacing:0.8pt;"> </span>review<span style="letter-spacing:0.75pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>process our <span style="letter-spacing:0.05pt;"> </span>regulatory <span style="letter-spacing:0.15pt;"> </span>submissions, <span style="letter-spacing:0.1pt;"> </span>which&#160;&#160;could <span style="letter-spacing:0.05pt;"> </span>have&#160;&#160;a&#160;&#160;material <span style="letter-spacing:0.15pt;"> </span>adverse <span style="letter-spacing:0.05pt;"> </span>effect <span style="letter-spacing:0.1pt;"> </span>on&#160;&#160;our&#160;&#160;business. <span style="letter-spacing:0.05pt;"> </span>Further, <span style="letter-spacing:0.05pt;"> </span>future shutdowns<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>government<span style="letter-spacing:0.15pt;"> </span>agencies,<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>SEC, may<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>impact<span style="letter-spacing:0.1pt;"> </span>our business<span style="letter-spacing:0.05pt;"> </span>through<span style="letter-spacing:0.05pt;"> </span>review<span style="letter-spacing:0.05pt;"> </span>of our public<span style="letter-spacing:0.05pt;"> </span>filings<span style="letter-spacing:0.1pt;"> </span>and our ability<span style="letter-spacing:0.1pt;"> </span>to access<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>markets.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>stringent<span style="letter-spacing:0.1pt;"> </span>privacy<span style="letter-spacing:0.1pt;"> </span>laws,<span style="letter-spacing:0.05pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>security<span style="letter-spacing:0.1pt;"> </span>laws, regulations,<span style="letter-spacing:0.05pt;"> </span>policies<span style="letter-spacing:0.1pt;"> </span>and contractual obligations <span style="letter-spacing:0.15pt;"> </span>related <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>data <span style="letter-spacing:0.05pt;"> </span>privacy <span style="letter-spacing:0.1pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>security <span style="letter-spacing:0.15pt;"> </span>and&#160;&#160;changes&#160;&#160;in&#160;&#160;such&#160;&#160;laws,&#160;&#160;regulations, <span style="letter-spacing:0.05pt;"> </span>policies <span style="letter-spacing:0.1pt;"> </span>and contractual<span style="letter-spacing:0.05pt;"> </span>obligations<span style="letter-spacing:0.1pt;"> </span>could adversely<span style="letter-spacing:0.1pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>data<span style="letter-spacing:0.1pt;"> </span>privacy<span style="letter-spacing:0.05pt;"> </span>and protection<span style="letter-spacing:0.1pt;"> </span>laws and regulations<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>apply<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>collection,<span style="letter-spacing:0.1pt;"> </span>transmission, storage<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>use<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>personally-identifying<span style="letter-spacing:1.4pt;"> </span>information,<span style="letter-spacing:1.3pt;"> </span>which<span style="letter-spacing:1.15pt;"> </span>among<span style="letter-spacing:1.2pt;"> </span>other<span style="letter-spacing:1.2pt;"> </span>things,<span style="letter-spacing:1.2pt;"> </span>impose<span style="letter-spacing:1.2pt;"> </span>certain<span style="letter-spacing:1.25pt;"> </span>requirements relating<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>privacy,<span style="letter-spacing:1.25pt;"> </span>security<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>transmission<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>personal<span style="letter-spacing:1.2pt;"> </span>information,<span style="letter-spacing:1.3pt;"> </span>including<span style="letter-spacing:1.2pt;"> </span>comprehensive<span style="letter-spacing:1.25pt;"> </span>regulatory systems<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>United<span style="letter-spacing:1.15pt;"> </span>States<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>EU.<span style="letter-spacing:1.05pt;"> </span>The<span style="letter-spacing:1.1pt;"> </span>legislative<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>regulatory<span style="letter-spacing:1.15pt;"> </span>landscape<span style="letter-spacing:1.1pt;"> </span>for<span style="letter-spacing:1.1pt;"> </span>privacy<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>data<span style="letter-spacing:1.1pt;"> </span>protection continues<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>evolve<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>jurisdictions<span style="letter-spacing:0.2pt;"> </span>worldwide,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>there<span style="letter-spacing:0.1pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>been<span style="letter-spacing:0.05pt;"> </span>an increasing<span style="letter-spacing:0.1pt;"> </span>focus<span style="letter-spacing:0.05pt;"> </span>on privacy<span style="letter-spacing:0.05pt;"> </span>and data protection<span style="letter-spacing:0.15pt;"> </span>issues<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>potential<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>our business.<span style="letter-spacing:0.05pt;"> </span>Failure<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with any of these<span style="letter-spacing:0.05pt;"> </span>laws, regulations, contractual<span style="letter-spacing:0.15pt;"> </span>obligations,<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>standards<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in enforcement<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>us, including<span style="letter-spacing:0.05pt;"> </span>fines,<span style="letter-spacing:0.05pt;"> </span>imprisonment of<span style="letter-spacing:0.05pt;"> </span>company<span style="letter-spacing:0.1pt;"> </span>officials<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>censure,<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>damages<span style="letter-spacing:0.05pt;"> </span>by affected<span style="letter-spacing:0.1pt;"> </span>individuals,<span style="letter-spacing:0.1pt;"> </span>customers,<span style="letter-spacing:0.1pt;"> </span>or business partners,<span style="letter-spacing:0.15pt;"> </span>damage<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reputation</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">loss</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">goodwill,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">any</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">which</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">material</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effect</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on our business,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">condition,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">results</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of operations</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or prospects.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There<span style="letter-spacing:2.15pt;"> </span>are<span style="letter-spacing:2.15pt;"> </span>numerous<span style="letter-spacing:2.15pt;"> </span>U.S.<span style="letter-spacing:2.05pt;"> </span>federal<span style="letter-spacing:2.2pt;"> </span>and<span style="letter-spacing:2.1pt;"> </span>state<span style="letter-spacing:2.15pt;"> </span>laws<span style="letter-spacing:2.05pt;"> </span>and<span style="letter-spacing:2.05pt;"> </span>regulations<span style="letter-spacing:2.15pt;"> </span>related<span style="letter-spacing:2.15pt;"> </span>to<span style="letter-spacing:2.05pt;"> </span>the<span style="letter-spacing:2.1pt;"> </span>privacy<span style="letter-spacing:2.1pt;"> </span>and<span style="letter-spacing:2.05pt;"> </span>security<span style="letter-spacing:2.15pt;"> </span>of personal <span style="letter-spacing:0.15pt;"> </span>information. <span style="letter-spacing:0.2pt;"> </span>In <span style="letter-spacing:0.05pt;"> </span>particular, <span style="letter-spacing:0.2pt;"> </span>regulations <span style="letter-spacing:0.15pt;"> </span>promulgated <span style="letter-spacing:0.15pt;"> </span>pursuant <span style="letter-spacing:0.1pt;"> </span>to <span style="letter-spacing:0.05pt;"> </span>the <span style="letter-spacing:0.1pt;"> </span>HIPAA&#160;&#160;establish <span style="letter-spacing:0.15pt;"> </span>privacy <span style="letter-spacing:0.1pt;"> </span>and security<span style="letter-spacing:0.15pt;"> </span>standards<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>limit<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>use and disclosure<span style="letter-spacing:0.1pt;"> </span>of individually<span style="letter-spacing:0.1pt;"> </span>identifiable<span style="letter-spacing:0.15pt;"> </span>health<span style="letter-spacing:0.05pt;"> </span>information,<span style="letter-spacing:0.15pt;"> </span>or protected health<span style="letter-spacing:1.15pt;"> </span>information,<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>require<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>implementation<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>administrative,<span style="letter-spacing:1.25pt;"> </span>physical<span style="letter-spacing:1.1pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>technological<span style="letter-spacing:1.15pt;"> </span>safeguards<span style="letter-spacing:1.15pt;"> </span>to protect<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>privacy<span style="letter-spacing:0.05pt;"> </span>of protected<span style="letter-spacing:0.1pt;"> </span>health<span style="letter-spacing:0.05pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>and ensure<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>confidentiality,<span style="letter-spacing:0.15pt;"> </span>integrity<span style="letter-spacing:0.1pt;"> </span>and availability<span style="letter-spacing:0.15pt;"> </span>of electronic<span style="letter-spacing:0.15pt;"> </span>protected<span style="letter-spacing:0.15pt;"> </span>health<span style="letter-spacing:0.1pt;"> </span>information.<span style="letter-spacing:0.2pt;"> </span>Determining<span style="letter-spacing:0.1pt;"> </span>whether<span style="letter-spacing:0.05pt;"> </span>protected<span style="letter-spacing:0.1pt;"> </span>health<span style="letter-spacing:0.05pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>has been handled<span style="letter-spacing:0.05pt;"> </span>in compliance<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>privacy<span style="letter-spacing:0.1pt;"> </span>standards<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>contractual<span style="letter-spacing:0.1pt;"> </span>obligations<span style="letter-spacing:0.1pt;"> </span>can be complex<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>be subject to changing<span style="letter-spacing:0.05pt;"> </span>interpretation.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>unable<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>properly<span style="letter-spacing:0.1pt;"> </span>protect<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>privacy<span style="letter-spacing:0.05pt;"> </span>and security<span style="letter-spacing:0.1pt;"> </span>of protected<span style="letter-spacing:0.1pt;"> </span>health<span style="letter-spacing:0.05pt;"> </span>information,<span style="letter-spacing:0.15pt;"> </span>we could<span style="letter-spacing:0.05pt;"> </span>be alleged<span style="letter-spacing:0.05pt;"> </span>or actually<span style="letter-spacing:0.1pt;"> </span>found to have breached<span style="letter-spacing:0.05pt;"> </span>our contracts.<span style="letter-spacing:0.1pt;"> </span>Further,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we fail<span style="letter-spacing:0.05pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with applicable<span style="letter-spacing:0.05pt;"> </span>privacy laws,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>HIPAA privacy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>security<span style="letter-spacing:0.15pt;"> </span>standards,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>face<span style="letter-spacing:0.1pt;"> </span>civil<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>criminal<span style="letter-spacing:0.15pt;"> </span>penalties.<span style="letter-spacing:0.1pt;"> </span>The U.S.<span style="letter-spacing:0.05pt;"> </span>Department<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>Health<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Human<span style="letter-spacing:0.05pt;"> </span>Services,<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>HHS, has<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>discretion<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>impose<span style="letter-spacing:0.1pt;"> </span>penalties<span style="letter-spacing:0.15pt;"> </span>without attempting <span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:2.4pt;"> </span>resolve<span style="letter-spacing:2.45pt;"> </span>violations&#160;&#160;through<span style="letter-spacing:2.45pt;"> </span>informal&#160;&#160;means.<span style="letter-spacing:2.45pt;"> </span>HHS<span style="letter-spacing:2.35pt;"> </span>enforcement&#160;&#160;activity&#160;&#160;can<span style="letter-spacing:2.4pt;"> </span>result&#160;&#160;in<span style="letter-spacing:2.4pt;"> </span>financial liability<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>reputational<span style="letter-spacing:0.2pt;"> </span>harm,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>responses<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>enforcement<span style="letter-spacing:0.15pt;"> </span>activity<span style="letter-spacing:0.15pt;"> </span>can consume<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>internal resources.<span style="letter-spacing:0.15pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>state<span style="letter-spacing:0.1pt;"> </span>attorneys<span style="letter-spacing:0.1pt;"> </span>general<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>authorized<span style="letter-spacing:0.1pt;"> </span>to bring<span style="letter-spacing:0.05pt;"> </span>civil<span style="letter-spacing:0.05pt;"> </span>actions<span style="letter-spacing:0.05pt;"> </span>seeking<span style="letter-spacing:0.05pt;"> </span>either<span style="letter-spacing:0.1pt;"> </span>injunctions<span style="letter-spacing:0.1pt;"> </span>or damages<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>response<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>violations<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>threaten<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>privacy<span style="letter-spacing:0.05pt;"> </span>of state<span style="letter-spacing:0.05pt;"> </span>residents.<span style="letter-spacing:0.1pt;"> </span>We cannot<span style="letter-spacing:0.05pt;"> </span>be sure<span style="letter-spacing:0.05pt;"> </span>how these regulations<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>interpreted,<span style="letter-spacing:0.2pt;"> </span>enforced<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>applied<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>operations.<span style="letter-spacing:0.15pt;"> </span>In<span style="letter-spacing:0.05pt;"> </span>addition<span style="letter-spacing:0.05pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>risks<span style="letter-spacing:0.05pt;"> </span>associated<span style="letter-spacing:0.1pt;"> </span>with enforcement<span style="letter-spacing:0.15pt;"> </span>activities<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>potential<span style="letter-spacing:0.15pt;"> </span>contractual<span style="letter-spacing:0.15pt;"> </span>liabilities,<span style="letter-spacing:0.2pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>ongoing<span style="letter-spacing:0.05pt;"> </span>efforts<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>evolving<span style="letter-spacing:0.05pt;"> </span>laws and regulations<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>federal<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>state<span style="letter-spacing:0.05pt;"> </span>level<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be costly<span style="letter-spacing:0.05pt;"> </span>and require<span style="letter-spacing:0.1pt;"> </span>ongoing modifications<span style="letter-spacing:0.15pt;"> </span>to our policies, procedures<span style="letter-spacing:0.1pt;"> </span>and systems.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Data<span style="letter-spacing:0.05pt;"> </span>privacy<span style="letter-spacing:0.1pt;"> </span>remains<span style="letter-spacing:0.15pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>evolving<span style="letter-spacing:0.1pt;"> </span>landscape<span style="letter-spacing:0.1pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>both<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>domestic<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>international<span style="letter-spacing:0.2pt;"> </span>level,<span style="letter-spacing:0.05pt;"> </span>with new regulations<span style="letter-spacing:0.15pt;"> </span>coming<span style="letter-spacing:0.1pt;"> </span>into<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>continued<span style="letter-spacing:0.1pt;"> </span>legal<span style="letter-spacing:0.1pt;"> </span>challenges,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>efforts<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>evolving<span style="letter-spacing:0.05pt;"> </span>data protection<span style="letter-spacing:0.9pt;"> </span>rules<span style="letter-spacing:0.85pt;"> </span>may<span style="letter-spacing:0.85pt;"> </span>be<span style="letter-spacing:0.8pt;"> </span>unsuccessful.<span style="letter-spacing:0.9pt;"> </span>It<span style="letter-spacing:0.85pt;"> </span>is<span style="letter-spacing:0.85pt;"> </span>possible<span style="letter-spacing:0.85pt;"> </span>that<span style="letter-spacing:0.85pt;"> </span>these<span style="letter-spacing:0.85pt;"> </span>laws<span style="letter-spacing:0.8pt;"> </span>may<span style="letter-spacing:0.85pt;"> </span>be<span style="letter-spacing:0.8pt;"> </span>interpreted<span style="letter-spacing:0.95pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>applied<span style="letter-spacing:0.85pt;"> </span>in<span style="letter-spacing:0.8pt;"> </span>a<span style="letter-spacing:0.75pt;"> </span>manner that<span style="letter-spacing:1.5pt;"> </span>is<span style="letter-spacing:1.5pt;"> </span>inconsistent<span style="letter-spacing:1.55pt;"> </span>with<span style="letter-spacing:1.45pt;"> </span>our<span style="letter-spacing:1.45pt;"> </span>practices.<span style="letter-spacing:1.55pt;"> </span>We<span style="letter-spacing:1.4pt;"> </span>must<span style="letter-spacing:1.45pt;"> </span>devote<span style="letter-spacing:1.45pt;"> </span>significant<span style="letter-spacing:1.55pt;"> </span>resources<span style="letter-spacing:1.5pt;"> </span>to<span style="letter-spacing:1.4pt;"> </span>understanding<span style="letter-spacing:1.5pt;"> </span>and<span style="letter-spacing:1.4pt;"> </span>complying with<span style="letter-spacing:0.05pt;"> </span>this<span style="letter-spacing:0.1pt;"> </span>changing<span style="letter-spacing:0.1pt;"> </span>landscape.<span style="letter-spacing:0.1pt;"> </span>Failure<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>laws regarding<span style="letter-spacing:0.1pt;"> </span>data<span style="letter-spacing:0.05pt;"> </span>protection<span style="letter-spacing:0.1pt;"> </span>would expose<span style="letter-spacing:0.05pt;"> </span>us to risk<span style="letter-spacing:0.05pt;"> </span>of enforcement<span style="letter-spacing:0.6pt;"> </span>actions<span style="letter-spacing:0.55pt;"> </span>taken<span style="letter-spacing:0.55pt;"> </span>by<span style="letter-spacing:0.5pt;"> </span>data<span style="letter-spacing:0.5pt;"> </span>protection<span style="letter-spacing:0.55pt;"> </span>authorities<span style="letter-spacing:0.6pt;"> </span>and<span style="letter-spacing:0.45pt;"> </span>carries<span style="letter-spacing:0.55pt;"> </span>with<span style="letter-spacing:0.45pt;"> </span>it<span style="letter-spacing:0.5pt;"> </span>the<span style="letter-spacing:0.5pt;"> </span>potential<span style="letter-spacing:0.55pt;"> </span>for<span style="letter-spacing:0.5pt;"> </span>significant<span style="letter-spacing:0.6pt;"> </span>penalties if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>found to be non-compliant.<span style="letter-spacing:0.1pt;"> </span>Similarly,<span style="letter-spacing:0.1pt;"> </span>failure<span style="letter-spacing:0.1pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with federal<span style="letter-spacing:0.1pt;"> </span>and state<span style="letter-spacing:0.05pt;"> </span>laws in the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States regarding<span style="letter-spacing:0.15pt;"> </span>privacy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>security<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>personal<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>expose<span style="letter-spacing:0.1pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>penalties<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>such laws. Any such failure<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>data<span style="letter-spacing:0.1pt;"> </span>protection<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>privacy<span style="letter-spacing:0.1pt;"> </span>laws<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in government-imposed<span style="letter-spacing:0.15pt;"> </span>fines<span style="letter-spacing:0.05pt;"> </span>or orders requiring<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we change<span style="letter-spacing:0.05pt;"> </span>our practices,<span style="letter-spacing:0.1pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>damages<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>liabilities,<span style="letter-spacing:0.15pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>investigations<span style="letter-spacing:0.15pt;"> </span>and enforcement<span style="letter-spacing:0.15pt;"> </span>action,<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>and significant<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>remediation,<span style="letter-spacing:0.15pt;"> </span>any of which could<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.1pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>our business.<span style="letter-spacing:0.1pt;"> </span>Even<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>determined<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>violated<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>laws, government<span style="letter-spacing:0.1pt;"> </span>investigations<span style="letter-spacing:0.15pt;"> </span>into<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>issues typically<span style="letter-spacing:0.15pt;"> </span>require<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>expenditure<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.2pt;"> </span>resources<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>generate<span style="letter-spacing:0.15pt;"> </span>negative<span style="letter-spacing:0.1pt;"> </span>publicity,<span style="letter-spacing:0.15pt;"> </span>which could<span style="letter-spacing:0.05pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations<span style="letter-spacing:0.1pt;"> </span>or prospects.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:0%;font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related<span style="letter-spacing:0.05pt;"> </span>to Employee<span style="letter-spacing:0.05pt;"> </span>Matters,<span style="letter-spacing:0.1pt;"> </span>Managing Growth, Public Health<span style="letter-spacing:0.05pt;"> </span>and Information<span style="letter-spacing:0.1pt;"> </span>Technology</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:1.55pt;"> </span>future<span style="letter-spacing:1.6pt;"> </span>success<span style="letter-spacing:1.6pt;"> </span>depends<span style="letter-spacing:1.55pt;"> </span>on<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>ability<span style="letter-spacing:1.65pt;"> </span>to<span style="letter-spacing:1.55pt;"> </span>retain<span style="letter-spacing:1.6pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>President and Chief<span style="letter-spacing:1.5pt;"> </span>Executive<span style="letter-spacing:1.55pt;"> </span>Officer,<span style="letter-spacing:1.55pt;"> our </span>Chief<span style="letter-spacing:1.5pt;"> </span>Operating<span style="letter-spacing:1.55pt;"> </span>Officer, our Chief Business Officer<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>key executives<span style="letter-spacing:0.1pt;"> </span>and employees<span style="letter-spacing:0.1pt;"> </span>and to attract,<span style="letter-spacing:0.1pt;"> </span>retain,<span style="letter-spacing:0.05pt;"> </span>and motivate<span style="letter-spacing:0.05pt;"> </span>qualified personnel.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>highly<span style="letter-spacing:0.1pt;"> </span>dependent<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>Josh Lehrer,<span style="letter-spacing:0.05pt;"> </span>M.D., our President and Chief<span style="letter-spacing:0.05pt;"> </span>Executive<span style="letter-spacing:0.05pt;"> </span>Officer,<span style="letter-spacing:0.1pt;"> </span>Ms. Katherine<span style="letter-spacing:0.05pt;"> </span>Vega Stultz,<span style="letter-spacing:0.05pt;"> </span>our Chief<span style="letter-spacing:0.1pt;"> </span>Operating<span style="letter-spacing:0.1pt;"> </span>Officer<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Mr.<span style="letter-spacing:0.1pt;"> </span>Philip<span style="letter-spacing:0.1pt;"> </span>P.<span style="letter-spacing:0.05pt;"> </span>Gutry,<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>Chief<span style="letter-spacing:0.05pt;"> </span>Business<span style="letter-spacing:0.05pt;"> </span>Officer,<span style="letter-spacing:0.1pt;"> </span>Head of Finance<span style="letter-spacing:0.05pt;"> </span>&#38; Investor Relations,<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>well<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>principal<span style="letter-spacing:0.15pt;"> </span>members<span style="letter-spacing:0.15pt;"> </span>of our management<span style="letter-spacing:0.1pt;"> </span>and scientific<span style="letter-spacing:0.15pt;"> </span>teams.<span style="letter-spacing:0.05pt;"> </span>Dr. Lehrer,<span style="letter-spacing:0.05pt;"> </span>Ms. Stultz and<span style="letter-spacing:0.05pt;"> </span>Mr.<span style="letter-spacing:0.1pt;"> </span>Gutry<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>principal<span style="letter-spacing:0.1pt;"> </span>members<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>employed<span style="letter-spacing:0.05pt;"> </span>&#8220;at<span style="letter-spacing:0.05pt;"> </span>will,&#8221;<span style="letter-spacing:0.05pt;"> </span>meaning<span style="letter-spacing:0.05pt;"> </span>we or they<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>terminate<span style="letter-spacing:0.15pt;"> </span>the employment<span style="letter-spacing:0.15pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>time.<span style="letter-spacing:0.1pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>maintain<span style="letter-spacing:0.1pt;"> </span>&#8220;key person&#8221;<span style="letter-spacing:0.05pt;"> </span>insurance<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>any of our executives<span style="letter-spacing:0.1pt;"> </span>or other employees.<span style="letter-spacing:0.15pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>services<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>persons<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>impede<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>achievement<span style="letter-spacing:0.1pt;"> </span>of our research, development,<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>objectives.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Recruiting<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>retaining<span style="letter-spacing:0.15pt;"> </span>qualified<span style="letter-spacing:0.1pt;"> </span>scientific,<span style="letter-spacing:0.15pt;"> </span>clinical,<span style="letter-spacing:0.1pt;"> </span>manufacturing,<span style="letter-spacing:0.15pt;"> </span>and sales<span style="letter-spacing:0.05pt;"> </span>and marketing<span style="letter-spacing:0.1pt;"> </span>personnel<span style="letter-spacing:0.05pt;"> </span>is critical<span style="letter-spacing:0.15pt;"> </span>to our success.<span style="letter-spacing:0.05pt;"> </span>We may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to attract<span style="letter-spacing:0.1pt;"> </span>and retain<span style="letter-spacing:0.1pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>personnel<span style="letter-spacing:0.05pt;"> </span>on acceptable<span style="letter-spacing:0.1pt;"> </span>terms<span style="letter-spacing:0.05pt;"> </span>given the competition<span style="letter-spacing:0.15pt;"> </span>among<span style="letter-spacing:0.1pt;"> </span>numerous<span style="letter-spacing:0.1pt;"> </span>pharmaceutical<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>biotechnology<span style="letter-spacing:0.15pt;"> </span>companies<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>similar<span style="letter-spacing:0.15pt;"> </span>personnel.<span style="letter-spacing:0.1pt;"> </span>We also experience<span style="letter-spacing:0.15pt;"> </span>competition<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>hiring<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>scientific<span style="letter-spacing:0.2pt;"> </span>and clinical<span style="letter-spacing:0.1pt;"> </span>personnel<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>universities<span style="letter-spacing:0.15pt;"> </span>and research institutions.<span style="letter-spacing:0.9pt;"> </span>In<span style="letter-spacing:0.75pt;"> </span>addition,<span style="letter-spacing:0.8pt;"> </span>we<span style="letter-spacing:0.75pt;"> </span>rely<span style="letter-spacing:0.8pt;"> </span>on<span style="letter-spacing:0.75pt;"> </span>consultants<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.75pt;"> </span>advisors,<span style="letter-spacing:0.75pt;"> </span>including<span style="letter-spacing:0.75pt;"> </span>scientific<span style="letter-spacing:0.85pt;"> </span>and<span style="letter-spacing:0.7pt;"> </span>clinical<span style="letter-spacing:0.8pt;"> </span>advisors,<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.7pt;"> </span>assist us<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>formulating<span style="letter-spacing:0.2pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>commercialization<span style="letter-spacing:0.25pt;"> </span>strategy.<span style="letter-spacing:0.1pt;"> </span>Our consultants<span style="letter-spacing:0.1pt;"> </span>and advisors, including<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>scientific<span style="letter-spacing:0.2pt;"> </span>co-founders,<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>employed<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>employers<span style="letter-spacing:0.15pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>us and may<span style="letter-spacing:0.05pt;"> </span>have commitments under<span style="letter-spacing:0.1pt;"> </span>consulting<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>advisory<span style="letter-spacing:0.1pt;"> </span>contracts<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>entities<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>limit<span style="letter-spacing:0.15pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>availability<span style="letter-spacing:0.15pt;"> </span>to us. The inability<span style="letter-spacing:0.1pt;"> </span>to recruit,<span style="letter-spacing:2.4pt;"> </span>or<span style="letter-spacing:2.3pt;"> </span>loss<span style="letter-spacing:2.35pt;"> </span>of<span style="letter-spacing:2.3pt;"> </span>services<span style="letter-spacing:2.4pt;"> </span>of<span style="letter-spacing:2.3pt;"> </span>certain<span style="letter-spacing:2.4pt;"> </span>executives,<span style="letter-spacing:2.35pt;"> </span>key<span style="letter-spacing:2.25pt;"> </span>employees,<span style="letter-spacing:2.35pt;"> </span>consultants,<span style="letter-spacing:2.35pt;"> </span>or<span style="letter-spacing:2.25pt;"> </span>advisors,<span style="letter-spacing:2.3pt;"> </span>may<span style="letter-spacing:2.3pt;"> </span>impede<span style="letter-spacing:2.3pt;"> </span>the progress<span style="letter-spacing:0.9pt;"> </span>of<span style="letter-spacing:0.85pt;"> </span>our<span style="letter-spacing:0.8pt;"> </span>research,<span style="letter-spacing:0.9pt;"> </span>development,<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>commercialization<span style="letter-spacing:1pt;"> </span>objectives<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>have<span style="letter-spacing:0.8pt;"> </span>a<span style="letter-spacing:0.8pt;"> </span>material<span style="letter-spacing:0.95pt;"> </span>adverse<span style="letter-spacing:0.85pt;"> </span>effect<span style="letter-spacing:0.9pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations,<span style="letter-spacing:0.1pt;"> </span>and prospects.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">78</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">expect</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">expand</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">research</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and development,</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">clinical</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and regulatory,</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and future</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">sales</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and marketing capabilities,</span><span style="letter-spacing:0.2pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">as</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">result,</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">encounter</span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">difficulties</span><span style="letter-spacing:0.2pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">managing</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our growth, which could disrupt</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our operations.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<span style="letter-spacing:0.05pt;"> </span>of June 30, 2021, we had 49 full-time<span style="letter-spacing:0.15pt;"> </span>employees,<span style="letter-spacing:0.1pt;"> </span>and, in connection<span style="letter-spacing:0.05pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>advancement<span style="letter-spacing:0.1pt;"> </span>of our development<span style="letter-spacing:0.15pt;"> </span>programs<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>becoming<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>company,<span style="letter-spacing:0.05pt;"> </span>we expect<span style="letter-spacing:0.05pt;"> </span>to increase<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>number<span style="letter-spacing:0.05pt;"> </span>of our employees<span style="letter-spacing:0.1pt;"> </span>and the<span style="letter-spacing:0.1pt;"> </span>scope<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>operations<span style="letter-spacing:0.15pt;"> </span>further,<span style="letter-spacing:0.15pt;"> </span>particularly<span style="letter-spacing:0.2pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>areas<span style="letter-spacing:0.05pt;"> </span>of research<span style="letter-spacing:0.1pt;"> </span>and clinical<span style="letter-spacing:0.1pt;"> </span>development,<span style="letter-spacing:0.1pt;"> </span>regulatory affairs,<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>sales<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>marketing.<span style="letter-spacing:0.15pt;"> </span>To<span style="letter-spacing:0.05pt;"> </span>manage<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>anticipated<span style="letter-spacing:0.15pt;"> </span>future<span style="letter-spacing:0.1pt;"> </span>growth,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>must<span style="letter-spacing:0.1pt;"> </span>continue<span style="letter-spacing:0.1pt;"> </span>to implement<span style="letter-spacing:0.1pt;"> </span>and improve<span style="letter-spacing:1.45pt;"> </span>our<span style="letter-spacing:1.4pt;"> </span>managerial,<span style="letter-spacing:1.5pt;"> </span>operational,<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.35pt;"> </span>financial<span style="letter-spacing:1.45pt;"> </span>systems,<span style="letter-spacing:1.45pt;"> </span>expand<span style="letter-spacing:1.35pt;"> </span>our<span style="letter-spacing:1.35pt;"> </span>facilities,<span style="letter-spacing:1.5pt;"> </span>and<span style="letter-spacing:1.35pt;"> </span>continue<span style="letter-spacing:1.4pt;"> </span>to<span style="letter-spacing:1.35pt;"> </span>recruit<span style="letter-spacing:1.45pt;"> </span>and train<span style="letter-spacing:0.1pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>qualified<span style="letter-spacing:0.15pt;"> </span>personnel.<span style="letter-spacing:0.1pt;"> </span>Due to our limited<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.1pt;"> </span>experience<span style="letter-spacing:0.1pt;"> </span>of our management<span style="letter-spacing:0.15pt;"> </span>team<span style="letter-spacing:0.1pt;"> </span>in managing<span style="letter-spacing:0.05pt;"> </span>a company<span style="letter-spacing:0.05pt;"> </span>with such anticipated<span style="letter-spacing:0.1pt;"> </span>growth, we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to effectively manage<span style="letter-spacing:0.9pt;"> </span>the<span style="letter-spacing:0.9pt;"> </span>expected<span style="letter-spacing:0.9pt;"> </span>expansion<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.8pt;"> </span>our<span style="letter-spacing:0.8pt;"> </span>operations<span style="letter-spacing:0.9pt;"> </span>or<span style="letter-spacing:0.8pt;"> </span>recruit<span style="letter-spacing:0.9pt;"> </span>and<span style="letter-spacing:0.8pt;"> </span>train<span style="letter-spacing:0.85pt;"> </span>additional<span style="letter-spacing:0.9pt;"> </span>qualified<span style="letter-spacing:0.9pt;"> </span>personnel.<span style="letter-spacing:0.85pt;"> </span>Moreover, the<span style="letter-spacing:0.1pt;"> </span>expected<span style="letter-spacing:0.1pt;"> </span>physical<span style="letter-spacing:0.1pt;"> </span>expansion<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>operations<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>lead<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>divert<span style="letter-spacing:0.05pt;"> </span>our management and<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>resources.<span style="letter-spacing:0.15pt;"> </span>Any<span style="letter-spacing:0.05pt;"> </span>inability<span style="letter-spacing:0.1pt;"> </span>to manage<span style="letter-spacing:0.05pt;"> </span>growth could<span style="letter-spacing:0.05pt;"> </span>delay<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>execution<span style="letter-spacing:0.05pt;"> </span>of our business plans<span style="letter-spacing:0.05pt;"> </span>or disrupt<span style="letter-spacing:0.05pt;"> </span>our operations.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<span style="letter-spacing:1.25pt;"> </span>a<span style="letter-spacing:1.25pt;"> </span>growing<span style="letter-spacing:1.25pt;"> </span>biotechnology<span style="letter-spacing:1.35pt;"> </span>company,<span style="letter-spacing:1.3pt;"> </span>we<span style="letter-spacing:1.25pt;"> </span>are<span style="letter-spacing:1.3pt;"> </span>actively<span style="letter-spacing:1.35pt;"> </span>developing<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>platform<span style="letter-spacing:1.3pt;"> </span>technology<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.2pt;"> </span>pursuing new<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>multiple<span style="letter-spacing:0.1pt;"> </span>therapeutic<span style="letter-spacing:0.1pt;"> </span>areas.<span style="letter-spacing:0.05pt;"> </span>Successfully<span style="letter-spacing:0.1pt;"> </span>developing<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>and fully understanding<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>regulatory<span style="letter-spacing:0.1pt;"> </span>and manufacturing<span style="letter-spacing:0.15pt;"> </span>pathways<span style="letter-spacing:0.05pt;"> </span>to all<span style="letter-spacing:0.05pt;"> </span>of these<span style="letter-spacing:0.05pt;"> </span>therapeutic<span style="letter-spacing:0.1pt;"> </span>areas<span style="letter-spacing:0.05pt;"> </span>and disease<span style="letter-spacing:0.05pt;"> </span>states requires<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>depth<span style="letter-spacing:0.05pt;"> </span>of talent,<span style="letter-spacing:0.1pt;"> </span>resources<span style="letter-spacing:0.1pt;"> </span>and corporate<span style="letter-spacing:0.1pt;"> </span>processes<span style="letter-spacing:0.1pt;"> </span>in order<span style="letter-spacing:0.05pt;"> </span>to allow<span style="letter-spacing:0.05pt;"> </span>simultaneous<span style="letter-spacing:0.1pt;"> </span>execution across<span style="letter-spacing:0.1pt;"> </span>multiple<span style="letter-spacing:0.15pt;"> </span>areas.<span style="letter-spacing:0.1pt;"> </span>Due<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>limited<span style="letter-spacing:0.15pt;"> </span>resources,<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be able<span style="letter-spacing:0.05pt;"> </span>to effectively<span style="letter-spacing:0.15pt;"> </span>manage<span style="letter-spacing:0.05pt;"> </span>this<span style="letter-spacing:0.05pt;"> </span>simultaneous execution<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>expansion<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>operations<span style="letter-spacing:0.15pt;"> </span>or recruit<span style="letter-spacing:0.1pt;"> </span>and train<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>qualified<span style="letter-spacing:0.1pt;"> </span>personnel.<span style="letter-spacing:0.05pt;"> </span>This may<span style="letter-spacing:0.05pt;"> </span>result in weaknesses<span style="letter-spacing:0.05pt;"> </span>in our infrastructure,<span style="letter-spacing:0.2pt;"> </span>give<span style="letter-spacing:0.05pt;"> </span>rise<span style="letter-spacing:0.05pt;"> </span>to operational<span style="letter-spacing:0.1pt;"> </span>mistakes,<span style="letter-spacing:0.1pt;"> </span>legal<span style="letter-spacing:0.05pt;"> </span>or regulatory<span style="letter-spacing:0.05pt;"> </span>compliance<span style="letter-spacing:0.05pt;"> </span>failures,<span style="letter-spacing:0.05pt;"> </span>loss of business<span style="letter-spacing:0.05pt;"> </span>opportunities,<span style="letter-spacing:0.1pt;"> </span>loss<span style="letter-spacing:0.05pt;"> </span>of employees<span style="letter-spacing:0.1pt;"> </span>and reduced productivity<span style="letter-spacing:0.05pt;"> </span>among remaining<span style="letter-spacing:0.05pt;"> </span>employees.<span style="letter-spacing:0.05pt;"> </span>The expansion<span style="letter-spacing:0.05pt;"> </span>of our operations<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>lead<span style="letter-spacing:0.05pt;"> </span>to significant<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>divert<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.05pt;"> </span>resources<span style="letter-spacing:0.05pt;"> </span>from other projects, such<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>product<span style="letter-spacing:0.1pt;"> </span>candidates.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>our management<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to effectively<span style="letter-spacing:0.15pt;"> </span>manage<span style="letter-spacing:0.05pt;"> </span>our expected<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and expansion,<span style="letter-spacing:0.05pt;"> </span>our expenses<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.05pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>expected,<span style="letter-spacing:0.05pt;"> </span>our ability<span style="letter-spacing:0.1pt;"> </span>to generate<span style="letter-spacing:0.05pt;"> </span>or increase<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>revenue<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>reduced<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to implement<span style="letter-spacing:0.1pt;"> </span>our business<span style="letter-spacing:0.05pt;"> </span>strategy.<span style="letter-spacing:0.1pt;"> </span>Our future financial<span style="letter-spacing:0.15pt;"> </span>performance<span style="letter-spacing:0.1pt;"> </span>and our ability<span style="letter-spacing:0.1pt;"> </span>to compete<span style="letter-spacing:0.05pt;"> </span>effectively<span style="letter-spacing:0.15pt;"> </span>and commercialize<span style="letter-spacing:0.2pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates,<span style="letter-spacing:0.1pt;"> </span>if approved,<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>depend in part<span style="letter-spacing:0.05pt;"> </span>on our ability<span style="letter-spacing:0.1pt;"> </span>to effectively<span style="letter-spacing:0.15pt;"> </span>manage<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and expansion<span style="letter-spacing:0.05pt;"> </span>of our Company.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>internal<span style="letter-spacing:0.1pt;"> </span>computer<span style="letter-spacing:0.1pt;"> </span>systems,<span style="letter-spacing:0.1pt;"> </span>or those<span style="letter-spacing:0.05pt;"> </span>of our third-party<span style="letter-spacing:0.1pt;"> </span>vendors,<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>contractors<span style="letter-spacing:0.1pt;"> </span>or consultants,<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>fail<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>suffer<span style="letter-spacing:0.1pt;"> </span>security<span style="letter-spacing:0.15pt;"> </span>breaches,<span style="letter-spacing:0.1pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.1pt;"> </span>disruption<span style="letter-spacing:0.05pt;"> </span>of our product development<span style="letter-spacing:0.15pt;"> </span>programs,<span style="letter-spacing:0.1pt;"> </span>compromise<span style="letter-spacing:0.15pt;"> </span>sensitive<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.1pt;"> </span>related<span style="letter-spacing:0.05pt;"> </span>to our business<span style="letter-spacing:0.05pt;"> </span>or prevent<span style="letter-spacing:0.05pt;"> </span>us from<span style="letter-spacing:0.05pt;"> </span>accessing critical<span style="letter-spacing:0.1pt;"> </span>information,<span style="letter-spacing:0.1pt;"> </span>potentially<span style="letter-spacing:0.1pt;"> </span>exposing<span style="letter-spacing:0.05pt;"> </span>us to liability<span style="letter-spacing:0.15pt;"> </span>or otherwise<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.1pt;"> </span>affecting<span style="letter-spacing:0.1pt;"> </span>our business.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>internal<span style="letter-spacing:0.15pt;"> </span>computer<span style="letter-spacing:0.15pt;"> </span>systems<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>of our current<span style="letter-spacing:0.1pt;"> </span>and any future<span style="letter-spacing:0.05pt;"> </span>third-party<span style="letter-spacing:0.15pt;"> </span>vendors,<span style="letter-spacing:0.05pt;"> </span>collaborators<span style="letter-spacing:0.15pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>contractors<span style="letter-spacing:0.1pt;"> </span>or consultants<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>vulnerable<span style="letter-spacing:0.1pt;"> </span>to damage<span style="letter-spacing:0.05pt;"> </span>or interruption<span style="letter-spacing:0.1pt;"> </span>from computer<span style="letter-spacing:0.05pt;"> </span>viruses, malware (including <span style="letter-spacing:1.3pt;"> </span>ransomware), <span style="letter-spacing:1.3pt;"> </span>phishing <span style="letter-spacing:1.2pt;"> </span>attacks, <span style="letter-spacing:1.25pt;"> </span>computer <span style="letter-spacing:1.25pt;"> </span>hackers, <span style="letter-spacing:1.2pt;"> </span>malicious <span style="letter-spacing:1.25pt;"> </span>code, <span style="letter-spacing:1.15pt;"> </span>employee <span style="letter-spacing:1.2pt;"> </span>theft <span style="letter-spacing:1.2pt;"> </span>or <span style="letter-spacing:1.15pt;"> </span>misuse,<span style="color:#000000;"> </span>intentional<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>accidental<span style="letter-spacing:0.15pt;"> </span>action<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>lack<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>action<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>employees<span style="letter-spacing:0.15pt;"> </span>or any contractors<span style="letter-spacing:0.1pt;"> </span>with access<span style="letter-spacing:0.05pt;"> </span>to our systems that<span style="letter-spacing:1.15pt;"> </span>leads<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>introduction<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>vulnerabilities,<span style="letter-spacing:1.25pt;"> </span>denial-of-service<span style="letter-spacing:1.25pt;"> </span>attacks,<span style="letter-spacing:1.15pt;"> </span>sophisticated<span style="letter-spacing:1.2pt;"> </span>nation-state<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.05pt;"> </span>nation- state-supported<span style="letter-spacing:0.2pt;"> </span>actors,<span style="letter-spacing:0.1pt;"> </span>supply<span style="letter-spacing:0.1pt;"> </span>chain<span style="letter-spacing:0.05pt;"> </span>attacks,<span style="letter-spacing:0.1pt;"> </span>unauthorized<span style="letter-spacing:0.1pt;"> </span>access,<span style="letter-spacing:0.05pt;"> </span>natural<span style="letter-spacing:0.1pt;"> </span>disasters,<span style="letter-spacing:0.1pt;"> </span>terrorism,<span style="letter-spacing:0.15pt;"> </span>war and telecommunication<span style="letter-spacing:0.2pt;"> </span>and electrical<span style="letter-spacing:0.15pt;"> </span>failures.<span style="letter-spacing:0.1pt;"> </span>While<span style="letter-spacing:0.05pt;"> </span>we seek<span style="letter-spacing:0.05pt;"> </span>to protect<span style="letter-spacing:0.1pt;"> </span>our information<span style="letter-spacing:0.1pt;"> </span>technology systems<span style="letter-spacing:0.05pt;"> </span>from system<span style="letter-spacing:0.1pt;"> </span>failure,<span style="letter-spacing:0.15pt;"> </span>accident<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>security<span style="letter-spacing:0.15pt;"> </span>breach,<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>event<span style="letter-spacing:0.1pt;"> </span>were<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>occur<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>cause<span style="letter-spacing:0.1pt;"> </span>interruptions<span style="letter-spacing:0.15pt;"> </span>in our operations,<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in a disruption<span style="letter-spacing:0.1pt;"> </span>of our development<span style="letter-spacing:0.1pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>and our business<span style="letter-spacing:0.05pt;"> </span>operations,<span style="letter-spacing:0.05pt;"> </span>whether due to<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>trade<span style="letter-spacing:0.1pt;"> </span>secrets,<span style="letter-spacing:0.15pt;"> </span>personal<span style="letter-spacing:0.1pt;"> </span>information,<span style="letter-spacing:0.2pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>disruptions.<span style="letter-spacing:0.1pt;"> </span>For example,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>loss<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.15pt;"> </span>trial<span style="letter-spacing:0.1pt;"> </span>data<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in delays<span style="letter-spacing:0.05pt;"> </span>in our regulatory<span style="letter-spacing:0.1pt;"> </span>approval efforts<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>significantly<span style="letter-spacing:0.2pt;"> </span>increase<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>costs<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>recover<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>reproduce<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>data.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>we were to experience<span style="letter-spacing:0.1pt;"> </span>a significant cybersecurity<span style="letter-spacing:0.15pt;"> </span>breach<span style="letter-spacing:0.05pt;"> </span>of our information<span style="letter-spacing:0.15pt;"> </span>systems<span style="letter-spacing:0.1pt;"> </span>or data,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>associated<span style="letter-spacing:0.1pt;"> </span>with the investigation,<span style="letter-spacing:0.1pt;"> </span>remediation and<span style="letter-spacing:1.1pt;"> </span>potential<span style="letter-spacing:1.2pt;"> </span>notification<span style="letter-spacing:1.25pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>breach<span style="letter-spacing:1.15pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>counter-parties<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>data<span style="letter-spacing:1.15pt;"> </span>subjects<span style="letter-spacing:1.2pt;"> </span>could<span style="letter-spacing:1.1pt;"> </span>be<span style="letter-spacing:1.05pt;"> </span>material.<span style="letter-spacing:1.2pt;"> </span>In<span style="letter-spacing:1.05pt;"> </span>addition,<span style="letter-spacing:1.1pt;"> </span>our remediation<span style="letter-spacing:0.7pt;"> </span>efforts<span style="letter-spacing:0.65pt;"> </span>may<span style="letter-spacing:0.6pt;"> </span>not<span style="letter-spacing:0.55pt;"> </span>be<span style="letter-spacing:0.55pt;"> </span>successful.<span style="letter-spacing:0.65pt;"> </span>If<span style="letter-spacing:0.6pt;"> </span>we<span style="letter-spacing:0.55pt;"> </span>do<span style="letter-spacing:0.55pt;"> </span>not<span style="letter-spacing:0.55pt;"> </span>allocate<span style="letter-spacing:0.65pt;"> </span>and<span style="letter-spacing:0.55pt;"> </span>effectively<span style="letter-spacing:0.7pt;"> </span>manage<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>resources<span style="letter-spacing:0.65pt;"> </span>necessary to<span style="letter-spacing:0.05pt;"> </span>build<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>sustain<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>proper<span style="letter-spacing:0.1pt;"> </span>technology<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>cybersecurity<span style="letter-spacing:0.15pt;"> </span>infrastructure,<span style="letter-spacing:0.2pt;"> </span>we could<span style="letter-spacing:0.05pt;"> </span>suffer<span style="letter-spacing:0.1pt;"> </span>significant<span style="letter-spacing:0.15pt;"> </span>business disruption,<span style="letter-spacing:1.3pt;"> </span>including<span style="letter-spacing:1.25pt;"> </span>transaction<span style="letter-spacing:1.3pt;"> </span>errors,<span style="letter-spacing:1.3pt;"> </span>supply<span style="letter-spacing:1.25pt;"> </span>chain<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.15pt;"> </span>manufacturing<span style="letter-spacing:1.3pt;"> </span>interruptions,<span style="letter-spacing:1.3pt;"> </span>processing<span style="letter-spacing:1.25pt;"> </span>inefficiencies, data<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.05pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.05pt;"> </span>of or damage<span style="letter-spacing:0.05pt;"> </span>to intellectual<span style="letter-spacing:0.15pt;"> </span>property<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.1pt;"> </span>information.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>extent<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>disruption<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>security<span style="letter-spacing:0.15pt;"> </span>breach<span style="letter-spacing:0.1pt;"> </span>were<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>loss<span style="letter-spacing:0.1pt;"> </span>of,<span style="letter-spacing:0.05pt;"> </span>or damage<span style="letter-spacing:0.05pt;"> </span>to, our or our third- party <span style="letter-spacing:0.1pt;"> </span>vendors&#8217;, <span style="letter-spacing:0.1pt;"> </span>collaborators&#8217; <span style="letter-spacing:0.2pt;"> </span>or <span style="letter-spacing:0.05pt;"> </span>other <span style="letter-spacing:0.1pt;"> </span>contractors&#8217; <span style="letter-spacing:0.2pt;"> </span>or <span style="letter-spacing:0.05pt;"> </span>consultants&#8217; <span style="letter-spacing:0.15pt;"> </span>data <span style="letter-spacing:0.1pt;"> </span>or <span style="letter-spacing:0.05pt;"> </span>applications, <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;inappropriate disclosure<span style="letter-spacing:0.15pt;"> </span>of confidential,<span style="letter-spacing:0.15pt;"> </span>personal<span style="letter-spacing:0.05pt;"> </span>or proprietary<span style="letter-spacing:0.1pt;"> </span>information,<span style="letter-spacing:0.15pt;"> </span>we could<span style="letter-spacing:0.05pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>liability<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>litigation exposure,<span style="letter-spacing:0.1pt;"> </span>penalties<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>fines,<span style="letter-spacing:0.05pt;"> </span>we could<span style="letter-spacing:0.05pt;"> </span>become<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>of regulatory<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>or investigation,<span style="letter-spacing:0.15pt;"> </span>our competitive position<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>harmed<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>further<span style="letter-spacing:0.1pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and commercialization<span style="letter-spacing:0.2pt;"> </span>of our product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be delayed.<span style="letter-spacing:0.1pt;"> </span>Any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>above<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>have a material<span style="letter-spacing:0.15pt;"> </span>adverse<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>on our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations<span style="letter-spacing:0.1pt;"> </span>or prospects.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">79</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risks Related</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">to Ownership of Our Common Stock</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>know whether<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>develop<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>or what the market<span style="letter-spacing:0.05pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common stock<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be, and, as a result,<span style="letter-spacing:0.05pt;"> </span>it<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be difficult<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>you to sell<span style="letter-spacing:0.05pt;"> </span>your shares<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;letter-spacing:0.65pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although our common stock is listed on the<span style="letter-spacing:0.05pt;"> </span>Nasdaq<span style="letter-spacing:0.05pt;"> </span>Global<span style="letter-spacing:0.1pt;"> </span>Market,<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>active<span style="letter-spacing:0.1pt;"> </span>trading<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>may not be sustained.<span style="letter-spacing:1.3pt;"> </span>If<span style="letter-spacing:1.25pt;"> </span>a<span style="letter-spacing:1.2pt;"> </span>market<span style="letter-spacing:1.3pt;"> </span>for<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>common<span style="letter-spacing:1.25pt;"> </span>stock<span style="letter-spacing:1.2pt;"> </span>is<span style="letter-spacing:1.2pt;"> </span>not sustained,<span style="letter-spacing:1.4pt;"> </span>it<span style="letter-spacing:1.35pt;"> </span>may<span style="letter-spacing:1.35pt;"> </span>be<span style="letter-spacing:1.3pt;"> </span>difficult<span style="letter-spacing:1.45pt;"> </span>for<span style="letter-spacing:1.3pt;"> </span>you<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>sell<span style="letter-spacing:1.3pt;"> </span>your<span style="letter-spacing:1.25pt;"> </span>shares<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>common<span style="letter-spacing:1.3pt;"> </span>stock<span style="letter-spacing:1.3pt;"> </span>at<span style="letter-spacing:1.3pt;"> </span>an<span style="letter-spacing:1.25pt;"> </span>attractive<span style="letter-spacing:1.4pt;"> </span>price<span style="letter-spacing:1.3pt;"> </span>or<span style="letter-spacing:1.25pt;"> </span>at<span style="letter-spacing:1.3pt;"> </span>all.<span style="letter-spacing:1.3pt;"> </span>We cannot<span style="letter-spacing:0.6pt;"> </span>predict the<span style="letter-spacing:0.6pt;"> </span>prices<span style="letter-spacing:0.6pt;"> </span>at<span style="letter-spacing:0.6pt;"> </span>which<span style="letter-spacing:0.55pt;"> </span>our<span style="letter-spacing:0.55pt;"> </span>common<span style="letter-spacing:0.6pt;"> </span>stock<span style="letter-spacing:0.6pt;"> </span>will<span style="letter-spacing:0.55pt;"> </span>trade in the future.<span style="letter-spacing:0.55pt;"> </span>It<span style="letter-spacing:0.55pt;"> </span>is<span style="letter-spacing:0.55pt;"> </span>possible<span style="letter-spacing:0.55pt;"> </span>that<span style="letter-spacing:0.55pt;"> </span>in<span style="letter-spacing:0.5pt;"> </span>one<span style="letter-spacing:0.5pt;"> </span>or<span style="letter-spacing:0.5pt;"> </span>more<span style="letter-spacing:0.55pt;"> </span>future<span style="letter-spacing:0.55pt;"> </span>periods our<span style="letter-spacing:0.55pt;"> </span>results of<span style="letter-spacing:0.5pt;"> </span>operations<span style="letter-spacing:0.6pt;"> </span>may<span style="letter-spacing:0.55pt;"> </span>be<span style="letter-spacing:0.5pt;"> </span>below<span style="letter-spacing:0.5pt;"> </span>the<span style="letter-spacing:0.55pt;"> </span>expectations<span style="letter-spacing:0.6pt;"> </span>of<span style="letter-spacing:0.5pt;"> </span>public<span style="letter-spacing:0.55pt;"> </span>market<span style="letter-spacing:0.6pt;"> </span>analysts<span style="letter-spacing:0.6pt;"> </span>and<span style="letter-spacing:0.5pt;"> </span>investors,<span style="letter-spacing:0.6pt;"> </span>and,<span style="letter-spacing:0.5pt;"> </span>as<span style="letter-spacing:0.5pt;"> </span>a<span style="letter-spacing:0.5pt;"> </span>result of these<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>factors,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>fall.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.7pt;"> </span>market<span style="letter-spacing:0.75pt;"> </span>price<span style="letter-spacing:0.75pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>common<span style="letter-spacing:0.75pt;"> </span>stock<span style="letter-spacing:0.75pt;"> </span>may<span style="letter-spacing:0.7pt;"> </span>be<span style="letter-spacing:0.65pt;"> </span>volatile,<span style="letter-spacing:0.75pt;"> </span>which<span style="letter-spacing:0.65pt;"> </span>could<span style="letter-spacing:0.65pt;"> </span>result<span style="letter-spacing:0.7pt;"> </span>in<span style="letter-spacing:0.65pt;"> </span>substantial<span style="letter-spacing:0.75pt;"> </span>losses<span style="letter-spacing:0.7pt;"> </span>for<span style="letter-spacing:0.7pt;"> </span>investors.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be influenced<span style="letter-spacing:0.1pt;"> </span>by those<span style="letter-spacing:0.05pt;"> </span>factors<span style="letter-spacing:0.1pt;"> </span>discussed<span style="letter-spacing:0.05pt;"> </span>in this<span style="letter-spacing:0.05pt;"> </span>&#8220;Risk Factors&#8221; section<span style="letter-spacing:0.05pt;"> </span>and many<span style="letter-spacing:0.05pt;"> </span>others,<span style="letter-spacing:0.05pt;"> </span>including:</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>success<span style="letter-spacing:0.05pt;"> </span>of existing<span style="letter-spacing:0.1pt;"> </span>or new competitive<span style="letter-spacing:0.15pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or technologies&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>timing<span style="letter-spacing:0.1pt;"> </span>and results<span style="letter-spacing:0.1pt;"> </span>of preclinical<span style="letter-spacing:0.15pt;"> </span>studies<span style="letter-spacing:0.05pt;"> </span>and clinical<span style="letter-spacing:0.1pt;"> </span>trials<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our product<span style="letter-spacing:0.05pt;"> </span>candidates&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">failure<span style="letter-spacing:0.1pt;"> </span>or discontinuation<span style="letter-spacing:0.15pt;"> </span>of any of our product<span style="letter-spacing:0.05pt;"> </span>development<span style="letter-spacing:0.1pt;"> </span>and research<span style="letter-spacing:0.1pt;"> </span>programs&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">results <span style="letter-spacing:0.15pt;"> </span>of <span style="letter-spacing:0.05pt;"> </span>preclinical <span style="letter-spacing:0.2pt;"> </span>studies, <span style="letter-spacing:0.05pt;"> </span>clinical <span style="letter-spacing:0.1pt;"> </span>trials, <span style="letter-spacing:0.1pt;"> </span>or&#160;&#160;regulatory <span style="letter-spacing:0.1pt;"> </span>approvals <span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;product <span style="letter-spacing:0.05pt;"> </span>candidates <span style="letter-spacing:0.1pt;"> </span>of&#160;&#160;our competitors,<span style="letter-spacing:0.15pt;"> </span>or announcements<span style="letter-spacing:0.1pt;"> </span>about<span style="letter-spacing:0.05pt;"> </span>new research<span style="letter-spacing:0.1pt;"> </span>programs<span style="letter-spacing:0.1pt;"> </span>or product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>of our competitors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">developments<span style="letter-spacing:0.1pt;"> </span>or disputes<span style="letter-spacing:0.05pt;"> </span>concerning<span style="letter-spacing:0.05pt;"> </span>patent<span style="letter-spacing:0.05pt;"> </span>applications,<span style="letter-spacing:0.1pt;"> </span>issued<span style="letter-spacing:0.05pt;"> </span>patents,<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>proprietary<span style="letter-spacing:0.1pt;"> </span>rights&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>recruitment<span style="letter-spacing:0.15pt;"> </span>or departure<span style="letter-spacing:0.1pt;"> </span>of key personnel&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:2.2pt;"> </span>level<span style="letter-spacing:2.2pt;"> </span>of<span style="letter-spacing:2.15pt;"> </span>expenses<span style="letter-spacing:2.2pt;"> </span>related<span style="letter-spacing:2.25pt;"> </span>to<span style="letter-spacing:2.15pt;"> </span>any<span style="letter-spacing:2.15pt;"> </span>of<span style="letter-spacing:2.1pt;"> </span>our<span style="letter-spacing:2.1pt;"> </span>research<span style="letter-spacing:2.2pt;"> </span>programs,<span style="letter-spacing:2.2pt;"> </span>clinical<span style="letter-spacing:2.2pt;"> </span>development<span style="letter-spacing:2.2pt;"> </span>programs,<span style="letter-spacing:2.2pt;"> </span>or product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>develop&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of our efforts<span style="letter-spacing:0.1pt;"> </span>to develop<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>product<span style="letter-spacing:0.05pt;"> </span>candidates<span style="letter-spacing:0.1pt;"> </span>or products&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">actual <span style="letter-spacing:2pt;"> </span>or <span style="letter-spacing:1.95pt;"> </span>anticipated <span style="letter-spacing:2.05pt;"> </span>changes <span style="letter-spacing:1.95pt;"> </span>in <span style="letter-spacing:1.9pt;"> </span>estimates <span style="letter-spacing:2.05pt;"> </span>as <span style="letter-spacing:1.9pt;"> </span>to <span style="letter-spacing:1.9pt;"> </span>financial <span style="letter-spacing:2pt;"> </span>results, <span style="letter-spacing:2pt;"> </span>development <span style="letter-spacing:2pt;"> </span>timelines, <span style="letter-spacing:2.05pt;"> </span>or recommendations<span style="letter-spacing:0.15pt;"> </span>by securities<span style="letter-spacing:0.15pt;"> </span>analysts,<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>any, that<span style="letter-spacing:0.05pt;"> </span>cover<span style="letter-spacing:0.05pt;"> </span>our stock&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">announcement<span style="letter-spacing:0.1pt;"> </span>or expectation<span style="letter-spacing:0.1pt;"> </span>of additional<span style="letter-spacing:0.1pt;"> </span>financing<span style="letter-spacing:0.1pt;"> </span>efforts&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">sales<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>by us, our insiders<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>stockholders&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">expiration<span style="letter-spacing:0.1pt;"> </span>of market<span style="letter-spacing:0.1pt;"> </span>stand-off<span style="letter-spacing:0.1pt;"> </span>or lock-up<span style="letter-spacing:0.05pt;"> </span>agreements&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">variations<span style="letter-spacing:0.1pt;"> </span>in our financial<span style="letter-spacing:0.1pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>or those<span style="letter-spacing:0.05pt;"> </span>of companies<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>perceived<span style="letter-spacing:0.1pt;"> </span>to be similar<span style="letter-spacing:0.1pt;"> </span>to us&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">changes<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>structure<span style="letter-spacing:0.1pt;"> </span>of healthcare<span style="letter-spacing:0.1pt;"> </span>payment<span style="letter-spacing:0.05pt;"> </span>systems&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">market<span style="letter-spacing:0.1pt;"> </span>conditions<span style="letter-spacing:0.1pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>pharmaceutical<span style="letter-spacing:0.15pt;"> </span>and biotechnology<span style="letter-spacing:0.1pt;"> </span>sectors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>COVID-19<span style="letter-spacing:-0.05pt;"> </span>pandemic,<span style="letter-spacing:0.05pt;"> </span>natural<span style="letter-spacing:0.1pt;"> </span>disasters,<span style="letter-spacing:0.1pt;"> </span>or major<span style="letter-spacing:0.05pt;"> </span>catastrophic<span style="letter-spacing:0.15pt;"> </span>events&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="width:2.5%;white-space:nowrap">
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">general<span style="letter-spacing:0.05pt;"> </span>economic,<span style="letter-spacing:0.05pt;"> </span>industry,<span style="letter-spacing:0.05pt;"> </span>and market<span style="letter-spacing:0.1pt;"> </span>conditions&#59;<span style="letter-spacing:0.1pt;"> </span>and</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">the<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>factors<span style="letter-spacing:0.1pt;"> </span>described<span style="letter-spacing:0.1pt;"> </span>in this<span style="letter-spacing:0.05pt;"> </span>&#8220;Risk Factors&#8221;<span style="letter-spacing:0.05pt;"> </span>section.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In <span style="letter-spacing:0.05pt;"> </span>recent <span style="letter-spacing:0.1pt;"> </span>years, <span style="letter-spacing:0.05pt;"> </span>the <span style="letter-spacing:0.05pt;"> </span>stock <span style="letter-spacing:0.05pt;"> </span>market <span style="letter-spacing:0.1pt;"> </span>in&#160;&#160;general, <span style="letter-spacing:0.05pt;"> </span>and&#160;&#160;the <span style="letter-spacing:0.05pt;"> </span>market <span style="letter-spacing:0.1pt;"> </span>for <span style="letter-spacing:0.05pt;"> </span>pharmaceutical <span style="letter-spacing:0.15pt;"> </span>and&#160;&#160;biotechnology companies<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>particular,<span style="letter-spacing:0.2pt;"> </span>has<span style="letter-spacing:0.05pt;"> </span>experienced<span style="letter-spacing:0.15pt;"> </span>extreme<span style="letter-spacing:0.15pt;"> </span>price<span style="letter-spacing:0.1pt;"> </span>and volume<span style="letter-spacing:0.05pt;"> </span>fluctuations<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>have often<span style="letter-spacing:0.05pt;"> </span>been unrelated<span style="letter-spacing:0.1pt;"> </span>or disproportionate<span style="letter-spacing:1.4pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>changes<span style="letter-spacing:1.3pt;"> </span>in<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>operating<span style="letter-spacing:1.3pt;"> </span>performance<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>companies<span style="letter-spacing:1.3pt;"> </span>whose<span style="letter-spacing:1.2pt;"> </span>stock<span style="letter-spacing:1.25pt;"> </span>is<span style="letter-spacing:1.25pt;"> </span>experiencing<span style="letter-spacing:1.3pt;"> </span>those price<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>volume<span style="letter-spacing:0.1pt;"> </span>fluctuations.<span style="letter-spacing:0.2pt;"> </span>Broad<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>industry<span style="letter-spacing:0.1pt;"> </span>factors<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>seriously<span style="letter-spacing:0.15pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.1pt;"> </span>stock,<span style="letter-spacing:0.1pt;"> </span>regardless<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>actual<span style="letter-spacing:0.1pt;"> </span>operating<span style="letter-spacing:0.1pt;"> </span>performance.<span style="letter-spacing:0.1pt;"> </span>Following<span style="letter-spacing:1.3pt;"> </span>periods<span style="letter-spacing:1.3pt;"> </span>of<span style="letter-spacing:1.25pt;"> </span>such<span style="letter-spacing:1.25pt;"> </span>volatility<span style="letter-spacing:1.4pt;"> </span>in<span style="letter-spacing:1.25pt;"> </span>the market<span style="letter-spacing:0.15pt;"> </span>price<span style="letter-spacing:0.1pt;"> </span>of a company&#8217;s<span style="letter-spacing:0.05pt;"> </span>securities,<span style="letter-spacing:0.15pt;"> </span>securities<span style="letter-spacing:0.15pt;"> </span>class<span style="letter-spacing:0.05pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>has often<span style="letter-spacing:0.05pt;"> </span>been brought<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>that company.<span style="letter-spacing:0.4pt;"> </span>Because<span style="letter-spacing:0.4pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>potential<span style="letter-spacing:0.45pt;"> </span>volatility<span style="letter-spacing:0.5pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>our<span style="letter-spacing:0.35pt;"> </span>stock<span style="letter-spacing:0.4pt;"> </span>price,<span style="letter-spacing:0.4pt;"> </span>we<span style="letter-spacing:0.35pt;"> </span>may<span style="letter-spacing:0.4pt;"> </span>become<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>target<span style="letter-spacing:0.45pt;"> </span>of<span style="letter-spacing:0.35pt;"> </span>securities<span style="letter-spacing:0.5pt;"> </span>litigation in the<span style="letter-spacing:0.05pt;"> </span>future.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities<span style="letter-spacing:0.15pt;"> </span>litigation<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>in substantial<span style="letter-spacing:0.1pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>and divert<span style="letter-spacing:0.05pt;"> </span>management&#8217;s<span style="letter-spacing:0.15pt;"> </span>attention<span style="letter-spacing:0.1pt;"> </span>and resources<span style="letter-spacing:0.1pt;"> </span>from our business.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">80</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">A</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">significant</span><span style="letter-spacing:0.75pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">portion</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">total</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">outstanding</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">shares</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">restricted</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">immediate</span><span style="letter-spacing:0.7pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">resale</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">but</span><span style="letter-spacing:0.6pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">may</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.6pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">sold</span><span style="letter-spacing:0.65pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">into the </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">market </span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">in </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">near </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">future, </span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">which </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">could </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">cause </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">the </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">market </span><span style="letter-spacing:0.1pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">price </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">of&#160;&#160;our&#160;&#160;common </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">stock </span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">to&#160;&#160;decline significantly,</span><span style="letter-spacing:0.15pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">even if</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">our business</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">doing well.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Sales<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.15pt;"> </span>number<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>shares<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>occur<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>any time. These<span style="letter-spacing:0.35pt;"> </span>sales,<span style="letter-spacing:0.35pt;"> </span>or<span style="letter-spacing:0.3pt;"> </span>the<span style="letter-spacing:0.35pt;"> </span>perception<span style="letter-spacing:0.4pt;"> </span>in<span style="letter-spacing:0.3pt;"> </span>the<span style="letter-spacing:0.35pt;"> </span>market<span style="letter-spacing:0.4pt;"> </span>that<span style="letter-spacing:0.35pt;"> </span>the<span style="letter-spacing:0.35pt;"> </span>holders<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.3pt;"> </span>a<span style="letter-spacing:0.3pt;"> </span>large<span style="letter-spacing:0.35pt;"> </span>number<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.3pt;"> </span>shares<span style="letter-spacing:0.35pt;"> </span>of<span style="letter-spacing:0.3pt;"> </span>common<span style="letter-spacing:0.35pt;"> </span>stock<span style="letter-spacing:0.35pt;"> </span>intend to<span style="letter-spacing:0.7pt;"> </span>sell<span style="letter-spacing:0.75pt;"> </span>shares,<span style="letter-spacing:0.75pt;"> </span>could<span style="letter-spacing:0.75pt;"> </span>reduce<span style="letter-spacing:0.75pt;"> </span>the<span style="letter-spacing:0.75pt;"> </span>market<span style="letter-spacing:0.75pt;"> </span>price<span style="letter-spacing:0.7pt;"> </span>of<span style="letter-spacing:0.65pt;"> </span>our<span style="letter-spacing:0.65pt;"> </span>common<span style="letter-spacing:0.7pt;"> </span>stock.<span style="letter-spacing:0.7pt;"> </span>As of June 30, 2021,<span style="letter-spacing:1.65pt;"> </span>we<span style="letter-spacing:1.55pt;"> </span>have 55,979,002 shares<span style="letter-spacing:1.6pt;"> </span>of<span style="letter-spacing:1.55pt;"> </span>common<span style="letter-spacing:1.6pt;"> </span>stock<span style="letter-spacing:1.6pt;"> </span>outstanding.<span style="letter-spacing:1.45pt;"> </span>Of<span style="letter-spacing:1.45pt;"> </span>these<span style="letter-spacing:1.5pt;"> </span>shares, the 14,000,000 shares<span style="letter-spacing:0.85pt;"> </span><span style="letter-spacing:0.05pt;">sold in our initial public </span>offering<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be resold<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>immediately.<span style="letter-spacing:0.35pt;"> </span>The<span style="letter-spacing:0.2pt;"> </span>remaining 41,979,002 shares<span style="letter-spacing:0.25pt;"> </span>are<span style="letter-spacing:0.25pt;"> </span>currently<span style="letter-spacing:0.3pt;"> </span>restricted<span style="letter-spacing:0.3pt;"> </span>under<span style="letter-spacing:0.2pt;"> </span>securities<span style="letter-spacing:0.3pt;"> </span>laws<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.15pt;"> </span>as<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.15pt;"> </span>result<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.15pt;"> </span>lock-up<span style="letter-spacing:0.2pt;"> </span>or other<span style="letter-spacing:1.25pt;"> </span>agreements,<span style="letter-spacing:1.3pt;"> </span>but<span style="letter-spacing:1.2pt;"> </span>will<span style="letter-spacing:1.25pt;"> </span>be<span style="letter-spacing:1.2pt;"> </span>able<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>be<span style="letter-spacing:1.2pt;"> </span>sold<span style="letter-spacing:1.25pt;"> </span>after the expiration of the lock-up on December 22, 2021 and termination of restrictions under securities laws.<span style="letter-spacing:0.85pt;"> </span>Moreover,<span style="letter-spacing:0.8pt;"> </span>holders<span style="letter-spacing:0.75pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>an<span style="letter-spacing:0.7pt;"> </span>aggregate<span style="letter-spacing:0.8pt;"> </span>of 37,533,346 shares<span style="letter-spacing:0.75pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>our common<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>rights,<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>conditions,<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>require<span style="letter-spacing:0.15pt;"> </span>us to file<span style="letter-spacing:0.05pt;"> </span>registration<span style="letter-spacing:0.15pt;"> </span>statements<span style="letter-spacing:0.15pt;"> </span>covering<span style="letter-spacing:0.05pt;"> </span>their shares<span style="letter-spacing:0.95pt;"> </span>or<span style="letter-spacing:0.85pt;"> </span>to<span style="letter-spacing:0.85pt;"> </span>include<span style="letter-spacing:0.9pt;"> </span>their<span style="letter-spacing:0.9pt;"> </span>shares<span style="letter-spacing:0.9pt;"> </span>in<span style="letter-spacing:0.85pt;"> </span>registration<span style="letter-spacing:1pt;"> </span>statements<span style="letter-spacing:1pt;"> </span>that<span style="letter-spacing:0.9pt;"> </span>we<span style="letter-spacing:0.85pt;"> </span>may<span style="letter-spacing:0.9pt;"> </span>file<span style="letter-spacing:0.9pt;"> </span>for<span style="letter-spacing:0.9pt;"> </span>ourselves<span style="letter-spacing:0.95pt;"> </span>or<span style="letter-spacing:0.85pt;"> </span>other<span style="letter-spacing:0.9pt;"> </span>stockholders. We<span style="letter-spacing:0.7pt;"> </span>have also<span style="letter-spacing:0.7pt;"> </span>registered<span style="letter-spacing:0.8pt;"> </span>all<span style="letter-spacing:0.75pt;"> </span>shares<span style="letter-spacing:0.75pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>common<span style="letter-spacing:0.75pt;"> </span>stock<span style="letter-spacing:0.75pt;"> </span>that<span style="letter-spacing:0.75pt;"> </span>we<span style="letter-spacing:0.7pt;"> </span>may<span style="letter-spacing:0.75pt;"> </span>issue<span style="letter-spacing:0.75pt;"> </span>under<span style="letter-spacing:0.75pt;"> </span>our<span style="letter-spacing:0.7pt;"> </span>equity<span style="letter-spacing:0.75pt;"> </span>compensation<span style="letter-spacing:0.8pt;"> </span>plans<span style="letter-spacing:0.75pt;"> </span>or that<span style="letter-spacing:0.75pt;"> </span>are<span style="letter-spacing:0.75pt;"> </span>issuable<span style="letter-spacing:0.8pt;"> </span>upon<span style="letter-spacing:0.7pt;"> </span>exercise<span style="letter-spacing:0.8pt;"> </span>of<span style="letter-spacing:0.65pt;"> </span>outstanding<span style="letter-spacing:0.75pt;"> </span>options.<span style="letter-spacing:0.7pt;"> </span>These shares<span style="letter-spacing:0.7pt;"> </span>can<span style="letter-spacing:0.65pt;"> </span>be<span style="letter-spacing:0.65pt;"> </span>freely<span style="letter-spacing:0.75pt;"> </span>sold<span style="letter-spacing:0.7pt;"> </span>in the<span style="letter-spacing:0.1pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>upon<span style="letter-spacing:0.05pt;"> </span>issuance<span style="letter-spacing:0.05pt;"> </span>and once vested,<span style="letter-spacing:0.05pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to volume<span style="letter-spacing:0.05pt;"> </span>limitations<span style="letter-spacing:0.15pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>to affiliates<span style="letter-spacing:0.15pt;"> </span>and the lock-up<span style="letter-spacing:0.1pt;"> </span>agreements.<span style="letter-spacing:0.1pt;"> </span>If<span style="letter-spacing:0.05pt;"> </span>any of these<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>shares are<span style="letter-spacing:0.1pt;"> </span>sold,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>perceived<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>sold,<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>market,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock could<span style="letter-spacing:0.05pt;"> </span>decline.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:1.35pt;"> </span>principal<span style="letter-spacing:1.4pt;"> </span>stockholders<span style="letter-spacing:1.45pt;"> </span>and<span style="letter-spacing:1.35pt;"> </span>management<span style="letter-spacing:1.4pt;"> </span>own<span style="letter-spacing:1.25pt;"> </span>a<span style="letter-spacing:1.3pt;"> </span>significant<span style="letter-spacing:1.4pt;"> </span>percentage<span style="letter-spacing:1.35pt;"> </span>of<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.3pt;"> </span>stock<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.3pt;"> </span>will<span style="letter-spacing:1.35pt;"> </span>be<span style="letter-spacing:1.3pt;"> </span>able<span style="letter-spacing:1.35pt;"> </span>to exert<span style="letter-spacing:0.05pt;"> </span>significant<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>matters<span style="letter-spacing:0.1pt;"> </span>subject<span style="letter-spacing:0.05pt;"> </span>to stockholder<span style="letter-spacing:0.05pt;"> </span>approval.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of June 30, 2021, our<span style="letter-spacing:0.05pt;"> </span>executive<span style="letter-spacing:0.15pt;"> </span>officers,<span style="letter-spacing:0.15pt;"> </span>directors,<span style="letter-spacing:0.15pt;"> </span>holders<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>5%<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>of our capital<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>and their respective<span style="letter-spacing:0.15pt;"> </span>affiliates<span style="letter-spacing:0.2pt;"> </span>beneficially<span style="letter-spacing:0.3pt;"> </span>own<span style="letter-spacing:0.15pt;"> </span>approximately&#160;&#160;52.48 %<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.15pt;"> </span>outstanding<span style="letter-spacing:0.25pt;"> </span>voting<span style="letter-spacing:0.2pt;"> </span>stock.<span style="letter-spacing:0.1pt;"> </span>This<span style="letter-spacing:1.25pt;"> </span>group<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.15pt;"> </span>stockholders<span style="letter-spacing:1.25pt;"> </span>has<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.2pt;"> </span>ability<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>control<span style="letter-spacing:1.2pt;"> </span>us<span style="letter-spacing:1.15pt;"> </span>through<span style="letter-spacing:1.2pt;"> </span>this<span style="letter-spacing:1.2pt;"> </span>ownership<span style="letter-spacing:1.2pt;"> </span>position.<span style="letter-spacing:0.15pt;"> </span>These<span style="letter-spacing:0.05pt;"> </span>stockholders<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be able<span style="letter-spacing:0.05pt;"> </span>to determine<span style="letter-spacing:0.1pt;"> </span>all matters<span style="letter-spacing:0.1pt;"> </span>requiring<span style="letter-spacing:0.1pt;"> </span>stockholder<span style="letter-spacing:0.1pt;"> </span>approval.<span style="letter-spacing:0.05pt;"> </span>For example,<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>stockholders<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be able<span style="letter-spacing:0.05pt;"> </span>to control<span style="letter-spacing:0.05pt;"> </span>elections<span style="letter-spacing:0.1pt;"> </span>of directors,<span style="letter-spacing:0.15pt;"> </span>amendments<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>organizational<span style="letter-spacing:0.2pt;"> </span>documents<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>approval<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>merger,<span style="letter-spacing:0.1pt;"> </span>sale<span style="letter-spacing:0.05pt;"> </span>of assets<span style="letter-spacing:0.05pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>major corporate<span style="letter-spacing:0.15pt;"> </span>transaction.<span style="letter-spacing:0.15pt;"> </span>This<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>prevent<span style="letter-spacing:0.05pt;"> </span>or discourage<span style="letter-spacing:0.1pt;"> </span>unsolicited<span style="letter-spacing:0.1pt;"> </span>acquisition<span style="letter-spacing:0.1pt;"> </span>proposals<span style="letter-spacing:0.05pt;"> </span>or offers<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our common stock<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>you<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>feel<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>in your best<span style="letter-spacing:0.05pt;"> </span>interest<span style="letter-spacing:0.1pt;"> </span>as one of our stockholders.<span style="letter-spacing:0.1pt;"> </span>The interests<span style="letter-spacing:0.1pt;"> </span>of this<span style="letter-spacing:0.05pt;"> </span>group of stockholders<span style="letter-spacing:0.55pt;"> </span>may<span style="letter-spacing:0.5pt;"> </span>not<span style="letter-spacing:0.45pt;"> </span>always<span style="letter-spacing:0.5pt;"> </span>coincide<span style="letter-spacing:0.5pt;"> </span>with<span style="letter-spacing:0.45pt;"> </span>the<span style="letter-spacing:0.45pt;"> </span>interests<span style="letter-spacing:0.5pt;"> </span>of<span style="letter-spacing:0.4pt;"> our </span>other<span style="letter-spacing:0.45pt;"> </span>stockholders<span style="letter-spacing:0.5pt;"> </span>and<span style="letter-spacing:0.4pt;"> </span>they<span style="letter-spacing:0.45pt;"> </span>may<span style="letter-spacing:0.45pt;"> </span>act in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>manner<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>advances<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>best<span style="letter-spacing:0.05pt;"> </span>interests<span style="letter-spacing:0.1pt;"> </span>and not necessarily<span style="letter-spacing:0.1pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>of other<span style="letter-spacing:0.05pt;"> </span>stockholders,<span style="letter-spacing:0.1pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>seeking<span style="letter-spacing:0.05pt;"> </span>a premium<span style="letter-spacing:0.1pt;"> </span>value<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.05pt;"> </span>stock,<span style="letter-spacing:0.05pt;"> </span>and might<span style="letter-spacing:0.05pt;"> </span>affect<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>prevailing<span style="letter-spacing:0.1pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>&#8220;emerging<span style="letter-spacing:0.1pt;"> </span>growth<span style="letter-spacing:0.05pt;"> </span>company&#8221;<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>&#8220;smaller<span style="letter-spacing:0.15pt;"> </span>reporting<span style="letter-spacing:0.1pt;"> </span>company,&#8221;<span style="letter-spacing:0.05pt;"> </span>and the reduced<span style="letter-spacing:0.05pt;"> </span>disclosure requirements<span style="letter-spacing:0.15pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>to emerging<span style="letter-spacing:0.05pt;"> </span>growth companies<span style="letter-spacing:0.05pt;"> </span>and smaller<span style="letter-spacing:0.1pt;"> </span>reporting<span style="letter-spacing:0.05pt;"> </span>companies<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>make<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>less<span style="letter-spacing:0.05pt;"> </span>attractive<span style="letter-spacing:0.1pt;"> </span>to investors.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.15pt;"> </span>an<span style="letter-spacing:0.1pt;"> </span>&#8220;emerging<span style="letter-spacing:0.2pt;"> </span>growth<span style="letter-spacing:0.1pt;"> </span>company,&#8221;<span style="letter-spacing:0.15pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>defined<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>JOBS Act<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>remain<span style="letter-spacing:0.15pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>emerging<span style="letter-spacing:0.15pt;"> </span>growth company<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>up<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>five<span style="letter-spacing:0.05pt;"> </span>years.<span style="letter-spacing:0.05pt;"> </span>For so long as we remain<span style="letter-spacing:0.1pt;"> </span>an emerging<span style="letter-spacing:0.1pt;"> </span>growth company,<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>permitted<span style="letter-spacing:0.1pt;"> </span>and plan to<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>exemptions<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>disclosure<span style="letter-spacing:0.15pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.1pt;"> </span>to other<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>companies<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>are not<span style="letter-spacing:0.05pt;"> </span>emerging<span style="letter-spacing:0.15pt;"> </span>growth companies.<span style="letter-spacing:0.1pt;"> </span>These exemptions<span style="letter-spacing:0.1pt;"> </span>include<span style="letter-spacing:0.05pt;"> </span>not being<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.1pt;"> </span>to comply<span style="letter-spacing:0.05pt;"> </span>with the<span style="letter-spacing:0.05pt;"> </span>auditor attestation<span style="letter-spacing:0.25pt;"> </span>requirements<span style="letter-spacing:0.25pt;"> </span>of<span style="letter-spacing:0.1pt;"> </span>Section<span style="letter-spacing:0.1pt;"> </span>404<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>SOX, not<span style="letter-spacing:0.05pt;"> </span>being<span style="letter-spacing:0.1pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>requirement<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be adopted<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>Public<span style="letter-spacing:0.1pt;"> </span>Company<span style="letter-spacing:0.05pt;"> </span>Accounting<span style="letter-spacing:0.1pt;"> </span>Oversight<span style="letter-spacing:0.1pt;"> </span>Board<span style="letter-spacing:0.05pt;"> </span>regarding<span style="letter-spacing:0.15pt;"> </span>mandatory<span style="letter-spacing:0.15pt;"> </span>audit<span style="letter-spacing:0.1pt;"> </span>firm<span style="letter-spacing:0.15pt;"> </span>rotation<span style="letter-spacing:0.1pt;"> </span>or a supplement<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>auditor&#8217;s<span style="letter-spacing:0.15pt;"> </span>report<span style="letter-spacing:0.1pt;"> </span>providing<span style="letter-spacing:0.1pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>about<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>audit<span style="letter-spacing:0.1pt;"> </span>and the<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>statements, reduced<span style="letter-spacing:0.05pt;"> </span>disclosure<span style="letter-spacing:0.1pt;"> </span>obligations<span style="letter-spacing:0.1pt;"> </span>regarding<span style="letter-spacing:0.1pt;"> </span>executive<span style="letter-spacing:0.1pt;"> </span>compensation,<span style="letter-spacing:0.1pt;"> </span>and exemptions<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the requirements<span style="letter-spacing:0.1pt;"> </span>of holding <span style="letter-spacing:0.1pt;"> </span>a <span style="letter-spacing:0.05pt;"> </span>nonbinding <span style="letter-spacing:0.1pt;"> </span>advisory <span style="letter-spacing:0.1pt;"> </span>vote <span style="letter-spacing:0.1pt;"> </span>on <span style="letter-spacing:0.05pt;"> </span>executive <span style="letter-spacing:0.15pt;"> </span>compensation <span style="letter-spacing:0.15pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>stockholder <span style="letter-spacing:0.1pt;"> </span>approval <span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;any&#160;&#160;golden parachute<span style="letter-spacing:0.15pt;"> </span>payments<span style="letter-spacing:0.1pt;"> </span>not previously<span style="letter-spacing:0.1pt;"> </span>approved.<span style="letter-spacing:0.05pt;"> </span>As a result,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>we provide<span style="letter-spacing:0.05pt;"> </span>stockholders<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be different<span style="letter-spacing:0.15pt;"> </span>than<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>available<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>respect<span style="letter-spacing:0.1pt;"> </span>to other<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>companies.<span style="letter-spacing:0.1pt;"> </span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:0.1pt;"> </span>addition,<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>JOBS Act<span style="letter-spacing:0.05pt;"> </span>provides<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>emerging<span style="letter-spacing:0.15pt;"> </span>growth<span style="letter-spacing:0.05pt;"> </span>company<span style="letter-spacing:0.1pt;"> </span>can<span style="letter-spacing:0.05pt;"> </span>take<span style="letter-spacing:0.1pt;"> </span>advantage<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>extended transition<span style="letter-spacing:0.1pt;"> </span>period<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>complying<span style="letter-spacing:0.05pt;"> </span>with new or revised<span style="letter-spacing:0.05pt;"> </span>accounting<span style="letter-spacing:0.05pt;"> </span>standards.<span style="letter-spacing:0.1pt;"> </span>This allows<span style="letter-spacing:0.05pt;"> </span>an emerging<span style="letter-spacing:0.1pt;"> </span>growth company<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>delay<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>adoption<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>accounting<span style="letter-spacing:0.1pt;"> </span>standards<span style="letter-spacing:0.1pt;"> </span>until<span style="letter-spacing:0.05pt;"> </span>those<span style="letter-spacing:0.05pt;"> </span>standards<span style="letter-spacing:0.1pt;"> </span>would otherwise<span style="letter-spacing:0.05pt;"> </span>apply<span style="letter-spacing:0.05pt;"> </span>to private<span style="letter-spacing:0.1pt;"> </span>companies.<span style="letter-spacing:0.1pt;"> </span>Accordingly, the<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.2pt;"> </span>contained<span style="letter-spacing:0.1pt;"> </span>in our disclosure<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>different<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>you receive<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>companies in<span style="letter-spacing:1.6pt;"> </span>which<span style="letter-spacing:1.6pt;"> </span>you<span style="letter-spacing:1.6pt;"> </span>hold<span style="letter-spacing:1.6pt;"> </span>stock.<span style="letter-spacing:1.65pt;"> </span>We<span style="letter-spacing:1.6pt;"> </span>have<span style="letter-spacing:1.6pt;"> </span>elected<span style="letter-spacing:1.7pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>use<span style="letter-spacing:1.6pt;"> </span>this<span style="letter-spacing:1.65pt;"> </span>extended<span style="letter-spacing:1.6pt;"> </span>transition<span style="letter-spacing:1.65pt;"> </span>period<span style="letter-spacing:1.6pt;"> </span>for<span style="letter-spacing:1.6pt;"> </span>complying<span style="letter-spacing:1.6pt;"> </span>with<span style="letter-spacing:1.55pt;"> </span>new<span style="letter-spacing:1.55pt;"> </span>or revised<span style="letter-spacing:0.45pt;"> </span>accounting<span style="letter-spacing:0.45pt;"> </span>standards<span style="letter-spacing:0.45pt;"> </span>that<span style="letter-spacing:0.4pt;"> </span>have<span style="letter-spacing:0.35pt;"> </span>different<span style="letter-spacing:0.45pt;"> </span>effective<span style="letter-spacing:0.45pt;"> </span>dates<span style="letter-spacing:0.4pt;"> </span>for<span style="letter-spacing:0.4pt;"> </span>public<span style="letter-spacing:0.4pt;"> </span>and<span style="letter-spacing:0.35pt;"> </span>private<span style="letter-spacing:0.45pt;"> </span>companies<span style="letter-spacing:0.45pt;"> </span>until<span style="letter-spacing:0.4pt;"> </span>the<span style="letter-spacing:0.4pt;"> </span>earlier of the<span style="letter-spacing:0.05pt;"> </span>date<span style="letter-spacing:0.05pt;"> </span>we (i)<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>no longer<span style="letter-spacing:0.05pt;"> </span>an emerging<span style="letter-spacing:0.1pt;"> </span>growth company<span style="letter-spacing:0.05pt;"> </span>or (ii)<span style="letter-spacing:0.1pt;"> </span>affirmatively<span style="letter-spacing:0.2pt;"> </span>and irrevocably<span style="letter-spacing:0.1pt;"> </span>opt out of the extended<span style="letter-spacing:0.1pt;"> </span>transition<span style="letter-spacing:0.15pt;"> </span>period<span style="letter-spacing:0.1pt;"> </span>provided<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>JOBS Act.<span style="letter-spacing:0.05pt;"> </span>As<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>result,<span style="letter-spacing:0.15pt;"> </span>our financial<span style="letter-spacing:0.1pt;"> </span>statements<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not be comparable to companies<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.05pt;"> </span>with new or revised<span style="letter-spacing:0.05pt;"> </span>accounting<span style="letter-spacing:0.05pt;"> </span>pronouncements<span style="letter-spacing:0.1pt;"> </span>as of public<span style="letter-spacing:0.05pt;"> </span>company<span style="letter-spacing:0.05pt;"> </span>effective<span style="letter-spacing:0.1pt;"> </span>dates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We <span style="letter-spacing:0.05pt;"> </span>are <span style="letter-spacing:0.1pt;"> </span>also <span style="letter-spacing:0.1pt;"> </span>a <span style="letter-spacing:0.05pt;"> </span>&#8220;smaller <span style="letter-spacing:0.15pt;"> </span>reporting <span style="letter-spacing:0.15pt;"> </span>company,&#8221; <span style="letter-spacing:0.1pt;"> </span>meaning <span style="letter-spacing:0.1pt;"> </span>that <span style="letter-spacing:0.1pt;"> </span>the <span style="letter-spacing:0.1pt;"> </span>market <span style="letter-spacing:0.15pt;"> </span>value <span style="letter-spacing:0.1pt;"> </span>of&#160;&#160;our&#160;&#160;stock <span style="letter-spacing:0.05pt;"> </span>held <span style="letter-spacing:0.05pt;"> </span>by non-affiliates<span style="letter-spacing:0.7pt;"> </span>is<span style="letter-spacing:0.5pt;"> </span>less<span style="letter-spacing:0.5pt;"> </span>than $700<span style="letter-spacing:0.05pt;"> </span>million<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>annual<span style="letter-spacing:0.1pt;"> </span>revenue<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>less<span style="letter-spacing:0.1pt;"> </span>than<span style="letter-spacing:0.1pt;"> </span>$100 million<span style="letter-spacing:0.1pt;"> </span>during<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>most<span style="letter-spacing:0.05pt;"> </span>recently<span style="letter-spacing:0.1pt;"> </span>completed<span style="letter-spacing:0.1pt;"> </span>fiscal<span style="letter-spacing:0.1pt;"> </span>year.<span style="letter-spacing:0.05pt;"> </span>We may<span style="letter-spacing:0.05pt;"> </span>continue<span style="letter-spacing:0.05pt;"> </span></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">81</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to be a smaller</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">company</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">if</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">either</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(i)</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">value</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our stock held by</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">non-affiliates</span><span style="letter-spacing:0.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">less</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">than</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$250</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">million</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(ii)</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">annual</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">revenue</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">less</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">than</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$100 million</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">during</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">most recently</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">completed</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fiscal</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">year</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">market</span><span style="letter-spacing:0.55pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">value</span><span style="letter-spacing:0.5pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">stock</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">held</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">by</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">non-affiliates</span><span style="letter-spacing:0.6pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">less</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">than</span><span style="letter-spacing:0.45pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$700</span><span style="letter-spacing:0.4pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">million. If</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">smaller</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">company</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">time</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">cease</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">be</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emerging</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">growth company,</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">continue to</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">rely</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">exemptions</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">from</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">certain</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disclosure</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">requirements</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">are</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">available</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to smaller</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">companies. Specifically,</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">a</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">smaller</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">company</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we may</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">choose</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to present</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">only the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">two most</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">recent</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">fiscal</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">years</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of audited</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">statements</span><span style="letter-spacing:1.3pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Annual</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Report</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">on</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Form</span><span style="letter-spacing:1.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10-K</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">and,</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">similar</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">to</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">emerging</span><span style="letter-spacing:1.25pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">growth</span><span style="letter-spacing:1.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">companies, smaller</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">companies</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">have reduced</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">disclosure</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">obligations</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">regarding</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">executive</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">compensation.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>cannot<span style="letter-spacing:0.1pt;"> </span>predict<span style="letter-spacing:0.15pt;"> </span>whether<span style="letter-spacing:0.1pt;"> </span>investors<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>find<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.1pt;"> </span>less<span style="letter-spacing:0.1pt;"> </span>attractive<span style="letter-spacing:0.2pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>we rely<span style="letter-spacing:0.05pt;"> </span>on these exemptions.<span style="letter-spacing:0.15pt;"> </span>If<span style="letter-spacing:0.1pt;"> </span>some<span style="letter-spacing:0.1pt;"> </span>investors<span style="letter-spacing:0.15pt;"> </span>find<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.1pt;"> </span>less<span style="letter-spacing:0.1pt;"> </span>attractive<span style="letter-spacing:0.2pt;"> </span>as a result,<span style="letter-spacing:0.1pt;"> </span>there<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be a less<span style="letter-spacing:0.05pt;"> </span>active<span style="letter-spacing:0.05pt;"> </span>trading market<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock,<span style="letter-spacing:0.05pt;"> </span>and our stock<span style="letter-spacing:0.05pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be more<span style="letter-spacing:0.05pt;"> </span>volatile.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We have broad discretion<span style="letter-spacing:0.1pt;"> </span>in the use of <span style="letter-spacing:0.05pt;">the capital we have raised </span>and may<span style="letter-spacing:0.05pt;"> </span>not use it<span style="letter-spacing:0.05pt;"> </span>effectively.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>cannot<span style="letter-spacing:0.1pt;"> </span>specify<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>certainty<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>particular<span style="letter-spacing:0.15pt;"> </span>uses<span style="letter-spacing:0.05pt;"> </span>of the capital we have raised, including the<span style="letter-spacing:0.05pt;"> </span>net<span style="letter-spacing:0.05pt;"> </span>proceeds from our initial public offering. Accordingly,<span style="letter-spacing:0.05pt;"> </span>you will<span style="letter-spacing:0.05pt;"> </span>have to rely<span style="letter-spacing:0.05pt;"> </span>upon the<span style="letter-spacing:0.05pt;"> </span>judgment of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>management<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>respect<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>use<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;">se funds</span>,<span style="letter-spacing:0.05pt;"> </span>with only limited<span style="letter-spacing:0.1pt;"> </span>information<span style="letter-spacing:0.15pt;"> </span>concerning management&#8217;s<span style="letter-spacing:1.6pt;"> </span>specific<span style="letter-spacing:1.55pt;"> </span>intentions.<span style="letter-spacing:1.55pt;"> </span>Our<span style="letter-spacing:1.45pt;"> </span>management<span style="letter-spacing:1.55pt;"> </span>may<span style="letter-spacing:1.5pt;"> </span>spend<span style="letter-spacing:1.4pt;"> </span>a<span style="letter-spacing:1.4pt;"> </span>portion<span style="letter-spacing:1.45pt;"> </span>or<span style="letter-spacing:1.4pt;"> </span>all<span style="letter-spacing:1.45pt;"> </span>of<span style="letter-spacing:1.4pt;"> </span>the<span style="letter-spacing:1.45pt;"> </span>net<span style="letter-spacing:1.45pt;"> </span>proceeds<span style="letter-spacing:1.45pt;"> </span>from<span style="letter-spacing:1.45pt;"> </span>our prior financings, including our initial public offering<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>ways<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>stockholders<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>desire<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>yield<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>favorable<span style="letter-spacing:0.15pt;"> </span>return.<span style="letter-spacing:0.1pt;"> </span>The<span style="letter-spacing:0.05pt;"> </span>failure<span style="letter-spacing:0.15pt;"> </span>by our management<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>apply<span style="letter-spacing:0.1pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>funds<span style="letter-spacing:0.1pt;"> </span>effectively<span style="letter-spacing:0.2pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>harm<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations and<span style="letter-spacing:0.05pt;"> </span>prospects.<span style="letter-spacing:0.15pt;"> </span>Pending<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>use,<span style="letter-spacing:0.05pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>invest<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>net<span style="letter-spacing:0.1pt;"> </span>proceeds<span style="letter-spacing:0.1pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>our prior financings, including our initial public<span style="letter-spacing:0.1pt;"> </span>offering<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>manner<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>does not produce<span style="letter-spacing:0.05pt;"> </span>income<span style="letter-spacing:0.05pt;"> </span>or that<span style="letter-spacing:0.05pt;"> </span>loses<span style="letter-spacing:0.05pt;"> </span>value.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We do not expect<span style="letter-spacing:0.05pt;"> </span>to pay any dividends<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the foreseeable<span style="letter-spacing:0.1pt;"> </span>future.<span style="letter-spacing:0.05pt;"> </span>Investors<span style="letter-spacing:0.05pt;"> </span>in our common stock<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>never obtain a return<span style="letter-spacing:0.05pt;"> </span>on their<span style="letter-spacing:0.05pt;"> </span>investment.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">You<span style="letter-spacing:2.25pt;"> </span>should<span style="letter-spacing:2.3pt;"> </span>not<span style="letter-spacing:2.25pt;"> </span>rely<span style="letter-spacing:2.3pt;"> </span>on<span style="letter-spacing:2.25pt;"> </span>an<span style="letter-spacing:2.25pt;"> </span>investment<span style="letter-spacing:2.35pt;"> </span>in<span style="letter-spacing:2.25pt;"> </span>our<span style="letter-spacing:2.25pt;"> </span>common<span style="letter-spacing:2.3pt;"> </span>stock<span style="letter-spacing:2.3pt;"> </span>to<span style="letter-spacing:2.25pt;"> </span>provide<span style="letter-spacing:2.3pt;"> </span>dividend<span style="letter-spacing:2.3pt;"> </span>income.<span style="letter-spacing:2.3pt;"> </span>We<span style="letter-spacing:2.25pt;"> </span>do<span style="letter-spacing:2.25pt;"> </span>not anticipate<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>pay<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>dividends<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>holders<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>foreseeable<span style="letter-spacing:0.1pt;"> </span>future.<span style="letter-spacing:0.05pt;"> </span>Instead,<span style="letter-spacing:0.05pt;"> </span>we plan<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>retain<span style="letter-spacing:0.15pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>earnings<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>maintain<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>expand<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>existing<span style="letter-spacing:0.15pt;"> </span>operations.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>any future<span style="letter-spacing:0.05pt;"> </span>credit<span style="letter-spacing:0.1pt;"> </span>facility may<span style="letter-spacing:0.1pt;"> </span>contain<span style="letter-spacing:0.1pt;"> </span>terms<span style="letter-spacing:0.15pt;"> </span>prohibiting<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>limiting<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>amount<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>dividends<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>declared<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>paid<span style="letter-spacing:0.05pt;"> </span>on our common stock.<span style="letter-spacing:0.05pt;"> </span>Accordingly,<span style="letter-spacing:0.05pt;"> </span>investors<span style="letter-spacing:0.1pt;"> </span>must<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.05pt;"> </span>on sales<span style="letter-spacing:0.05pt;"> </span>of their<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>after<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>appreciation,<span style="letter-spacing:0.1pt;"> </span>which may<span style="letter-spacing:0.05pt;"> </span>never occur,<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>only<span style="letter-spacing:0.05pt;"> </span>way<span style="letter-spacing:0.05pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>realize<span style="letter-spacing:0.15pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>return<span style="letter-spacing:0.1pt;"> </span>on<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.1pt;"> </span>investment.<span style="letter-spacing:0.1pt;"> </span>As a result,<span style="letter-spacing:0.1pt;"> </span>investors<span style="letter-spacing:0.1pt;"> </span>seeking<span style="letter-spacing:0.05pt;"> </span>cash<span style="letter-spacing:0.05pt;"> </span>dividends should<span style="letter-spacing:0.05pt;"> </span>not purchase<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Provisions<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>amended<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>restated<span style="letter-spacing:0.15pt;"> </span>certificate<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>incorporation,<span style="letter-spacing:0.1pt;"> </span>our amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>bylaws and Delaware<span style="letter-spacing:0.05pt;"> </span>law<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>anti-takeover<span style="letter-spacing:0.15pt;"> </span>effects<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>could discourage<span style="letter-spacing:0.05pt;"> </span>an acquisition<span style="letter-spacing:0.1pt;"> </span>of us by others,<span style="letter-spacing:0.05pt;"> </span>even if<span style="letter-spacing:0.05pt;"> </span>an acquisition<span style="letter-spacing:0.8pt;"> </span>would<span style="letter-spacing:0.65pt;"> </span>be<span style="letter-spacing:0.65pt;"> </span>beneficial<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>our<span style="letter-spacing:0.65pt;"> </span>stockholders,<span style="letter-spacing:0.75pt;"> </span>and<span style="letter-spacing:0.65pt;"> </span>may<span style="letter-spacing:0.7pt;"> </span>prevent<span style="letter-spacing:0.7pt;"> </span>attempts<span style="letter-spacing:0.75pt;"> </span>by<span style="letter-spacing:0.65pt;"> </span>our<span style="letter-spacing:0.65pt;"> </span>stockholders<span style="letter-spacing:0.75pt;"> </span>to<span style="letter-spacing:0.65pt;"> </span>replace or remove<span style="letter-spacing:0.05pt;"> </span>our current<span style="letter-spacing:0.05pt;"> </span>management,<span style="letter-spacing:0.05pt;"> </span>which could depress<span style="letter-spacing:0.05pt;"> </span>the trading<span style="letter-spacing:0.05pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>amended<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>restated<span style="letter-spacing:0.15pt;"> </span>certificate<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>incorporation,<span style="letter-spacing:0.15pt;"> </span>amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>bylaws and Delaware<span style="letter-spacing:0.05pt;"> </span>law contain<span style="letter-spacing:0.1pt;"> </span>provisions<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>effect<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>discouraging,<span style="letter-spacing:0.15pt;"> </span>delaying<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>preventing<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>change<span style="letter-spacing:0.05pt;"> </span>in control<span style="letter-spacing:0.05pt;"> </span>of us or changes<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>management<span style="letter-spacing:0.15pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>stockholders<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>consider<span style="letter-spacing:0.1pt;"> </span>favorable,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>transactions<span style="letter-spacing:0.2pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>you might otherwise <span style="letter-spacing:2pt;"> </span>receive <span style="letter-spacing:2.05pt;"> </span>a <span style="letter-spacing:1.95pt;"> </span>premium <span style="letter-spacing:2.05pt;"> </span>for <span style="letter-spacing:2pt;"> </span>your <span style="letter-spacing:1.95pt;"> </span>shares. <span style="letter-spacing:1.95pt;"> </span>Our <span style="letter-spacing:1.9pt;"> </span>amended <span style="letter-spacing:1.95pt;"> </span>and <span style="letter-spacing:1.9pt;"> </span>restated <span style="letter-spacing:2pt;"> </span>certificate <span style="letter-spacing:2.05pt;"> </span>of <span style="letter-spacing:1.9pt;"> </span>incorporation and bylaws<span style="letter-spacing:0.1pt;"> </span>include<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>that:</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">authorize<span style="letter-spacing:2.1pt;"> </span>&#8220;blank<span style="letter-spacing:2.05pt;"> </span>check&#8221;<span style="letter-spacing:2pt;"> </span>preferred<span style="letter-spacing:2.05pt;"> </span>stock,<span style="letter-spacing:2pt;"> </span>which<span style="letter-spacing:1.95pt;"> </span>could<span style="letter-spacing:2pt;"> </span>be<span style="letter-spacing:1.95pt;"> </span>issued<span style="letter-spacing:2pt;"> </span>by<span style="letter-spacing:1.95pt;"> </span>our<span style="letter-spacing:1.95pt;"> </span>board<span style="letter-spacing:2pt;"> </span>of<span style="letter-spacing:1.95pt;"> </span>directors<span style="letter-spacing:2.05pt;"> </span>without stockholder<span style="letter-spacing:0.1pt;"> </span>approval<span style="letter-spacing:0.05pt;"> </span>and may<span style="letter-spacing:0.05pt;"> </span>contain<span style="letter-spacing:0.05pt;"> </span>voting,<span style="letter-spacing:0.05pt;"> </span>liquidation,<span style="letter-spacing:0.1pt;"> </span>dividend<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>rights<span style="letter-spacing:0.05pt;"> </span>superior<span style="letter-spacing:0.1pt;"> </span>to our common<span style="letter-spacing:0.05pt;"> </span>stock&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">create<span style="letter-spacing:0.1pt;"> </span>a classified<span style="letter-spacing:0.15pt;"> </span>board<span style="letter-spacing:0.05pt;"> </span>of directors<span style="letter-spacing:0.1pt;"> </span>whose members<span style="letter-spacing:0.1pt;"> </span>serve<span style="letter-spacing:0.05pt;"> </span>staggered<span style="letter-spacing:0.1pt;"> </span>three-year<span style="letter-spacing:0.1pt;"> </span>terms&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">specify<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>special<span style="letter-spacing:0.1pt;"> </span>meetings<span style="letter-spacing:0.1pt;"> </span>of our stockholders<span style="letter-spacing:0.1pt;"> </span>can be called<span style="letter-spacing:0.05pt;"> </span>only by our board<span style="letter-spacing:0.05pt;"> </span>of directors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">prohibit<span style="letter-spacing:0.1pt;"> </span>stockholder<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>by written<span style="letter-spacing:0.05pt;"> </span>consent&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">establish <span style="letter-spacing:0.25pt;"> </span>an <span style="letter-spacing:0.15pt;"> </span>advance <span style="letter-spacing:0.2pt;"> </span>notice <span style="letter-spacing:0.2pt;"> </span>procedure <span style="letter-spacing:0.2pt;"> </span>for <span style="letter-spacing:0.15pt;"> </span>stockholder <span style="letter-spacing:0.2pt;"> </span>approvals <span style="letter-spacing:0.15pt;"> </span>to <span style="letter-spacing:0.1pt;"> </span>be <span style="letter-spacing:0.1pt;"> </span>brought <span style="letter-spacing:0.15pt;"> </span>before <span style="letter-spacing:0.15pt;"> </span>an <span style="letter-spacing:0.1pt;"> </span>annual meeting<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>stockholders,<span style="letter-spacing:0.15pt;"> </span>including<span style="letter-spacing:0.1pt;"> </span>proposed<span style="letter-spacing:0.1pt;"> </span>nominations<span style="letter-spacing:0.15pt;"> </span>of persons<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>election<span style="letter-spacing:0.1pt;"> </span>to our board<span style="letter-spacing:0.05pt;"> </span>of directors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">provide<span style="letter-spacing:0.85pt;"> </span>that<span style="letter-spacing:0.85pt;"> </span>vacancies<span style="letter-spacing:0.9pt;"> </span>on<span style="letter-spacing:0.8pt;"> </span>our<span style="letter-spacing:0.8pt;"> </span>board<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.8pt;"> </span>directors<span style="letter-spacing:0.9pt;"> </span>may<span style="letter-spacing:0.85pt;"> </span>be<span style="letter-spacing:0.8pt;"> </span>filled<span style="letter-spacing:0.9pt;"> </span>only<span style="letter-spacing:0.8pt;"> </span>by<span style="letter-spacing:0.8pt;"> </span>a<span style="letter-spacing:0.75pt;"> </span>majority<span style="letter-spacing:0.85pt;"> </span>of<span style="letter-spacing:0.75pt;"> </span>directors<span style="letter-spacing:0.85pt;"> </span>then<span style="letter-spacing:0.8pt;"> </span>in office,<span style="letter-spacing:0.1pt;"> </span>even though less<span style="letter-spacing:0.05pt;"> </span>than<span style="letter-spacing:0.05pt;"> </span>a quorum&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">provide<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our directors<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>be removed<span style="letter-spacing:0.05pt;"> </span>only for<span style="letter-spacing:0.05pt;"> </span>cause&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">specify<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>no stockholder<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>permitted<span style="letter-spacing:0.1pt;"> </span>to cumulate<span style="letter-spacing:0.1pt;"> </span>votes<span style="letter-spacing:0.05pt;"> </span>at<span style="letter-spacing:0.05pt;"> </span>any election<span style="letter-spacing:0.1pt;"> </span>of directors&#59;</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">expressly<span style="letter-spacing:1.25pt;"> </span>authorize<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>board<span style="letter-spacing:1.2pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>directors<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.1pt;"> </span>make,<span style="letter-spacing:1.15pt;"> </span>alter,<span style="letter-spacing:1.2pt;"> </span>amend<span style="letter-spacing:1.15pt;"> </span>or<span style="letter-spacing:1.1pt;"> </span>repeal<span style="letter-spacing:1.15pt;"> </span>our<span style="letter-spacing:1.1pt;"> </span>amended<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>restated bylaws&#59;<span style="letter-spacing:0.05pt;"> </span>and</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8226;</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">require<span style="letter-spacing:0.85pt;"> </span>supermajority<span style="letter-spacing:0.9pt;"> </span>votes<span style="letter-spacing:0.8pt;"> </span>of<span style="letter-spacing:0.75pt;"> </span>the<span style="letter-spacing:0.8pt;"> </span>holders<span style="letter-spacing:0.8pt;"> </span>of<span style="letter-spacing:0.75pt;"> </span>our<span style="letter-spacing:0.75pt;"> </span>common<span style="letter-spacing:0.8pt;"> </span>stock<span style="letter-spacing:0.8pt;"> </span>to<span style="letter-spacing:0.75pt;"> </span>amend<span style="letter-spacing:0.8pt;"> </span>specified<span style="letter-spacing:0.8pt;"> </span>provisions<span style="letter-spacing:0.8pt;"> </span>of<span style="letter-spacing:0.7pt;"> </span>our amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>certificate<span style="letter-spacing:0.15pt;"> </span>of incorporation<span style="letter-spacing:0.1pt;"> </span>and amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>bylaws.</p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;color:#231F20;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">&#160;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These provisions,<span style="letter-spacing:0.1pt;"> </span>alone<span style="letter-spacing:0.05pt;"> </span>or together,<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>delay<span style="letter-spacing:0.05pt;"> </span>or prevent<span style="letter-spacing:0.05pt;"> </span>hostile<span style="letter-spacing:0.1pt;"> </span>takeovers<span style="letter-spacing:0.1pt;"> </span>and changes<span style="letter-spacing:0.05pt;"> </span>in control or changes<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>management.<span style="letter-spacing:0.15pt;"> </span>These<span style="letter-spacing:0.05pt;"> </span>provisions<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>limit<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>investors<span style="letter-spacing:0.1pt;"> </span>might<span style="letter-spacing:0.05pt;"> </span>be willing<span style="letter-spacing:0.05pt;"> </span>to pay in the<span style="letter-spacing:0.05pt;"> </span>future<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>shares<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock,<span style="letter-spacing:0.05pt;"> </span>thereby<span style="letter-spacing:0.05pt;"> </span>depressing<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In<span style="letter-spacing:1.25pt;"> </span>addition,<span style="letter-spacing:1.3pt;"> </span>because<span style="letter-spacing:1.3pt;"> </span>we<span style="letter-spacing:1.25pt;"> </span>are<span style="letter-spacing:1.3pt;"> </span>incorporated<span style="letter-spacing:1.35pt;"> </span>in<span style="letter-spacing:1.25pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>State<span style="letter-spacing:1.25pt;"> </span>of<span style="letter-spacing:1.2pt;"> </span>Delaware,<span style="letter-spacing:1.25pt;"> </span>we<span style="letter-spacing:1.2pt;"> </span>are<span style="letter-spacing:1.25pt;"> </span>governed<span style="letter-spacing:1.25pt;"> </span>by<span style="letter-spacing:1.2pt;"> </span>the<span style="letter-spacing:1.25pt;"> </span>provisions<span style="letter-spacing:1.3pt;"> </span>of Section<span style="letter-spacing:0.1pt;"> </span>203<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>General<span style="letter-spacing:0.1pt;"> </span>Corporation<span style="letter-spacing:0.1pt;"> </span>Law<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>State<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>Delaware<span style="letter-spacing:0.1pt;"> </span>(DGCL), which<span style="letter-spacing:0.05pt;"> </span>prohibits<span style="letter-spacing:0.15pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>person<span style="letter-spacing:0.1pt;"> </span>who owns<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>excess<span style="letter-spacing:0.05pt;"> </span>of 15% of our outstanding<span style="letter-spacing:0.1pt;"> </span>voting<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>from<span style="letter-spacing:0.05pt;"> </span>merging<span style="letter-spacing:0.05pt;"> </span>or combining<span style="letter-spacing:0.05pt;"> </span>with us for<span style="letter-spacing:0.05pt;"> </span>a period<span style="letter-spacing:0.05pt;"> </span>of three years<span style="letter-spacing:0.1pt;"> </span>after<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>date<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>transaction<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>which<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>person<span style="letter-spacing:0.1pt;"> </span>acquired<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>excess<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>15% of our outstanding<span style="letter-spacing:0.1pt;"> </span>voting stock,<span style="letter-spacing:0.05pt;"> </span>unless<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>merger<span style="letter-spacing:0.1pt;"> </span>or combination<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>approved<span style="letter-spacing:0.05pt;"> </span>in a prescribed<span style="letter-spacing:0.1pt;"> </span>manner.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Any<span style="letter-spacing:0.05pt;"> </span>provision<span style="letter-spacing:0.05pt;"> </span>of our amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>certificate<span style="letter-spacing:0.15pt;"> </span>of incorporation,<span style="letter-spacing:0.1pt;"> </span>amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>bylaws or Delaware<span style="letter-spacing:0.1pt;"> </span>law that<span style="letter-spacing:0.05pt;"> </span>has the<span style="letter-spacing:0.05pt;"> </span>effect<span style="letter-spacing:0.1pt;"> </span>of delaying<span style="letter-spacing:0.05pt;"> </span>or deterring<span style="letter-spacing:0.1pt;"> </span>a change<span style="letter-spacing:0.05pt;"> </span>in control<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>limit<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>opportunity<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our stockholders<span style="letter-spacing:0.1pt;"> </span>to receive<span style="letter-spacing:0.1pt;"> </span>a premium<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>shares<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock,<span style="letter-spacing:0.05pt;"> </span>and could<span style="letter-spacing:0.05pt;"> </span>also affect<span style="letter-spacing:0.05pt;"> </span>the price that some investors<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>willing<span style="letter-spacing:0.05pt;"> </span>to pay for<span style="letter-spacing:0.05pt;"> </span>our common<span style="letter-spacing:0.05pt;"> </span>stock.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>amended<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>restated<span style="letter-spacing:0.15pt;"> </span>bylaws<span style="letter-spacing:0.05pt;"> </span>designate<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Court<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>Chancery of the State<span style="letter-spacing:0.05pt;"> </span>of Delaware as the exclusive<span style="letter-spacing:0.2pt;"> </span>forum<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.15pt;"> </span>certain<span style="letter-spacing:0.15pt;"> </span>state<span style="letter-spacing:0.15pt;"> </span>law<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.2pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>initiated<span style="letter-spacing:0.15pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>stockholders<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>U.S. federal district<span style="letter-spacing:0.15pt;"> </span>courts<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>exclusive<span style="letter-spacing:0.15pt;"> </span>forum<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>certain<span style="letter-spacing:0.1pt;"> </span>securities<span style="letter-spacing:0.15pt;"> </span>law<span style="letter-spacing:0.05pt;"> </span>actions,<span style="letter-spacing:0.05pt;"> </span>which could limit<span style="letter-spacing:0.1pt;"> </span>our stockholders&#8217; ability<span style="letter-spacing:0.1pt;"> </span>to litigate<span style="letter-spacing:0.1pt;"> </span>disputes<span style="letter-spacing:0.05pt;"> </span>with us in a different<span style="letter-spacing:0.1pt;"> </span>judicial<span style="letter-spacing:0.1pt;"> </span>forum<span style="letter-spacing:0.05pt;"> </span>and increase<span style="letter-spacing:0.05pt;"> </span>the costs<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our stockholders<span style="letter-spacing:0.1pt;"> </span>to pursue certain<span style="letter-spacing:0.05pt;"> </span>claims<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>us.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant<span style="letter-spacing:1.6pt;"> </span>to<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.5pt;"> </span>amended<span style="letter-spacing:1.55pt;"> </span>and<span style="letter-spacing:1.5pt;"> </span>restated<span style="letter-spacing:1.6pt;"> </span>bylaws,<span style="letter-spacing:1.5pt;"> </span>unless<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>consent<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>writing<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>selection<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>an alternative<span style="letter-spacing:0.15pt;"> </span>forum,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Court of Chancery<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>State<span style="letter-spacing:0.05pt;"> </span>of Delaware<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>sole<span style="letter-spacing:0.1pt;"> </span>and exclusive<span style="letter-spacing:0.1pt;"> </span>forum<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>following<span style="letter-spacing:0.05pt;"> </span>types<span style="letter-spacing:0.05pt;"> </span>of actions<span style="letter-spacing:0.05pt;"> </span>or proceedings<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>Delaware statutory<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>law:<span style="letter-spacing:0.05pt;"> </span>(i)<span style="letter-spacing:0.05pt;"> </span>any derivative<span style="letter-spacing:0.1pt;"> </span>action<span style="letter-spacing:0.05pt;"> </span>or proceeding<span style="letter-spacing:0.05pt;"> </span>brought<span style="letter-spacing:0.05pt;"> </span>on our behalf&#59;<span style="letter-spacing:0.1pt;"> </span>(ii)<span style="letter-spacing:0.1pt;"> </span>any action<span style="letter-spacing:0.05pt;"> </span>asserting<span style="letter-spacing:0.1pt;"> </span>a claim<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>breach<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>fiduciary<span style="letter-spacing:0.15pt;"> </span>duty<span style="letter-spacing:0.05pt;"> </span>owed<span style="letter-spacing:0.05pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>current<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>former<span style="letter-spacing:0.15pt;"> </span>directors,<span style="letter-spacing:0.15pt;"> </span>officers<span style="letter-spacing:0.1pt;"> </span>or employees<span style="letter-spacing:0.1pt;"> </span>to us or our<span style="letter-spacing:0.05pt;"> </span>stockholders&#59;<span style="letter-spacing:0.15pt;"> </span>(iii)<span style="letter-spacing:0.1pt;"> </span>any action<span style="letter-spacing:0.05pt;"> </span>asserting<span style="letter-spacing:0.1pt;"> </span>a claim<span style="letter-spacing:0.1pt;"> </span>arising<span style="letter-spacing:0.1pt;"> </span>pursuant<span style="letter-spacing:0.05pt;"> </span>to any provision<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>DGC<span style="letter-spacing:-0.05pt;">L</span>, our amended and<span style="letter-spacing:0.05pt;"> </span>restated<span style="letter-spacing:0.1pt;"> </span>certificate<span style="letter-spacing:0.15pt;"> </span>of incorporation<span style="letter-spacing:0.1pt;"> </span>or our amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>bylaws (including<span style="letter-spacing:0.1pt;"> </span>their<span style="letter-spacing:0.05pt;"> </span>interpretation, validity<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>enforceability<span style="letter-spacing:0.2pt;">)</span>&#59; or (iv) any action<span style="letter-spacing:0.05pt;"> </span>asserting<span style="letter-spacing:0.1pt;"> </span>a claim<span style="letter-spacing:0.1pt;"> </span>governed<span style="letter-spacing:0.05pt;"> </span>by the<span style="letter-spacing:0.05pt;"> </span>internal<span style="letter-spacing:0.1pt;"> </span>affairs<span style="letter-spacing:0.1pt;"> </span>doctrin<span style="letter-spacing:0.1pt;">e</span>. This exclusive<span style="letter-spacing:0.15pt;"> </span>forum<span style="letter-spacing:0.1pt;"> </span>provision<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>apply<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>causes<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>action<span style="letter-spacing:0.1pt;"> </span>arising<span style="letter-spacing:0.15pt;"> </span>under<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>Securities<span style="letter-spacing:0.1pt;"> </span>Act or the<span style="letter-spacing:0.05pt;"> </span>Exchange Act<span style="letter-spacing:0.65pt;"> </span>or<span style="letter-spacing:0.65pt;"> </span>any<span style="letter-spacing:0.65pt;"> </span>other<span style="letter-spacing:0.7pt;"> </span>claim<span style="letter-spacing:0.75pt;"> </span>for<span style="letter-spacing:0.7pt;"> </span>which<span style="letter-spacing:0.6pt;"> </span>the<span style="letter-spacing:0.65pt;"> </span>federal<span style="letter-spacing:0.7pt;"> </span>courts<span style="letter-spacing:0.65pt;"> </span>have<span style="letter-spacing:0.6pt;"> </span>exclusive<span style="letter-spacing:0.7pt;"> </span>jurisdiction.<span style="letter-spacing:0.75pt;"> </span>Unless<span style="letter-spacing:0.65pt;"> </span>we<span style="letter-spacing:0.6pt;"> </span>consent<span style="letter-spacing:0.65pt;"> </span>in<span style="letter-spacing:0.6pt;"> </span>writing<span style="letter-spacing:0.65pt;"> </span>to the<span style="letter-spacing:0.1pt;"> </span>selection<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>an alternate<span style="letter-spacing:0.1pt;"> </span>forum,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>United<span style="letter-spacing:0.05pt;"> </span>States<span style="letter-spacing:0.05pt;"> </span>federal<span style="letter-spacing:0.1pt;"> </span>district<span style="letter-spacing:0.1pt;"> </span>courts<span style="letter-spacing:0.05pt;"> </span>shall<span style="letter-spacing:0.05pt;"> </span>be the<span style="letter-spacing:0.05pt;"> </span>sole<span style="letter-spacing:0.05pt;"> </span>and exclusive<span style="letter-spacing:0.1pt;"> </span>forum for<span style="letter-spacing:0.1pt;"> </span>resolving<span style="letter-spacing:0.15pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>complaint<span style="letter-spacing:0.1pt;"> </span>asserting<span style="letter-spacing:0.1pt;"> </span>a cause<span style="letter-spacing:0.05pt;"> </span>of action<span style="letter-spacing:0.05pt;"> </span>arising<span style="letter-spacing:0.1pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Securities<span style="letter-spacing:0.1pt;"> </span>Act. In addition,<span style="letter-spacing:0.05pt;"> </span>our amended and<span style="letter-spacing:0.05pt;"> </span>restated<span style="letter-spacing:0.15pt;"> </span>bylaws<span style="letter-spacing:0.05pt;"> </span>provide<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>person<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>entity<span style="letter-spacing:0.05pt;"> </span>purchasing<span style="letter-spacing:0.05pt;"> </span>or otherwise<span style="letter-spacing:0.05pt;"> </span>acquiring<span style="letter-spacing:0.1pt;"> </span>any interest<span style="letter-spacing:0.1pt;"> </span>in shares<span style="letter-spacing:0.05pt;"> </span>of our<span style="letter-spacing:0.05pt;"> </span>capital<span style="letter-spacing:0.15pt;"> </span>stock<span style="letter-spacing:0.1pt;"> </span>is<span style="letter-spacing:0.1pt;"> </span>deemed<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>notice<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>consented<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>exclusive<span style="letter-spacing:0.1pt;"> </span>forum<span style="letter-spacing:0.05pt;"> </span>provisions.<span style="letter-spacing:0.1pt;"> </span>The forum selection<span style="letter-spacing:0.1pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>in our amended<span style="letter-spacing:0.05pt;"> </span>and restated<span style="letter-spacing:0.1pt;"> </span>bylaws may<span style="letter-spacing:0.05pt;"> </span>limit<span style="letter-spacing:0.1pt;"> </span>our stockholders&#8217;<span style="letter-spacing:0.1pt;"> </span>ability<span style="letter-spacing:0.1pt;"> </span>to litigate<span style="letter-spacing:0.1pt;"> </span>disputes with<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>judicial<span style="letter-spacing:0.15pt;"> </span>forum<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.1pt;"> </span>they<span style="letter-spacing:0.1pt;"> </span>find<span style="letter-spacing:0.1pt;"> </span>favorable<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>disputes<span style="letter-spacing:0.05pt;"> </span>with us or our directors,<span style="letter-spacing:0.1pt;"> </span>officers<span style="letter-spacing:0.1pt;"> </span>or employees, which<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>discourage<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>filing<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>lawsuits<span style="letter-spacing:0.1pt;"> </span>against<span style="letter-spacing:0.1pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>our directors,<span style="letter-spacing:0.1pt;"> </span>officers<span style="letter-spacing:0.1pt;"> </span>and employees,<span style="letter-spacing:0.1pt;"> </span>even though an action,<span style="letter-spacing:0.05pt;"> </span>if<span style="letter-spacing:0.05pt;"> </span>successful,<span style="letter-spacing:0.1pt;"> </span>might<span style="letter-spacing:0.05pt;"> </span>benefit<span style="letter-spacing:0.1pt;"> </span>our stockholders.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.05pt;"> </span>forum<span style="letter-spacing:0.05pt;"> </span>selection<span style="letter-spacing:0.1pt;"> </span>provisions<span style="letter-spacing:0.1pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>impose additional<span style="letter-spacing:0.1pt;"> </span>litigation<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>stockholders<span style="letter-spacing:0.1pt;"> </span>who determine<span style="letter-spacing:0.1pt;"> </span>to pursue<span style="letter-spacing:0.05pt;"> </span>any such lawsuits<span style="letter-spacing:0.05pt;"> </span>against<span style="letter-spacing:0.05pt;"> </span>us.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:1.25pt;"> </span>operations<span style="letter-spacing:1.3pt;"> </span>are<span style="letter-spacing:1.25pt;"> </span>vulnerable<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>interruption<span style="letter-spacing:1.35pt;"> </span>by<span style="letter-spacing:1.25pt;"> </span>fire,<span style="letter-spacing:1.3pt;"> </span>earthquakes,<span style="letter-spacing:1.25pt;"> </span>power<span style="letter-spacing:1.2pt;"> </span>loss,<span style="letter-spacing:1.25pt;"> </span>telecommunications<span style="letter-spacing:1.35pt;"> </span>failure, terrorist<span style="letter-spacing:0.1pt;"> </span>activity,<span style="letter-spacing:0.1pt;"> </span>pandemics<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>events<span style="letter-spacing:0.05pt;"> </span>beyond our control,<span style="letter-spacing:0.05pt;"> </span>which could harm our business.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>facilities<span style="letter-spacing:0.2pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>located<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>California.<span style="letter-spacing:0.15pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>have<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>undertaken<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>systematic<span style="letter-spacing:0.15pt;"> </span>analysis<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>potential consequences<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>results<span style="letter-spacing:0.15pt;"> </span>from<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>major<span style="letter-spacing:0.1pt;"> </span>flood,<span style="letter-spacing:0.1pt;"> </span>fire,<span style="letter-spacing:0.05pt;"> </span>earthquake,<span style="letter-spacing:0.1pt;"> </span>power loss,<span style="letter-spacing:0.05pt;"> </span>terrorist activity,<span style="letter-spacing:0.1pt;"> </span>pandemics<span style="letter-spacing:0.1pt;"> </span>or other<span style="letter-spacing:0.05pt;"> </span>disasters<span style="letter-spacing:0.1pt;"> </span>and do not have a recovery<span style="letter-spacing:0.05pt;"> </span>plan<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>such disasters.<span style="letter-spacing:0.1pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>we do not carry<span style="letter-spacing:1.05pt;"> </span>sufficient<span style="letter-spacing:1.15pt;"> </span>insurance<span style="letter-spacing:1.1pt;"> </span>to<span style="letter-spacing:1pt;"> </span>compensate<span style="letter-spacing:1.1pt;"> </span>us<span style="letter-spacing:1pt;"> </span>for<span style="letter-spacing:1.05pt;"> </span>actual<span style="letter-spacing:1.05pt;"> </span>losses<span style="letter-spacing:1.05pt;"> </span>from<span style="letter-spacing:1.05pt;"> </span>interruption<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1pt;"> </span>our<span style="letter-spacing:1pt;"> </span>business<span style="letter-spacing:1.05pt;"> </span>that<span style="letter-spacing:1.05pt;"> </span>may<span style="letter-spacing:1pt;"> </span>occur, and<span style="letter-spacing:0.05pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>losses<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>damages<span style="letter-spacing:0.1pt;"> </span>incurred<span style="letter-spacing:0.15pt;"> </span>by us could<span style="letter-spacing:0.05pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our business.<span style="letter-spacing:0.05pt;"> </span>The occurrence<span style="letter-spacing:0.1pt;"> </span>of any of these<span style="letter-spacing:0.05pt;"> </span>business disruptions<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>seriously<span style="letter-spacing:0.1pt;"> </span>harm<span style="letter-spacing:0.05pt;"> </span>our operations<span style="letter-spacing:0.1pt;"> </span>and financial<span style="letter-spacing:0.1pt;"> </span>condition<span style="letter-spacing:0.05pt;"> </span>and increase<span style="letter-spacing:0.1pt;"> </span>our costs<span style="letter-spacing:0.05pt;"> </span>and expenses.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">83</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-right:1.67%;text-indent:0%;font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">General</span><span style="letter-spacing:0.05pt;"> </span><span style="font-weight:bold;color:#231F20;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Risk Factors</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:0.1pt;"> </span>securities<span style="letter-spacing:0.15pt;"> </span>analysts<span style="letter-spacing:0.1pt;"> </span>do<span style="letter-spacing:0.05pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>publish<span style="letter-spacing:0.1pt;"> </span>research<span style="letter-spacing:0.05pt;"> </span>or reports<span style="letter-spacing:0.05pt;"> </span>about our business<span style="letter-spacing:0.05pt;"> </span>or if<span style="letter-spacing:0.05pt;"> </span>they<span style="letter-spacing:0.05pt;"> </span>publish<span style="letter-spacing:0.05pt;"> </span>negative evaluations<span style="letter-spacing:0.05pt;"> </span>of our stock,<span style="letter-spacing:0.05pt;"> </span>the price<span style="letter-spacing:0.05pt;"> </span>of our stock<span style="letter-spacing:0.05pt;"> </span>could decline.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The<span style="letter-spacing:0.05pt;"> </span>trading<span style="letter-spacing:0.1pt;"> </span>market<span style="letter-spacing:0.15pt;"> </span>for<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>common<span style="letter-spacing:0.1pt;"> </span>stock<span style="letter-spacing:0.1pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>rely<span style="letter-spacing:0.05pt;"> </span>in part<span style="letter-spacing:0.05pt;"> </span>on the<span style="letter-spacing:0.05pt;"> </span>research<span style="letter-spacing:0.1pt;"> </span>and reports<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>industry<span style="letter-spacing:0.05pt;"> </span>or financial<span style="letter-spacing:0.15pt;"> </span>analysts<span style="letter-spacing:0.15pt;"> </span>publish<span style="letter-spacing:0.1pt;"> </span>about<span style="letter-spacing:0.05pt;"> </span>us or our business.<span style="letter-spacing:0.05pt;"> </span>If<span style="letter-spacing:0.65pt;"> </span>one<span style="letter-spacing:0.6pt;"> </span>or<span style="letter-spacing:0.6pt;"> </span>more<span style="letter-spacing:0.6pt;"> </span>of<span style="letter-spacing:0.55pt;"> </span>the<span style="letter-spacing:0.6pt;"> </span>analysts<span style="letter-spacing:0.65pt;"> </span>covering our<span style="letter-spacing:1.1pt;"> </span>business<span style="letter-spacing:1.15pt;"> </span>downgrade<span style="letter-spacing:1.05pt;"> </span>their<span style="letter-spacing:1.1pt;"> </span>evaluations<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>stock,<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>price<span style="letter-spacing:1.1pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>stock<span style="letter-spacing:1.1pt;"> </span>could<span style="letter-spacing:1.1pt;"> </span>decline.<span style="letter-spacing:1.1pt;"> </span>If<span style="letter-spacing:1.1pt;"> </span>one<span style="letter-spacing:1.05pt;"> </span>or<span style="letter-spacing:1.05pt;"> </span>more<span style="letter-spacing:1.1pt;"> </span>of these<span style="letter-spacing:0.1pt;"> </span>analysts<span style="letter-spacing:0.15pt;"> </span>cease<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>cover<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>stock,<span style="letter-spacing:0.1pt;"> </span>we could<span style="letter-spacing:0.05pt;"> </span>lose<span style="letter-spacing:0.05pt;"> </span>visibility<span style="letter-spacing:0.15pt;"> </span>in the<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>our stock,<span style="letter-spacing:0.05pt;"> </span>which in turn<span style="letter-spacing:0.05pt;"> </span>could cause<span style="letter-spacing:0.05pt;"> </span>our stock<span style="letter-spacing:0.05pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>to decline.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">If<span style="letter-spacing:1.2pt;"> </span>we<span style="letter-spacing:1.15pt;"> </span>fail<span style="letter-spacing:1.2pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>establish<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>maintain<span style="letter-spacing:1.2pt;"> </span>proper<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>effective<span style="letter-spacing:1.25pt;"> </span>internal<span style="letter-spacing:1.15pt;"> </span>control<span style="letter-spacing:1.15pt;"> </span>over<span style="letter-spacing:1.15pt;"> </span>financial<span style="letter-spacing:1.15pt;"> </span>reporting,<span style="letter-spacing:1.15pt;"> </span>investors may<span style="letter-spacing:0.1pt;"> </span>lose<span style="letter-spacing:0.1pt;"> </span>confidence<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>accuracy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>completeness<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>reports<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>the market<span style="letter-spacing:0.05pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>could decline<span style="letter-spacing:0.05pt;"> </span>significantly.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Ensuring<span style="letter-spacing:0.95pt;"> </span>that<span style="letter-spacing:0.95pt;"> </span>we<span style="letter-spacing:0.9pt;"> </span>have<span style="letter-spacing:0.9pt;"> </span>adequate<span style="letter-spacing:0.95pt;"> </span>internal<span style="letter-spacing:1pt;"> </span>financial<span style="letter-spacing:1pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>accounting<span style="letter-spacing:0.95pt;"> </span>controls<span style="letter-spacing:1pt;"> </span>and<span style="letter-spacing:0.9pt;"> </span>procedures<span style="letter-spacing:1pt;"> </span>in<span style="letter-spacing:0.9pt;"> </span>place<span style="letter-spacing:0.9pt;"> </span>so<span style="letter-spacing:0.85pt;"> </span>that we<span style="letter-spacing:0.6pt;"> </span>can<span style="letter-spacing:0.6pt;"> </span>produce<span style="letter-spacing:0.65pt;"> </span>accurate<span style="letter-spacing:0.7pt;"> </span>financial<span style="letter-spacing:0.7pt;"> </span>statements<span style="letter-spacing:0.75pt;"> </span>on<span style="letter-spacing:0.6pt;"> </span>a<span style="letter-spacing:0.6pt;"> </span>timely<span style="letter-spacing:0.7pt;"> </span>basis<span style="letter-spacing:0.65pt;"> </span>is<span style="letter-spacing:0.6pt;"> </span>a<span style="letter-spacing:0.55pt;"> </span>costly<span style="letter-spacing:0.6pt;"> </span>and<span style="letter-spacing:0.55pt;"> </span>time-consuming<span style="letter-spacing:0.7pt;"> </span>effort<span style="letter-spacing:0.65pt;"> </span>that<span style="letter-spacing:0.6pt;"> </span>needs to be re-evaluated<span style="letter-spacing:0.15pt;"> </span>frequently.<span style="letter-spacing:0.1pt;"> </span>As a public<span style="letter-spacing:0.05pt;"> </span>company,<span style="letter-spacing:0.05pt;"> </span>we are required<span style="letter-spacing:0.1pt;"> </span>to maintain<span style="letter-spacing:0.1pt;"> </span>internal<span style="letter-spacing:0.1pt;"> </span>controls<span style="letter-spacing:0.05pt;"> </span>over financial<span style="letter-spacing:0.2pt;"> </span>reporting<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>report<span style="letter-spacing:0.15pt;"> </span>any<span style="letter-spacing:0.05pt;"> </span>material<span style="letter-spacing:0.2pt;"> </span>weaknesses<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>such<span style="letter-spacing:0.05pt;"> </span>internal<span style="letter-spacing:0.15pt;"> </span>controls.<span style="letter-spacing:0.15pt;"> </span>Section<span style="letter-spacing:0.1pt;"> </span>404<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>SOX requires annual<span style="letter-spacing:0.1pt;"> </span>management<span style="letter-spacing:0.15pt;"> </span>assessment<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>effectiveness<span style="letter-spacing:0.15pt;"> </span>of our internal<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>reporting.<span style="letter-spacing:0.1pt;"> </span>However, our auditors<span style="letter-spacing:0.15pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>not<span style="letter-spacing:0.05pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.1pt;"> </span>to formally<span style="letter-spacing:0.1pt;"> </span>attest<span style="letter-spacing:0.1pt;"> </span>to the<span style="letter-spacing:0.05pt;"> </span>effectiveness<span style="letter-spacing:0.15pt;"> </span>of our internal<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>reporting pursuant<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.1pt;"> </span>Section<span style="letter-spacing:0.15pt;"> </span>404<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>SOX until<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>no<span style="letter-spacing:0.05pt;"> </span>longer<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>emerging<span style="letter-spacing:0.15pt;"> </span>growth<span style="letter-spacing:0.05pt;"> </span>company<span style="letter-spacing:0.1pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>continue<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>take advantage<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>exemptions<span style="letter-spacing:0.1pt;"> </span>available<span style="letter-spacing:0.1pt;"> </span>to us through<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>JOBS<span style="letter-spacing:-0.05pt;"> </span>Act.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Implementing<span style="letter-spacing:1.75pt;"> </span>any<span style="letter-spacing:1.55pt;"> </span>appropriate<span style="letter-spacing:1.65pt;"> </span>changes<span style="letter-spacing:1.6pt;"> </span>to<span style="letter-spacing:1.55pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>internal<span style="letter-spacing:1.65pt;"> </span>controls<span style="letter-spacing:1.65pt;"> </span>may<span style="letter-spacing:1.6pt;"> </span>distract<span style="letter-spacing:1.65pt;"> </span>our<span style="letter-spacing:1.55pt;"> </span>officers<span style="letter-spacing:1.65pt;"> </span>and<span style="letter-spacing:1.55pt;"> </span>employees, entail<span style="letter-spacing:1.35pt;"> </span>substantial<span style="letter-spacing:1.35pt;"> </span>costs<span style="letter-spacing:1.3pt;"> </span>to<span style="letter-spacing:1.25pt;"> </span>modify<span style="letter-spacing:1.3pt;"> </span>our<span style="letter-spacing:1.25pt;"> </span>existing<span style="letter-spacing:1.35pt;"> </span>processes<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>take<span style="letter-spacing:1.25pt;"> </span>significant<span style="letter-spacing:1.35pt;"> </span>time<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.2pt;"> </span>complete.<span style="letter-spacing:1.3pt;"> </span>These<span style="letter-spacing:1.2pt;"> </span>changes may<span style="letter-spacing:0.1pt;"> </span>not, however, be effective<span style="letter-spacing:0.1pt;"> </span>in maintaining<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>adequacy<span style="letter-spacing:0.05pt;"> </span>of our internal<span style="letter-spacing:0.1pt;"> </span>controls,<span style="letter-spacing:0.1pt;"> </span>and any failure<span style="letter-spacing:0.1pt;"> </span>to maintain that<span style="letter-spacing:0.1pt;"> </span>adequacy,<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>consequent<span style="letter-spacing:0.05pt;"> </span>inability<span style="letter-spacing:0.1pt;"> </span>to produce<span style="letter-spacing:0.05pt;"> </span>accurate<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>statements<span style="letter-spacing:0.15pt;"> </span>on a timely<span style="letter-spacing:0.1pt;"> </span>basis,<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>increase our<span style="letter-spacing:0.05pt;"> </span>operating<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>and harm<span style="letter-spacing:0.05pt;"> </span>our business.<span style="letter-spacing:0.05pt;"> </span>In addition,<span style="letter-spacing:0.05pt;"> </span>investors&#8217;<span style="letter-spacing:0.1pt;"> </span>perceptions<span style="letter-spacing:0.1pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>our internal<span style="letter-spacing:0.1pt;"> </span>controls<span style="letter-spacing:0.1pt;"> </span>are inadequate<span style="letter-spacing:0.15pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>unable<span style="letter-spacing:0.05pt;"> </span>to produce<span style="letter-spacing:0.05pt;"> </span>accurate<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>statements<span style="letter-spacing:0.15pt;"> </span>on a timely<span style="letter-spacing:0.1pt;"> </span>basis<span style="letter-spacing:0.05pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>cause<span style="letter-spacing:0.05pt;"> </span>investors to<span style="letter-spacing:0.05pt;"> </span>lose<span style="letter-spacing:0.1pt;"> </span>confidence<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>accuracy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>completeness<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>reports<span style="letter-spacing:0.15pt;"> </span>and could<span style="letter-spacing:0.05pt;"> </span>cause<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>price<span style="letter-spacing:0.05pt;"> </span>of our common<span style="letter-spacing:0.05pt;"> </span>stock<span style="letter-spacing:0.05pt;"> </span>to decline<span style="letter-spacing:0.05pt;"> </span>significantly.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">We<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>increased<span style="letter-spacing:0.1pt;"> </span>costs<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>result<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>operating<span style="letter-spacing:0.1pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>company,<span style="letter-spacing:0.05pt;"> </span>and our management<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>be required<span style="letter-spacing:0.05pt;"> </span>to devote<span style="letter-spacing:0.05pt;"> </span>substantial<span style="letter-spacing:0.1pt;"> </span>time<span style="letter-spacing:0.05pt;"> </span>to new compliance<span style="letter-spacing:0.1pt;"> </span>initiatives<span style="letter-spacing:0.15pt;"> </span>and corporate<span style="letter-spacing:0.05pt;"> </span>governance<span style="letter-spacing:0.05pt;"> </span>practices.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.05pt;"> </span>company,<span style="letter-spacing:0.05pt;"> </span>and particularly<span style="letter-spacing:0.15pt;"> </span>after<span style="letter-spacing:0.1pt;"> </span>we are<span style="letter-spacing:0.05pt;"> </span>no longer<span style="letter-spacing:0.05pt;"> </span>an &#8220;emerging<span style="letter-spacing:0.1pt;"> </span>growth company,&#8221;<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>incur significant<span style="letter-spacing:1.25pt;"> </span>legal,<span style="letter-spacing:1.15pt;"> </span>accounting,<span style="letter-spacing:1.15pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>other<span style="letter-spacing:1.15pt;"> </span>expenses<span style="letter-spacing:1.15pt;"> </span>that<span style="letter-spacing:1.15pt;"> </span>we<span style="letter-spacing:1.1pt;"> </span>did<span style="letter-spacing:1.1pt;"> </span>not<span style="letter-spacing:1.1pt;"> </span>incur<span style="letter-spacing:1.15pt;"> </span>as<span style="letter-spacing:1.1pt;"> </span>a<span style="letter-spacing:1.1pt;"> </span>private<span style="letter-spacing:1.15pt;"> </span>company.<span style="letter-spacing:1.1pt;"> </span>SOX,<span style="letter-spacing:1pt;"> </span>the<span style="letter-spacing:1.1pt;"> </span>Dodd- Frank<span style="letter-spacing:0.05pt;"> </span>Wall<span style="letter-spacing:0.1pt;"> </span>Street<span style="letter-spacing:0.1pt;"> </span>Reform<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>Consumer<span style="letter-spacing:0.1pt;"> </span>Protection<span style="letter-spacing:0.15pt;"> </span>Act,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>listing<span style="letter-spacing:0.15pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>of The Nasdaq Global<span style="letter-spacing:0.05pt;"> </span>Market,<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>other<span style="letter-spacing:0.1pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>securities<span style="letter-spacing:0.2pt;"> </span>rules<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regulations<span style="letter-spacing:0.15pt;"> </span>impose<span style="letter-spacing:0.05pt;"> </span>various<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.15pt;"> </span>on public<span style="letter-spacing:0.05pt;"> </span>companies, including<span style="letter-spacing:0.1pt;"> </span>establishment<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>maintenance<span style="letter-spacing:0.15pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>effective<span style="letter-spacing:0.15pt;"> </span>disclosure<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>controls<span style="letter-spacing:0.15pt;"> </span>and corporate<span style="letter-spacing:0.1pt;"> </span>governance practices.<span style="letter-spacing:0.15pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>expect<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>need to hire<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.1pt;"> </span>accounting,<span style="letter-spacing:0.05pt;"> </span>finance,<span style="letter-spacing:0.05pt;"> </span>and other<span style="letter-spacing:0.05pt;"> </span>personnel<span style="letter-spacing:0.05pt;"> </span>in connection with<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>efforts<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>comply<span style="letter-spacing:0.1pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>being<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>company,<span style="letter-spacing:0.1pt;"> </span>and our management <span style="letter-spacing:0.15pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>other <span style="letter-spacing:0.1pt;"> </span>personnel <span style="letter-spacing:0.1pt;"> </span>will <span style="letter-spacing:0.05pt;"> </span>need&#160;&#160;to&#160;&#160;devote <span style="letter-spacing:0.05pt;"> </span>a&#160;&#160;substantial <span style="letter-spacing:0.1pt;"> </span>amount <span style="letter-spacing:0.05pt;"> </span>of&#160;&#160;time <span style="letter-spacing:0.05pt;"> </span>towards <span style="letter-spacing:0.05pt;"> </span>maintaining compliance<span style="letter-spacing:0.15pt;"> </span>with<span style="letter-spacing:0.05pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>requirements.<span style="letter-spacing:0.2pt;"> </span>These<span style="letter-spacing:0.05pt;"> </span>requirements<span style="letter-spacing:0.2pt;"> </span>will<span style="letter-spacing:0.05pt;"> </span>increase<span style="letter-spacing:0.1pt;"> </span>our legal<span style="letter-spacing:0.05pt;"> </span>and financial<span style="letter-spacing:0.1pt;"> </span>compliance<span style="letter-spacing:0.1pt;"> </span>costs and<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>make<span style="letter-spacing:0.1pt;"> </span>some<span style="letter-spacing:0.1pt;"> </span>activities<span style="letter-spacing:0.2pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>time-consuming<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>costly.<span style="letter-spacing:0.05pt;"> </span>For example,<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>rules<span style="letter-spacing:0.05pt;"> </span>and regulations<span style="letter-spacing:0.15pt;"> </span>applicable<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>us<span style="letter-spacing:0.05pt;"> </span>as<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>public<span style="letter-spacing:0.1pt;"> </span>company<span style="letter-spacing:0.1pt;"> </span>make<span style="letter-spacing:0.1pt;"> </span>it<span style="letter-spacing:0.1pt;"> </span>more<span style="letter-spacing:0.1pt;"> </span>difficult<span style="letter-spacing:0.2pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>more<span style="letter-spacing:0.05pt;"> </span>expensive<span style="letter-spacing:0.05pt;"> </span>for<span style="letter-spacing:0.05pt;"> </span>us to maintain director<span style="letter-spacing:0.15pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>officer<span style="letter-spacing:0.15pt;"> </span>liability<span style="letter-spacing:0.2pt;"> </span>insurance.<span style="letter-spacing:0.15pt;"> </span>We<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.1pt;"> </span>currently<span style="letter-spacing:0.15pt;"> </span>evaluating<span style="letter-spacing:0.15pt;"> </span>these<span style="letter-spacing:0.1pt;"> </span>rules<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>regulations<span style="letter-spacing:0.1pt;"> </span>and cannot<span style="letter-spacing:0.05pt;"> </span>predict<span style="letter-spacing:0.1pt;"> </span>or estimate<span style="letter-spacing:0.15pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>amount<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>costs<span style="letter-spacing:0.05pt;"> </span>we may<span style="letter-spacing:0.05pt;"> </span>incur<span style="letter-spacing:0.05pt;"> </span>or the<span style="letter-spacing:0.05pt;"> </span>timing<span style="letter-spacing:0.1pt;"> </span>of such costs.<span style="letter-spacing:0.05pt;"> </span>These rules<span style="letter-spacing:0.05pt;"> </span>and regulations<span style="letter-spacing:0.1pt;"> </span>are often<span style="letter-spacing:1.7pt;"> </span>subject<span style="letter-spacing:1.7pt;"> </span>to<span style="letter-spacing:1.65pt;"> </span>varying<span style="letter-spacing:1.7pt;"> </span>interpretations,<span style="letter-spacing:1.8pt;"> </span>in<span style="letter-spacing:1.6pt;"> </span>many<span style="letter-spacing:1.65pt;"> </span>cases<span style="letter-spacing:1.65pt;"> </span>due<span style="letter-spacing:1.6pt;"> </span>to<span style="letter-spacing:1.6pt;"> </span>their<span style="letter-spacing:1.65pt;"> </span>lack<span style="letter-spacing:1.65pt;"> </span>of<span style="letter-spacing:1.6pt;"> </span>specificity,<span style="letter-spacing:1.75pt;"> </span>and,<span style="letter-spacing:1.6pt;"> </span>as<span style="letter-spacing:1.6pt;"> </span>a<span style="letter-spacing:1.6pt;"> </span>result,<span style="letter-spacing:1.7pt;"> </span>their<span style="color:#000000;"> </span>application<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>practice<span style="letter-spacing:0.15pt;"> </span>may<span style="letter-spacing:0.1pt;"> </span>evolve<span style="letter-spacing:0.1pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>time<span style="letter-spacing:0.1pt;"> </span>as new guidance<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>provided<span style="letter-spacing:0.05pt;"> </span>by regulatory<span style="letter-spacing:0.1pt;"> </span>and governing<span style="letter-spacing:0.05pt;"> </span>bodies. This <span style="letter-spacing:0.05pt;"> </span>could <span style="letter-spacing:0.1pt;"> </span>result <span style="letter-spacing:0.15pt;"> </span>in <span style="letter-spacing:0.05pt;"> </span>continuing <span style="letter-spacing:0.05pt;"> </span>uncertainty <span style="letter-spacing:0.1pt;"> </span>regarding <span style="letter-spacing:0.1pt;"> </span>compliance <span style="letter-spacing:0.1pt;"> </span>matters <span style="letter-spacing:0.1pt;"> </span>and&#160;&#160;higher <span style="letter-spacing:0.05pt;"> </span>costs <span style="letter-spacing:0.05pt;"> </span>necessitated <span style="letter-spacing:0.15pt;"> </span>by ongoing revisions<span style="letter-spacing:0.1pt;"> </span>to disclosure<span style="letter-spacing:0.1pt;"> </span>and governance<span style="letter-spacing:0.05pt;"> </span>practices.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>Section<span style="letter-spacing:0.1pt;"> </span>404<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>SOX, we<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>furnish<span style="letter-spacing:0.1pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>report<span style="letter-spacing:0.1pt;"> </span>by<span style="letter-spacing:0.05pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>management<span style="letter-spacing:0.15pt;"> </span>on our internal control<span style="letter-spacing:1.15pt;"> </span>over<span style="letter-spacing:1.1pt;"> </span>financial<span style="letter-spacing:1.15pt;"> </span>reporting<span style="letter-spacing:1.15pt;"> </span>beginning<span style="letter-spacing:1.1pt;"> </span>with<span style="letter-spacing:1.05pt;"> </span>our<span style="letter-spacing:1.05pt;"> </span>second<span style="letter-spacing:1.1pt;"> </span>filing<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.05pt;"> </span>an<span style="letter-spacing:1.05pt;"> </span>Annual<span style="letter-spacing:1.05pt;"> </span>Report<span style="letter-spacing:1.1pt;"> </span>on<span style="letter-spacing:1.05pt;"> </span>Form<span style="letter-spacing:1.1pt;"> </span>10-K<span style="letter-spacing:1.05pt;"> </span>with<span style="letter-spacing:1.05pt;"> </span>the SEC.<span style="letter-spacing:0.6pt;"> </span>However,<span style="letter-spacing:0.55pt;"> </span>while<span style="letter-spacing:0.6pt;"> </span>we<span style="letter-spacing:0.55pt;"> </span>remain<span style="letter-spacing:0.65pt;"> </span>an<span style="letter-spacing:0.55pt;"> </span>emerging<span style="letter-spacing:0.65pt;"> </span>growth<span style="letter-spacing:0.55pt;"> </span>company,<span style="letter-spacing:0.6pt;"> </span>we<span style="letter-spacing:0.55pt;"> </span>will<span style="letter-spacing:0.6pt;"> </span>not be<span style="letter-spacing:0.05pt;"> </span>required<span style="letter-spacing:0.15pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>include<span style="letter-spacing:0.1pt;"> </span>an<span style="letter-spacing:0.05pt;"> </span>attestation<span style="letter-spacing:0.2pt;"> </span>report<span style="letter-spacing:0.1pt;"> </span>on internal<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>reporting<span style="letter-spacing:0.1pt;"> </span>issued<span style="letter-spacing:0.05pt;"> </span>by our independent registered<span style="letter-spacing:0.2pt;"> </span>public<span style="letter-spacing:0.15pt;"> </span>accounting<span style="letter-spacing:0.15pt;"> </span>firm.<span style="letter-spacing:0.2pt;"> </span>To<span style="letter-spacing:0.1pt;"> </span>achieve<span style="letter-spacing:0.15pt;"> </span>compliance<span style="letter-spacing:0.2pt;"> </span>with<span style="letter-spacing:0.1pt;"> </span>Section<span style="letter-spacing:0.1pt;"> </span>404<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>SOX within<span style="letter-spacing:0.1pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>prescribed<span style="letter-spacing:0.15pt;"> </span>period, we<span style="letter-spacing:0.05pt;"> </span>will<span style="letter-spacing:0.1pt;"> </span>be<span style="letter-spacing:0.05pt;"> </span>engaged<span style="letter-spacing:0.1pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>process<span style="letter-spacing:0.1pt;"> </span>to<span style="letter-spacing:0.05pt;"> </span>document<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>evaluate<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>internal<span style="letter-spacing:0.1pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>over<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>reporting,<span style="letter-spacing:0.1pt;"> </span>which is both<span style="letter-spacing:0.05pt;"> </span>costly<span style="letter-spacing:0.05pt;"> </span>and challenging.<span style="letter-spacing:0.1pt;"> </span>In this<span style="letter-spacing:0.05pt;"> </span>regard,<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>need to continue<span style="letter-spacing:0.05pt;"> </span>to dedicate<span style="letter-spacing:0.1pt;"> </span>internal<span style="letter-spacing:0.1pt;"> </span>resources,<span style="letter-spacing:0.1pt;"> </span>potentially engage<span style="letter-spacing:0.05pt;"> </span>outside<span style="letter-spacing:0.05pt;"> </span>consultants,<span style="letter-spacing:0.1pt;"> </span>adopt<span style="letter-spacing:0.05pt;"> </span>a detailed<span style="letter-spacing:0.1pt;"> </span>work plan<span style="letter-spacing:0.05pt;"> </span>to assess<span style="letter-spacing:0.05pt;"> </span>and document<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>adequacy<span style="letter-spacing:0.05pt;"> </span>of internal<span style="letter-spacing:0.05pt;"> </span>control over<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>reporting,<span style="letter-spacing:0.15pt;"> </span>continue<span style="letter-spacing:0.1pt;"> </span>steps<span style="letter-spacing:0.05pt;"> </span>to improve<span style="letter-spacing:0.05pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>processes<span style="letter-spacing:0.1pt;"> </span>as appropriate,<span style="letter-spacing:0.1pt;"> </span>validate<span style="letter-spacing:0.1pt;"> </span>through<span style="letter-spacing:0.05pt;"> </span>testing<span style="letter-spacing:0.1pt;"> </span>that controls<span style="letter-spacing:0.1pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>functioning<span style="letter-spacing:0.1pt;"> </span>as documented,<span style="letter-spacing:0.05pt;"> </span>and implement<span style="letter-spacing:0.1pt;"> </span>a continuous<span style="letter-spacing:0.05pt;"> </span>reporting<span style="letter-spacing:0.1pt;"> </span>and improvement<span style="letter-spacing:0.1pt;"> </span>process<span style="letter-spacing:0.05pt;"> </span>for internal<span style="letter-spacing:0.15pt;"> </span>control<span style="letter-spacing:0.1pt;"> </span>over<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>reporting.<span style="letter-spacing:0.15pt;"> </span>Despite<span style="letter-spacing:0.05pt;"> </span>our efforts,<span style="letter-spacing:0.1pt;"> </span>there<span style="letter-spacing:0.05pt;"> </span>is<span style="letter-spacing:0.05pt;"> </span>a risk<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>we will<span style="letter-spacing:0.05pt;"> </span>not be able<span style="letter-spacing:0.05pt;"> </span>to </p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">84</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">conclude, within</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">prescribed</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">timeframe</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">at</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">all,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">that</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">our</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">internal</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">control</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">over</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reporting</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">is</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effective</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">as required by</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Section</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">404</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SOX. If</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">we</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">identify</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">one</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">or</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">more</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">material</span><span style="letter-spacing:0.2pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">weaknesses,</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">it</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">could</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">result</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">an</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">adverse</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reaction</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">markets</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">due to a loss</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of confidence</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">in the</span><span style="letter-spacing:0.05pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">reliability</span><span style="letter-spacing:0.15pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">of our financial</span><span style="letter-spacing:0.1pt;"> </span><span style="color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">statements.</span></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Our disclosure<span style="letter-spacing:0.1pt;"> </span>controls<span style="letter-spacing:0.05pt;"> </span>and procedures<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>not prevent<span style="letter-spacing:0.05pt;"> </span>or detect<span style="letter-spacing:0.05pt;"> </span>all<span style="letter-spacing:0.05pt;"> </span>errors<span style="letter-spacing:0.05pt;"> </span>or acts<span style="letter-spacing:0.05pt;"> </span>of fraud.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We<span style="letter-spacing:1.45pt;"> </span>designed<span style="letter-spacing:1.5pt;"> </span>our<span style="letter-spacing:1.45pt;"> </span>disclosure<span style="letter-spacing:1.55pt;"> </span>controls<span style="letter-spacing:1.55pt;"> </span>and<span style="letter-spacing:1.45pt;"> </span>procedures<span style="letter-spacing:1.55pt;"> </span>to<span style="letter-spacing:1.45pt;"> </span>reasonably<span style="letter-spacing:1.5pt;"> </span>assure<span style="letter-spacing:1.45pt;"> </span>that<span style="letter-spacing:1.45pt;"> </span>information<span style="letter-spacing:1.55pt;"> </span>we must<span style="letter-spacing:0.1pt;"> </span>disclose<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>reports<span style="letter-spacing:0.15pt;"> </span>we<span style="letter-spacing:0.05pt;"> </span>file<span style="letter-spacing:0.1pt;"> </span>or submit<span style="letter-spacing:0.05pt;"> </span>under<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>Exchange Act is<span style="letter-spacing:0.05pt;"> </span>accumulated<span style="letter-spacing:0.1pt;"> </span>and communicated<span style="letter-spacing:0.1pt;"> </span>to management,<span style="letter-spacing:1.25pt;"> </span>and<span style="letter-spacing:1.15pt;"> </span>recorded,<span style="letter-spacing:1.15pt;"> </span>processed,<span style="letter-spacing:1.15pt;"> </span>summarized<span style="letter-spacing:1.2pt;"> </span>and<span style="letter-spacing:1.1pt;"> </span>reported<span style="letter-spacing:1.2pt;"> </span>within<span style="letter-spacing:1.15pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>time<span style="letter-spacing:1.15pt;"> </span>periods<span style="letter-spacing:1.15pt;"> </span>specified<span style="letter-spacing:1.2pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>rules and <span style="letter-spacing:0.1pt;"> </span>forms <span style="letter-spacing:0.15pt;"> </span>of <span style="letter-spacing:0.05pt;"> </span>the <span style="letter-spacing:0.1pt;"> </span>SEC.&#160;&#160;We <span style="letter-spacing:0.05pt;"> </span>believe <span style="letter-spacing:0.1pt;"> </span>that <span style="letter-spacing:0.1pt;"> </span>any <span style="letter-spacing:0.05pt;"> </span>disclosure <span style="letter-spacing:0.15pt;"> </span>controls <span style="letter-spacing:0.15pt;"> </span>and <span style="letter-spacing:0.05pt;"> </span>procedures <span style="letter-spacing:0.15pt;"> </span>or <span style="letter-spacing:0.05pt;"> </span>internal <span style="letter-spacing:0.15pt;"> </span>controls <span style="letter-spacing:0.15pt;"> </span>and procedures,<span style="letter-spacing:1.35pt;"> </span>no<span style="letter-spacing:1.25pt;"> </span>matter<span style="letter-spacing:1.35pt;"> </span>how<span style="letter-spacing:1.25pt;"> </span>well-conceived<span style="letter-spacing:1.35pt;"> </span>and<span style="letter-spacing:1.25pt;"> </span>operated,<span style="letter-spacing:1.3pt;"> </span>can<span style="letter-spacing:1.25pt;"> </span>provide<span style="letter-spacing:1.3pt;"> </span>only<span style="letter-spacing:1.25pt;"> </span>reasonable,<span style="letter-spacing:1.35pt;"> </span>not<span style="letter-spacing:1.25pt;"> </span>absolute,<span style="letter-spacing:1.3pt;"> </span>assurance that<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>objectives<span style="letter-spacing:0.1pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>control<span style="letter-spacing:0.05pt;"> </span>system<span style="letter-spacing:0.05pt;"> </span>are<span style="letter-spacing:0.05pt;"> </span>met.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These<span style="letter-spacing:0.05pt;"> </span>inherent<span style="letter-spacing:0.1pt;"> </span>limitations<span style="letter-spacing:0.15pt;"> </span>include<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.05pt;"> </span>facts<span style="letter-spacing:0.05pt;"> </span>that<span style="letter-spacing:0.05pt;"> </span>judgments<span style="letter-spacing:0.1pt;"> </span>in decision-making<span style="letter-spacing:0.15pt;"> </span>can be faulty<span style="letter-spacing:0.05pt;"> </span>and that breakdowns<span style="letter-spacing:0.1pt;"> </span>can<span style="letter-spacing:0.05pt;"> </span>occur<span style="letter-spacing:0.1pt;"> </span>because<span style="letter-spacing:0.1pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>simple<span style="letter-spacing:0.15pt;"> </span>error<span style="letter-spacing:0.1pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>mistake.<span style="letter-spacing:0.15pt;"> </span>Additionally,<span style="letter-spacing:0.15pt;"> </span>controls<span style="letter-spacing:0.15pt;"> </span>can be circumvented<span style="letter-spacing:0.1pt;"> </span>by the individual<span style="letter-spacing:1.9pt;"> </span>acts<span style="letter-spacing:1.85pt;"> </span>of<span style="letter-spacing:1.8pt;"> </span>some<span style="letter-spacing:1.85pt;"> </span>persons,<span style="letter-spacing:1.85pt;"> </span>by<span style="letter-spacing:1.8pt;"> </span>collusion<span style="letter-spacing:1.9pt;"> </span>of<span style="letter-spacing:1.8pt;"> </span>two<span style="letter-spacing:1.8pt;"> </span>or<span style="letter-spacing:1.8pt;"> </span>more<span style="letter-spacing:1.85pt;"> </span>people<span style="letter-spacing:1.85pt;"> </span>or<span style="letter-spacing:1.8pt;"> </span>by<span style="letter-spacing:1.8pt;"> </span>an<span style="letter-spacing:1.8pt;"> </span>unauthorized<span style="letter-spacing:1.9pt;"> </span>override<span style="letter-spacing:1.85pt;"> </span>of<span style="letter-spacing:1.75pt;"> </span>the controls.<span style="letter-spacing:1.2pt;"> </span>Accordingly,<span style="letter-spacing:1.15pt;"> </span>because<span style="letter-spacing:1.15pt;"> </span>of<span style="letter-spacing:1.1pt;"> </span>the<span style="letter-spacing:1.15pt;"> </span>inherent<span style="letter-spacing:1.2pt;"> </span>limitations<span style="letter-spacing:1.25pt;"> </span>in<span style="letter-spacing:1.1pt;"> </span>our<span style="letter-spacing:1.1pt;"> </span>control<span style="letter-spacing:1.1pt;"> </span>system,<span style="letter-spacing:1.1pt;"> </span>misstatements<span style="letter-spacing:1.25pt;"> </span>due<span style="letter-spacing:1.05pt;"> </span>to<span style="letter-spacing:1.05pt;"> </span>error<span style="letter-spacing:1.1pt;"> </span>or fraud<span style="letter-spacing:0.05pt;"> </span>may<span style="letter-spacing:0.05pt;"> </span>occur<span style="letter-spacing:0.05pt;"> </span>and not be detected.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;font-weight:bold;font-style:italic;color:#231F20;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Unfavorable<span style="letter-spacing:0.1pt;"> </span>global<span style="letter-spacing:0.1pt;"> </span>economic<span style="letter-spacing:0.1pt;"> </span>conditions<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.15pt;"> </span>affect<span style="letter-spacing:0.15pt;"> </span>our business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.05pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.05pt;"> </span>of operations<span style="letter-spacing:0.05pt;"> </span>or prospects.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:1.67%;text-indent:4.17%;color:#231F20;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our<span style="letter-spacing:0.05pt;"> </span>business,<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>condition,<span style="letter-spacing:0.05pt;"> </span>results<span style="letter-spacing:0.1pt;"> </span>of operations<span style="letter-spacing:0.1pt;"> </span>or prospects<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>be adversely<span style="letter-spacing:0.1pt;"> </span>affected<span style="letter-spacing:0.1pt;"> </span>by general conditions<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>global<span style="letter-spacing:0.1pt;"> </span>economy<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>global<span style="letter-spacing:0.05pt;"> </span>financial<span style="letter-spacing:0.1pt;"> </span>markets.<span style="letter-spacing:0.1pt;"> </span>A severe<span style="letter-spacing:0.05pt;"> </span>or prolonged<span style="letter-spacing:0.05pt;"> </span>economic<span style="letter-spacing:0.05pt;"> </span>downturn, or<span style="letter-spacing:0.05pt;"> </span>additional<span style="letter-spacing:0.15pt;"> </span>global<span style="letter-spacing:0.1pt;"> </span>financial<span style="letter-spacing:0.15pt;"> </span>crises,<span style="letter-spacing:0.15pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>result<span style="letter-spacing:0.15pt;"> </span>in<span style="letter-spacing:0.05pt;"> </span>a<span style="letter-spacing:0.05pt;"> </span>variety<span style="letter-spacing:0.1pt;"> </span>of risks<span style="letter-spacing:0.05pt;"> </span>to our business,<span style="letter-spacing:0.05pt;"> </span>including<span style="letter-spacing:0.05pt;"> </span>weakened demand for<span style="letter-spacing:1.25pt;"> </span>our<span style="letter-spacing:1.2pt;"> </span>product<span style="letter-spacing:1.25pt;"> </span>candidates,<span style="letter-spacing:1.3pt;"> </span>if<span style="letter-spacing:1.2pt;"> </span>approved,<span style="letter-spacing:1.2pt;"> </span>or<span style="letter-spacing:1.15pt;"> </span>our<span style="letter-spacing:1.15pt;"> </span>inability<span style="letter-spacing:1.25pt;"> </span>to<span style="letter-spacing:1.15pt;"> </span>raise<span style="letter-spacing:1.2pt;"> </span>additional<span style="letter-spacing:1.25pt;"> </span>capital<span style="letter-spacing:1.25pt;"> </span>when<span style="letter-spacing:1.15pt;"> </span>needed<span style="letter-spacing:1.2pt;"> </span>on<span style="letter-spacing:1.15pt;"> </span>acceptable terms,<span style="letter-spacing:0.15pt;"> </span>if<span style="letter-spacing:0.1pt;"> </span>at<span style="letter-spacing:0.1pt;"> </span>all.<span style="letter-spacing:0.1pt;"> </span>A<span style="letter-spacing:0.05pt;"> </span>weak<span style="letter-spacing:0.05pt;"> </span>or<span style="letter-spacing:0.05pt;"> </span>declining<span style="letter-spacing:0.15pt;"> </span>economy<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>also<span style="letter-spacing:0.1pt;"> </span>strain<span style="letter-spacing:0.15pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>suppliers,<span style="letter-spacing:0.1pt;"> </span>possibly<span style="letter-spacing:0.05pt;"> </span>resulting<span style="letter-spacing:0.1pt;"> </span>in supply disruption.<span style="letter-spacing:0.15pt;"> </span>Any<span style="letter-spacing:0.05pt;"> </span>of<span style="letter-spacing:0.05pt;"> </span>the<span style="letter-spacing:0.1pt;"> </span>foregoing<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.1pt;"> </span>harm<span style="letter-spacing:0.1pt;"> </span>our<span style="letter-spacing:0.05pt;"> </span>business<span style="letter-spacing:0.1pt;"> </span>and<span style="letter-spacing:0.05pt;"> </span>we cannot<span style="letter-spacing:0.05pt;"> </span>anticipate<span style="letter-spacing:0.1pt;"> </span>all<span style="letter-spacing:0.05pt;"> </span>of the<span style="letter-spacing:0.05pt;"> </span>ways in which the current<span style="letter-spacing:0.1pt;"> </span>economic<span style="letter-spacing:0.05pt;"> </span>climate<span style="letter-spacing:0.1pt;"> </span>and financial<span style="letter-spacing:0.1pt;"> </span>market<span style="letter-spacing:0.1pt;"> </span>conditions<span style="letter-spacing:0.1pt;"> </span>could<span style="letter-spacing:0.05pt;"> </span>adversely<span style="letter-spacing:0.1pt;"> </span>impact<span style="letter-spacing:0.1pt;"> </span>our business.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_2_UNREGISTERED_SALES_EQUITY_SECURIT">Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(a)</span></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"></span><span style="color:#000000;"></span><span style="font-weight:bold;Background-color:#FFFFFF;color:#000000;">Recent Sales of Unregistered Equity Securities</span><span style="color:#000000;"> </span></p></td></tr></table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 29, 2021, upon the closing of our initial public offering, all shares of our then-outstanding redeemable convertible preferred stock were automatically converted into&#160;&#160;30,761,676 shares of common stock. The issuance of such shares of common stock was exempt from registration under Section 3(a)(9) of the Securities Act. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On May 7, 2021, we issued an aggregate of 640,861 shares of our common stock to Stanford and certain individuals designated by Stanford in consideration for rights granted to us under our exclusive license agreement with Stanford. The offers and sales of the foregoing securities were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering. </p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.17%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From April 1, 2021 to June 30, 2021, we granted stock options to purchase 4,986,847 shares of our common stock to our employees, directors and consultants at a weighted average exercise price of $5.39 per share under the 2020 Stock Option and Grant Plan. The issuances of the foregoing options were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act or Rule 701 promulgated under the Securities Act as transactions pursuant to compensatory benefit plans and contracts relating to compensation as provided under Rule 701. </p>
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<td valign="top" style="width:4.17%;white-space:nowrap">
<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:bold;Background-color:#FFFFFF;color:#000000;">Use of Proceeds from the Initial Public Offering of Common Stock</span> </p></td></tr></table></div>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:5.15%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 29, 2021, we completed our IPO and issued 14,000,000 shares of our common stock at an initial offering price of $17.00 per share. On July 2, 2021, we issued&#160;2,100,000 shares of our common stock to the underwriters of the IPO pursuant to the exercise of their option to purchase additional shares at a price of $17.00 per share less underwriting discounts and commissions.<span style="font-size:12pt;">&#160;</span>We received net proceeds from the IPO of approximately $251.4 million, after deducting underwriting discounts and commissions of approximately $19.1 million and offering expenses of approximately $3.2 million. None of the expenses associated with the IPO were paid to directors, officers, persons owning 10% or more of any class of equity securities, or to their associates. Morgan Stanley<span style="font-size:12pt;color:#000000;"> </span>&#38; Co. LLC, BofA Securities, Inc., Cowen and Company, LLC and SVB Leerink, LLC acted as book-running managers for the IPO.</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">85</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:5.15%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Shares of our common stock began trading on The Nasdaq Global Market on June 2</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</span><span style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, 2021. The offer and sale of the shares were registered under the Securities Act on a registration statement on Form S-1 (Registration No. 333-256838), which was declared effective on June 24, 2021.</span></p>
<p style="text-align:justify;Background-color:#FFFFFF;margin-bottom:0pt;margin-top:12pt;text-indent:5.15%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There has been no material change in the planned use of proceeds from our IPO as described in the registration statement on Form S-1.&#160;We invested the funds received in cash equivalents and other marketable securities in accordance with our investment policy.</p>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)</span></p></td>
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:bold;Background-color:#FFFFFF;color:#000000;">Issuer Purchases of Equity Securities</span></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:4.17%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June 18, 2021, we exercised our right to repurchase an aggregate of 624,845 shares of common stock from our founders and an investor in accordance with the terms of their respective restricted stock purchase agreements with us, as summarized in the table below:</p>
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<td style="width:18.98%;"></td>
<td style="width:19.19%;"></td>
<td style="width:19.09%;"></td>
<td style="width:19.27%;"></td>
<td style="width:19.2%;"></td>
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<td valign="bottom" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Period</p></td>
<td valign="bottom" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(a) Total Number of Shares Purchased</p></td>
<td valign="bottom" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(b) Average Price Paid per Share</p></td>
<td valign="bottom" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs</p></td>
<td valign="bottom" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(d) Maximum Number of Shares that May Yet be Purchased under the Plans or Programs</p></td>
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<td valign="top" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">June 2021 (June 18, 2021)</p></td>
<td valign="top" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">624,845</p></td>
<td valign="top" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">$0.01</p></td>
<td valign="top" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">0</p></td>
<td valign="top" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:12pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">N/A</p></td>
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</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:4.17%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_3_DEFAULTS_UPON_SENIOR_SECURITIES">Item 3. Defaults Upon Senior Securities.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:9.07%;text-indent:-4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">None.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_4_MINE_SAFETY_DISCLOSURES">Item 4. Mine Safety Disclosures.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Not applicable.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_5_OR_INFORMATION">Item 5. Other Information.</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">None.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="ITEM_6_EXHIBITS">Item 6. Exhibits.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&#160;</p>
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<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Number</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-size:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Description</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.1 </p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/0001815776/000119312521204869/d169897dex31.htm"><span style="text-decoration:underline;">Amended and Restated Certificate of Incorporation, as currently in effect (incorporated by reference to Exhibit 3.1 to the Registrant&#8217;s Current Report on Form 8-K (File No. 001-40532) filed on June 30, 2021)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.2</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/0001815776/000119312521204869/d169897dex32.htm"><span style="text-decoration:underline;">Amended and Restated Bylaws, as currently in effect (incorporated by reference to Exhibit 3.2 to the Registrant&#8217;s Current Report on Form 8-K (File No. 001-40532) filed on June 30, 2021)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.1</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/0001815776/000119312521189004/d132211dex41.htm"><span style="text-decoration:underline;">Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 1 to the Registrant&#8217;s Registration Statement on Form S-1 (File No. 333-256838) filed on June 11, 2021)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.2</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/0001815776/000119312521183167/d132211dex42.htm"><span style="text-decoration:underline;">Amended and Restated Investors&#8217; Rights Agreement by and among the Registrant and certain of its stockholders, dated March 11, 2021 (incorporated by reference to Exhibit 4.2 to the Registrant&#8217;s Registration Statement on Form S-1 (File No. 333-256838) filed on June 4, 2021)</span></a><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1#</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex102.htm"><span style="text-decoration:underline;">2021 Stock Option and Incentive Plan and forms of award agreements thereunder (incorporated by reference to Exhibit 10.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.2#</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex103.htm"><span style="text-decoration:underline;">2021 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.3#</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex104.htm"><span style="text-decoration:underline;">Senior Executive Cash Incentive Bonus Plan (incorporated by reference to Exhibit 10.4 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.4#</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex105.htm"><span style="text-decoration:underline;">Non-Employee Director Compensation Policy (incorporated by reference to Exhibit 10.5 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
</tr></table></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">86</p>
<hr style="page-break-after:always" />
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" style="margin:auto;border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.5</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex109.htm"><span style="text-decoration:underline;">Forms of Indemnification Agreement by and between the Registrant and each of its directors and officers (incorporated by reference to Exhibit 10.9 to the Registrant's Registration Statement on Form S-3 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.6<span style="color:#000000;">&#8224;</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex1014.htm"><span style="text-decoration:underline;">Amendment No. 2 to the Exclusive License Agreement by and between the Registrant and The Board of Trustees of the Leland Stanford Junior University, dated April 7, 2021 (incorporated by reference to Exhibit 10.14 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.7<span style="color:#000000;">&#8224;</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex1016.htm"><span style="text-decoration:underline;">Exclusive Option Agreement by and between the Registrant and the Board of Trustees of the Leland Stanford Junior University, dated April 12, 2021 (incorporated by reference to Exhibit 10.16 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.8#</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/1815776/000119312521194083/d132211dex1017.htm"><span style="text-decoration:underline;">Executive Severance Plan (incorporated by reference to Exhibit 10.17 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.9<span style="color:#000000;">&#8224;</span></p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/0001815776/000119312521189004/d132211dex1020.htm"><span style="text-decoration:underline;">License Agreement by and between the Registrant and Integrated DNA Technologies, Inc., dated June 7, 2021 (incorporated by reference to Exhibit 10.20 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 11, 2021)</span></a><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">31.1*</span></p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="grph-ex311_9.htm"><span style="text-decoration:underline;">Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</span></a></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">31.2*</span></p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="grph-ex312_8.htm"><span style="text-decoration:underline;">Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</span></a></p></td>
</tr>
<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">32.1*</span></p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="grph-ex321_7.htm"><span style="text-decoration:underline;">Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</span></a></p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">32.2*</span></p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="grph-ex322_6.htm"><span style="text-decoration:underline;">Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</span></a></p></td>
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<tr>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">101.INS*</span></p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inline XBRL Instance Document &#8211; the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">101.SCH*</span></p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inline XBRL Taxonomy Extension Schema Document</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">101.CAL*</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inline XBRL Taxonomy Extension Calculation Linkbase Document</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">101.DEF*</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inline XBRL Taxonomy Extension Definition Linkbase Document</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">101.LAB*</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inline XBRL Taxonomy Extension Label Linkbase Document</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">101.PRE*</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:90%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Inline XBRL Taxonomy Extension Presentation Linkbase Document</p></td>
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<td valign="top" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:9%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">104*</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</p></td>
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<p style="border-bottom:Solid 0.75pt;padding-bottom:1pt;margin-bottom:0pt;margin-top:0pt;margin-right:86.67%;text-indent:0%;font-size:6pt;">&#160;</p>
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<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*</span></p></td>
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<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Filed herewith.</p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Represents a management compensation plan, contract or arrangement.</p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8224;</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit.</p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">87</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&#160;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;" id="SIGNATURES">SIGNATURES</p>
<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td colspan="2" valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:49.5%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GRAPHITE BIO, INC.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: August 12, 2021</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/&#160;<span style="font-family:Times-Roman;color:#000000;">Josh Lehrer, M.D.</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times-Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Josh Lehrer, M.D.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.46%;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-family:Times-Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">President and Chief Executive Officer</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times-Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">(Principal Executive Officer)</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: August 12, 2021</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.46%; border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/&#160;<span style="font-family:Times-Roman;color:#000000;">Philip P. Gutry</span></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
<td valign="bottom" style="background-color:#FFFFFF;padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;width:46.46%; border-top:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;color:#000000;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Philip P. Gutry</p></td>
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grph-10q_20210630.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
June 30,
2021
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ______
Commission File Number:
001-40532
GRAPHITE BIO, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware
84-4867570
( State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
279 East Grand Avenue
,
Suite 430
South San Francisco
,
CA
94080
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (
650
)
484-0886
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.00001 per share
GRPH
The Nasdaq Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes
☐
No
☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☒
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes
☐
No
☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes
☒
No
☐
As of August 9, 2021, the registrant had
58,079,002
shares of common stock, $0.00001 par value per share, outstanding.
Summary of Risk Factors
Our business is subject to a number of risks of which you should be aware before making an investment decision. These risks are discussed more fully in the "Risk Factors" section of this Quarterly Report on Form 10-Q. These risks include, but are not limited to, the following:
•
We have incurred significant losses since inception. We expect to incur losses for the foreseeable future and may never achieve or maintain profitability.
•
Our limited operating history may make it difficult for you to evaluate the performance of our business to date and to assess our future viability.
•
We have never generated revenue from product sales, may never generate any revenue from product sales and may never become profitable.
•
We will need substantial additional funding. If we are unable to raise capital when needed on acceptable terms, or at all, we would be forced to delay, reduce, or terminate our research and product development programs, future commercialization efforts or other operations.
•
We face risks related to health epidemics, pandemics and other widespread outbreaks of contagious disease, including the COVID-19 pandemic, which could significantly disrupt our operations, impact our financial results or otherwise adversely impact our business.
•
We are very early in our development efforts. Other than GPH101, which is in early clinical development, all of our product candidates are still in preclinical development or earlier stages and it will be many years before we or our collaborators commercialize a product candidate, if ever. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.
•
Our gene editing technology is not approved for human therapeutic use. The approaches we are taking to discover and develop novel therapeutics may never lead to marketable products.
•
If serious adverse events, undesirable side effects, or unexpected characteristics are identified with respect to our product candidates, we may need to abandon or limit our clinical development or commercialization of those product candidates.
•
We face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer, less expensive or more advanced or effective than ours, which may harm our financial condition and our ability to successfully market or commercialize our product candidates.
•
Adverse public perception of genetic medicines and gene editing in particular, may negatively impact regulatory approval of, and/or demand for, our potential products, if approved.
•
We contract with third parties for the manufacture of materials for our research programs and preclinical studies and expect to continue to do so for clinical trials and for commercialization of our product candidates. This reliance on third parties increases the risk that we will not have sufficient quantities of such materials, product candidates, or any products that we may develop and commercialize, or that such supply will not be available to us at an acceptable cost or timelines, which could delay, prevent, or impair our development or commercialization efforts.
•
If we are unable to obtain and maintain patent and other intellectual property protection for any product candidates we develop and for our gene editing platform technology, or if the scope of the patent and other intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products and technology similar or identical to ours, and our ability to successfully commercialize our product candidates, and our gene editing platform technology may be adversely affected.
•
Our rights to develop and commercialize our gene editing platform technology and product candidates are subject, in part, to the terms and conditions of licenses granted to us by others.
•
The intellectual property landscape around gene editing technology is highly dynamic, and third parties may initiate legal proceedings alleging that we are infringing, misappropriating, or otherwise violating their intellectual property rights, the outcome of which would be uncertain and may prevent, delay or otherwise interfere with our product discovery and development efforts.
•
Our owned and in-licensed patents and other intellectual property may be subject to priority disputes or inventorship disputes or we may be subject to claims that we have infringed, misappropriated or otherwise violated the intellectual property of a third party and similar proceedings. If we or our licensors are unsuccessful in any of these proceedings, we may be required to obtain licenses from third parties, which may not be available on commercially reasonable terms or at all, or to cease the development, manufacture, and commercialization of one or more of our product candidates, which could have a material adverse impact on our business.
Cautionary Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q, including its section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations," contains express or implied forward-looking statements that are based on our management's belief and assumptions and on information currently available to our management. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these statements relate to future events or our future operational or financial performance, and involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by these forward-looking statements. Forward-looking statements in this Form 10-Q may include, but are not limited to, statements about:
•
the success, cost and timing of our product development activities and clinical trials of our lead product candidates, GPH101, GPH201 and GPH301, including the initiation and progress of, and results from, our planned Phase 1/2 clinical trial of GPH101 and whether the clinical trial will support the intended uses for treatment of sickle cell disease, and future clinical trials or these and any of our other product candidates;
•
the therapeutic potential of our product candidates, and the disease indications for which we intend to develop our product candidates;
•
the timing and likelihood of, and our ability to obtain and maintain, regulatory clearance of our IND applications for and regulatory approval of our product candidates;
•
our ability and the ability of third-party suppliers upon which we rely to manufacture our product candidates for clinical development and, if approved, for commercialization, and the timing and costs of such manufacture;
•
estimates of our expenses, ongoing losses, future revenue, capital requirements and our need for or ability to obtain additional funding before we can expect to generate any revenue from product sales;
•
our ability to compete with companies currently marketing or engaged in targeted gene integration therapies;
•
our ability to establish or maintain collaborations, partnerships or strategic relationships;
•
our ability to create a pipeline of product candidates;
•
our ability to advance any product candidate into, and successfully complete clinical trials;
•
our ability to obtain and maintain intellectual property protection for our current and future product candidates, the duration of such protection and our ability to operate our business without infringing on the intellectual property rights of others;
•
our ability to retain and recruit key personnel;
•
our expectations regarding use of the proceeds from our initial public offering;
•
our financial performance;
•
our competitive position and the development of and projections relating to our competitors or our industry, including in gene editing and gene therapy;
•
the impact of the COVID-19 pandemic on our business or operations;
•
the impact of laws and regulations in the United States and foreign countries; and
•
our expectations regarding the time during which we will be an emerging growth company under the JOBS Act.
In some cases, forward-looking statements can be identified by terminology such as "will," "may," "should," "could," "expects," "intends," "plans," "aims," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. These statements are only predictions. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and other factors, which are, in some cases, beyond our control and which could materially affect results. Factors that may cause actual results to differ materially from current expectations include, among other things, those listed under the section entitled "Risk Factors" and elsewhere in this Form 10-Q. If one or more of these risks or uncertainties occur, or if our underlying assumptions prove to be incorrect, actual events or results may vary significantly from those expressed or implied by the forward-looking statements. No forward-looking statement is a promise or a guarantee of future performance.
The forward-looking statements in this Form 10-Q represent our views as of the date of this Form 10-Q. We anticipate that subsequent events and developments will cause our views to change. However, while we may elect to update these forward-looking statements at some point in the future, we have no current intention of doing so except to the extent required by applicable law. You should therefore not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this Form 10-Q.
This Form 10-Q may include statistical and other industry and market data that we obtained from industry publications and research, surveys, and studies conducted by third parties. Industry publications and third-party research, surveys, and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We have not independently verified the information contained in such sources.
Table of Contents
Page
PART I.
FINANCIAL INFORMATION
Item 1.
Financial Statements (Unaudited)
Condensed Balance Sheets
1
Condensed Statements of Operations and Comprehensive Loss
2
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)
3
Condensed Statements of Cash Flows
5
Notes to Condensed Financial Statements
6
Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
21
Item 3.
Quantitative and Qualitative Disclosures About Market Risk
31
Item 4.
Controls and Procedures
32
PART II.
OTHER INFORMATION
33
Item 1.
Legal Proceedings
33
Item 1A.
Risk Factors
33
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
85
Item 3.
Defaults Upon Senior Securities
86
Item 4.
Mine Safety Disclosures
86
Item 5.
Other Information
86
Item 6.
Exhibits
86
Signatures
88
i
Graphite Bio, Inc.
Condensed Balance Sheets
(in thousands, except share and per share data)
(unaudited)
As of
June 30,
As of
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
381,965
$
19,782
Restricted cash
149
35
Prepaid expenses and other current assets
2,638
1,286
Total current assets
384,752
21,103
Property, plant and equipment, net
2,343
1,461
Other assets
11
—
Total assets
$
387,106
$
22,564
Liabilities, redeemable convertible preferred stock, and stockholders' equity
(deficit)
Current liabilities:
Accounts payable
$
4,046
$
630
Accrued compensation
723
466
Accrued expenses and other current liabilities
3,089
1,890
Series A redeemable convertible preferred stock tranche liability
—
29,062
Total current liabilities
7,858
32,048
Other liabilities
64
316
Total liabilities
7,922
32,364
Commitments and contingencies (Note 7)
Series A redeemable convertible preferred stock, $
0.00001
par value;
zero
and
45,024,986
shares authorized as of June 30, 2021 and December 31, 2020,
respectively;
zero
and
30,019,945
shares issued and outstanding as of June 30, 2021
and December 31, 2020, respectively; aggregate liquidation preference of $
30,020
as of
December 31, 2020
—
55,608
Stockholders' equity (deficit):
Preferred stock, $
0.00001
par value,
10,000,000
and
zero
shares authorized
as of June 30, 2021 and December 31, 2020, respectively;
and
no
shares issued and outstanding as of June 30, 2021 and
December 31, 2020, respectively;
—
—
Common stock, $
0.00001
par value,
300,000,000
and
80,000,000
shares authorized as of June 30, 2021 and December 31, 2020, respectively;
55,979,002
and
10,279,102
shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively
1
—
Additional paid-in-capital
487,012
5,183
Accumulated deficit
(
107,829
)
(
70,591
)
Total stockholders' equity (deficit)
379,184
(
65,408
)
Total liabilities, redeemable convertible preferred stock, and stockholders' equity
(deficit)
$
387,106
$
22,564
The accompanying notes are an integral part of these unaudited condensed financial statements.
1
Graphite Bio, Inc.
Condensed Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Operating expenses:
Research and development
$
12,667
$
423
$
18,044
$
423
General and administrative
4,866
869
8,857
990
Total operating expenses
17,533
1,292
26,901
1,413
Loss from operations
(
17,533
)
(
1,292
)
(
26,901
)
(
1,413
)
Other income (expense), net:
Other income (expense), net
4
—
4
—
Related party convertible note interest expense
—
(
20
)
—
(
40
)
Change in fair value of the Series A redeemable convertible
preferred stock tranche liability
—
—
(
10,341
)
—
Total other income (expense), net
4
(
20
)
(
10,337
)
(
40
)
Net loss and comprehensive loss
$
(
17,529
)
$
(
1,312
)
$
(
37,238
)
$
(
1,453
)
Net loss per share attributable to common stockholders—basic
and diluted
$
(
3.45
)
$
(
0.56
)
$
(
8.45
)
$
(
1.25
)
Weighted-average shares used in computing net loss per share—
basic and diluted
5,087,008
2,329,402
4,405,357
1,164,700
The accompanying notes are an integral part of these unaudited condensed financial statements.
2
Graphite Bio, Inc.
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)
(in thousands, except share data)
(unaudited)
Redeemable Convertible Preferred Stock
Additional
Total
Series A
Series B
Common Stock
Paid in
Accumulated
Stockholders'
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Equity (Deficit)
Balance at December 31, 2020
30,019,945
$
55,608
—
$
—
10,279,102
$
—
$
5,183
$
(
70,591
)
$
(
65,408
)
Issuance of Series A redeemable convertible
preferred stock for cash, net of issuance costs
of $
4
15,000,000
14,997
—
—
—
—
—
—
—
Issuance of Series B redeemable convertible
preferred stock for cash, net of issuance costs
of $
226
—
—
29,792,487
150,524
—
—
—
—
—
Stock-based compensation expense
—
—
—
—
—
—
1,033
—
1,033
Common stock shares issued upon early exercise
of options
—
—
—
—
918,825
—
—
—
—
Vesting of early exercised stock options
—
—
—
—
—
—
7
—
7
Reclassification of tranche liability upon
settlement
—
39,403
—
—
—
—
—
—
—
Net loss and comprehensive loss
—
—
—
—
—
—
—
(
19,709
)
(
19,709
)
Balance at March 31, 2021
45,019,945
$
110,008
29,792,487
$
150,524
11,197,927
$
—
$
6,223
$
(
90,300
)
$
(
84,077
)
Common shares issued upon exercise of stock options
—
—
—
—
3,383
—
21
—
21
Issuance of common shares in connection with
License Agreement with Stanford
—
—
—
—
640,861
—
—
—
—
Repurchase of common shares in connection with
terms of License Agreement with Stanford
—
—
—
—
(
624,845
)
—
—
—
—
Issuance of common stock upon initial public offering, net of issuance costs
—
—
—
—
14,000,000
—
218,177
—
218,177
Conversion of redeemable convertible preferred stock to common stock at closing of initial public offering
(
45,019,945
)
(
110,008
)
(
29,792,487
)
(
150,524
)
30,761,676
1
260,531
—
260,532
Vesting of early exercised stock options
—
—
—
—
—
—
42
—
42
Stock-based compensation expense
—
—
—
—
—
—
2,018
—
2,018
Net loss and comprehensive loss
—
—
—
—
—
—
—
(
17,529
)
(
17,529
)
Balance at June 30, 2021
—
$
—
—
$
—
55,979,002
$
1
$
487,012
$
(
107,829
)
$
379,184
The accompanying notes are an integral part of these unaudited condensed financial statements.
3
Graphite Bio, Inc.
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit)
(in thousands, except share data)
(unaudited)
Redeemable Convertible Preferred Stock
Additional
Total
Series A
Series B
Common Stock
Paid in
Accumulated
Stockholders'
Shares
Amount
Shares
Amount
Shares
Amount
Capital
Deficit
Deficit
Balance at December 31, 2019
—
$
—
—
$
—
—
$
—
$
—
$
(
2,218
)
$
(
2,218
)
Net loss and comprehensive loss
—
—
—
—
—
—
—
(
141
)
(
141
)
Balance at March 31, 2020
—
$
—
—
$
—
—
$
—
$
—
$
(
2,359
)
$
(
2,359
)
Common shares issued to founders and investor
—
—
—
—
8,548,517
—
—
—
—
Issuance of restricted common shares
—
—
—
—
832,983
—
—
—
Issuance of redeemable convertible preferred stock
upon conversion of outstanding related party
convertible note and accrued interest
5,019,945
5,020
—
—
—
—
—
—
—
Related party convertible note and accrued interest
cancellation
—
—
—
—
—
—
2,225
—
2,225
Issuance of redeemable convertible preferred stock
for cash, net of issuance costs of $
177
and fair
value of tranche liability of $
3,329
10,000,000
6,493
—
—
—
—
—
—
—
Stock-based compensation expense
—
—
—
—
—
—
1
—
1
Net loss and comprehensive loss
—
—
—
—
—
—
—
(
1,312
)
(
1,312
)
Balance at June 30, 2020
15,019,945
$
11,513
—
$
—
9,381,500
$
—
$
2,226
$
(
3,671
)
$
(
1,445
)
The accompanying notes are an integral part of these unaudited condensed financial statements.
4
Graphite Bio, Inc.
Condensed Statements of Cash Flows
(in thousands)
(unaudited)
Six Months Ended
June 30,
2021
2020
Cash flows from operating activities:
Net loss
$
(
37,238
)
$
(
1,453
)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation
206
1
Interest expense related to convertible notes
—
40
Stock-based compensation expense
3,051
1
Change in fair value of the Series A redeemable convertible preferred stock tranche
liability
10,341
—
Changes in assets and liabilities:
Prepaid expenses and other current assets and other assets
(
1,363
)
(
361
)
Accounts payable
3,451
280
Accrued compensation
257
53
Accrued expenses and other current liabilities and other liabilities
(
549
)
482
Net cash used in operating activities
(
21,844
)
(
957
)
Cash flows from investing activities:
Purchases of property and equipment
(
1,123
)
(
379
)
Net cash used in investing activities
(
1,123
)
(
379
)
Cash flows from financing activities:
Net proceeds from issuance of redeemable convertible preferred stock, net of issuance costs
165,521
9,998
Proceeds from issuance of initial public offering, net of issuance costs
219,454
—
Proceeds from issuance of convertible note to related party
—
5,000
Proceeds from issuance of common stock upon exercise of stock options
21
—
Proceeds from issuance of common stock shares upon early exercises of stock options
268
—
Net cash provided by financing activities
385,264
14,998
Net increase in cash, cash equivalents and restricted cash
362,297
13,662
Cash, cash equivalents and restricted cash, at beginning of period
19,817
6
Cash, cash equivalents and restricted cash, at end of period
$
382,114
$
13,668
Reconciliation of cash, cash equivalents and restricted cash to statement of financial
position:
Cash and cash equivalents
$
381,965
$
13,633
Restricted cash
149
35
Cash, cash equivalents and restricted cash in statement of financial position
$
382,114
$
13,668
Supplemental disclosures of non-cash investing and financing information:
Issuance of redeemable convertible preferred stock upon conversion of
outstanding related party convertible note and accrued interest
$
—
$
5,020
Related party convertible note and accrued interest cancellation
$
—
$
(
2,225
)
Purchases of property and equipment included in accounts payable
$
—
$
15
Conversion of redeemable convertible preferred stock to common stock at closing
of initial public offering
$
260,532
$
—
Vesting of early exercised stock options
$
49
$
—
Offering costs included in accrued expenses
$
1,277
$
—
Issuance costs for Series B redeemable convertible preferred stock included in accounts
payable
$
—
$
177
The accompanying notes are an integral part of these unaudited condensed financial statements.
5
Graphite Bio, Inc.
Notes to Condensed Financial Statements
(unaudited)
1.
Description of Business, Organization and Liquidity
Organization and Business
Graphite Bio, Inc. (the "Company") is a clinical-stage, next-generation gene editing company harnessing high efficiency targeted gene integration to develop a new class of therapies to potentially cure a wide range of serious and life-threatening diseases. The Company is pioneering a precision gene editing approach to achieve one of medicine's most elusive goals: to precisely "find & replace" any gene in the genome. The Company's next-generation gene editing platform allows us to precisely correct mutations, replace entire disease-causing genes with normal genes, or insert new genes into predetermined, safe locations. The Company's lead product candidate GPH101 is a highly differentiated approach with the potential to directly correct the mutation that causes sickle cell disease (SCD) and restore normal adult hemoglobin (HgbA) expression. The Company has received clearance of its IND application and intends to enroll the first patient in a Phase 1/2 clinical trial in the second half of 2021, with initial proof-of-concept data expected by the end of 2022.
From its inception in 2017, the Company's primary activities have been to perform research and development, undertake preclinical studies and enable manufacturing activities in support of its product development efforts, organize and staff the Company, establish its intellectual property portfolio, and raise capital to support and expand such activities.
The Company was incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc., and was reincorporated in the State of Delaware in October 2019. In February 2020, the Company changed its name to Integral Medicines, Inc., and again in August 2020, changed the name to Graphite Bio, Inc. Research and development of the Company's initial technology ceased at the end of 2018, and the Company did not have any significant operations or any research and development activities in 2019. In March 2020, the Company identified new gene editing technology which the Company sought to further develop, and the Company licensed the related intellectual property from The Board of Trustees of the Leland Stanford Junior University ("Stanford") in December 2020 (Note 6).
Reverse Stock Split
On June 18, 2021, the Company's board of directors approved an amendment to the Company's amended and restated certificate of incorporation to effect a reverse stock split of the Company's issued and outstanding common stock at a 1 for
2.432
ratio, which was effected on June 21, 2021.
The par value and authorized shares of common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. The condensed financial statements have also been retroactively adjusted to reflect a proportional
adjustment to the conversion ratio for each series of preferred stock that was effected in connection with the reverse stock split.
Initial Public Offering
On June 24, 2021, the Company's registration statement on Form S-1 relating to its initial public offering ("IPO") was declared effective by the Securities and Exchange Commission ("SEC") and the shares of its common stock began trading on the Nasdaq Global Market on June 25, 2021. The IPO closed on
June 29, 2021
, pursuant to which the Company issued and sold
14,000,000
shares of its common stock at a public offering price of $
17.00
per share. On July 2, 2021, the Company issued
2,100,000
shares of its common stock to the underwriters of the IPO pursuant to the full exercise of their option to purchase additional shares. The Company received in June and July 2021 net proceeds of approximately $
251.4
million from the IPO, after deducting underwriting discounts and commissions of $
19.1
million and offering costs of approximately $
3.2
million. Prior to the completion of the IPO, all shares of redeemable convertible preferred stock then outstanding were converted into
30,761,676
shares of common stock.
Liquidity
The Company has incurred significant operating losses since inception and has primarily relied on private equity and convertible debt financings to fund its operations. As of June 30, 2021, the Company had an accumulated deficit of $
107.8
million.  The Company expects to continue to incur substantial losses, and its transition to profitability will depend on the successful development, approval and commercialization of product candidates and on the achievement of sufficient revenues to support its cost structure. The Company may never achieve profitability, and unless and until then, the Company will need to continue to raise additional capital. Management expects that the existing cash and restricted cash of $
382.1
million as of June 30, 2021, including $
219.5
million cash received in June 2021 in connection with the Company's IPO, will be sufficient to fund its current operating plan for at least the next 12 months from the date of issuance of these condensed financial statements.
6
Coronavirus Pandemic
In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 ("COVID-19"), outbreak a pandemic. The ongoing COVID-19 pandemic may continue to affect the Company's ability to initiate and complete preclinical studies, delay the initiation of its planned clinical trials or future clinical trials or the progress or completion of its ongoing clinical trials, impede regulatory activities, disrupt the supply chain and the manufacture or shipment of drug substances and finished drug products for its product candidates for use in its clinical trials, impair testing, monitoring, data collection and analysis and other related activities or have other adverse effects on the Company's business, financial condition, results of operations and prospects. In addition, the pandemic has caused substantial disruption in the financial markets and may adversely impact economies worldwide, both of which could result in adverse effects on the Company's business and operations and its ability to raise additional funds to support its operations.
While certain measures have been relaxed in certain parts of the world as increasing numbers of people have received COVID-19 vaccines, others have remained in place with some areas continuing to experience renewed outbreaks and surges in infection rates. The extent to which such measures are removed or new measures are put in place will depend upon how the pandemic evolves, as well as the distribution of available vaccines, the rates at which they are administered and the emergence of new variants of the virus.  The Company is following, and will continue to follow, recommendations from the U.S. Centers for Disease Control and Prevention as well as federal, state, and local governments regarding working-from-home practices for non-essential employees as well as return-to-work policies and procedures. The Company expects to continue to take actions as may be required or recommended by government authorities or as the Company determines are in the best interests of its employees and other business partners in light of the pandemic.
In light of the ongoing COVID-19 pandemic, the Company's partner Stanford was delayed in making an IND filing. While the Company's operations to date have not been significantly impacted by the COVID-19 pandemic, it cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its business, financial condition and operations, including planned clinical trials and clinical development timelines. The impact of the COVID-19 pandemic on the Company's financial performance will depend on future developments, including the duration and spread of the pandemic, its impact on the Company's clinical trial enrollment, trial sites, contract research organizations ("CROs"), contract manufacturing organizations ("CMOs"), and other third parties with whom it does business, its impact on regulatory authorities and the Company's key scientific and management personnel, progress of vaccination and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets or the overall economy are impacted for an extended period, the Company's business may be materially adversely affected.
2. Summary of Significant Accounting Policies
Basis of Presentation
These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Unaudited Interim Condensed Financial Statements
The interim condensed balance sheet as of June 30, 2021, and the condensed statements of operations and changes in redeemable convertible preferred stock and stockholders' equity (deficit) for the three and six months ended June 30, 2021 and 2020 and the condensed statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited interim condensed financial statements have been prepared on the same basis as the annual financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company's financial position as of June 30, 2021 and its results of operations and cash flows for the six months ended June 30, 2021 and 2020. The financial data and the other financial information disclosed in these notes to the financial statements related to the three-month and six-month periods are also unaudited. The results of operations for the six months ended June 30, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other future annual or interim period. The condensed balance sheet as of December 31, 2020, included herein was derived from the audited financial statements as of that date. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from these interim financial statements. These condensed financial statements should be read in conjunction with the Company's audited financial statements included in the prospectus dated June 24, 2021 that forms a part of the Company's Registration Statement on Form S-1 (File No. 333-256838), as filed with the SEC pursuant to Rule 424(b)(4) promulgated under the Securities Act of 1933, as amended.
Significant Accounting policies
The significant accounting policies used in preparation of these condensed consolidated financial statements for the three and six months ended June 30, 2021 are consistent with those discussed in Note 2 to the consolidated financial statements included in the
7
Company's Amendment
N
o.
3
to
Form S-1
filed
on June 22, 2021, except as noted within the "Adopted and Recent Accounting Pronouncements" section.
Use of Estimates
The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but are not limited to those related to the fair value of the redeemable convertible preferred stock tranche liability, the fair value of redeemable convertible preferred stock and common stock, stock-based compensation expense, accruals for research and development costs, the valuation of deferred tax assets, and uncertain income tax positions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
Adopted and Recent Accounting Pronouncements
The Company is a smaller reporting company and an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act"). Under the JOBS Act, emerging growth companies can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Thus, the Company has elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that (i) the Company is no longer an emerging growth company or (ii) the Company affirmatively and irrevocably opts out of the extended transition period provided in the JOBS Act. However as described below, the Company early adopted certain accounting standards, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies to the extent early adoption is permitted.
In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-02,
Leases ("Topic 842")
. Under Topic 842, the Company determines if an arrangement is a lease at inception. Lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less may be accounted for similar to existing guidance for operating leases today and are not recorded on the Company's balance sheet. For non-public entities, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years, and early adoption is permitted. The Company early adopted the new standard as of
January 1, 2021
on a modified retrospective basis with no cumulative adjustment to accumulated deficit since the Company has only one operating lease, with a term of less than 12 months, and no plans to extend. The Company elected to take the practical expedient to not separate lease and non-lease components as part of the adoption. Lease agreements entered into after the adoption of Topic 842 that include lease and non-lease components are accounted for as a single lease component. Beginning on January 1, 2021, the Company's operating leases, excluding those with terms less than 12 months, will be discounted and recorded as assets and liabilities on the Company's balance sheet. As of June 30, 2021, the Company had
no
assets or liabilities related to the lease recorded on its condensed balance sheets.
In June 2016, the FASB issued ASU 2016-13,
Credit Losses
. The FASB also issued amendments and the initial ASU, and all updates are included herein as the Credit Losses standard or Topic 326. The new standard generally applies to financial assets and requires those assets to be reported at the amount expected to be realized. The ASU is effective for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. The Company is currently evaluating the potential impact of this standard on its condensed financial statements.
In December 2019, the FASB issued ASU 2019-12,
Income Taxes (Topic 740)
. The amendments in ASU 2019-12 simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify U.S. GAAP or other areas of Topic 740 by clarifying and amending existing guidance. The new standard is effective for the Company on January 1, 2022 and for interim periods beginning on January 1, 2023. The Company is currently evaluating the potential impact of this standard on its condensed financial statements.
8
In August 2020, the FASB issued ASU No. 2020-06,
Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity
(ASU 2020-06), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. This guidance will be effective for the Company in the first quarter of 2022 on a full or modified retrospective basis, with early adoption permitted. The Company is currently evaluating the potential impact of this standard on its condensed financial statements.
3. Fair Value Measurements
Assets and liabilities recorded at fair value on a recurring basis in the condensed balance sheets, as well as assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date.
The accounting guidance also establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:
Level 1 —
Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date;
Level 2 —
Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and
Level 3 —
Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data.
Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. An assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. The Company recognizes transfers into and out of levels within the fair value hierarchy in the period in which the actual event or change in circumstances that caused the transfer occurs.
As of June 30, 2021 and December 31, 2020, Level 1 securities consist of highly liquid money market funds, for which the carrying amounts approximate their fair values due to their short maturities. The Level 3 liability that is measured at fair value on a recurring basis is the redeemable convertible preferred tranche liability. The redeemable convertible preferred stock tranche liability is measured using the option pricing method by estimating the value using the Black-Scholes model. The inputs used in the Black-Scholes model include the fair value of the redeemable convertible preferred stock, the risk-free interest rate, the expected volatility and the expected term when the tranche will be settled.
Below are inputs used for the Level 3 liability as of December 31, 2020:
Redeemable
Convertible
Preferred Stock
Tranche Liability
Value of Series A Preferred Stock per share
$
2.94
Risk-free rate
0.08
%
Expected volatility
85.7
%
Term (in years)
0.13
In February 2021, the Company closed on the third tranche of the Series A redeemable convertible preferred stock financing, the remaining tranche liability was settled and, as such, the Company did not have any Level 3 financial instruments measured at fair value as of June 30, 2021.
9
During the periods presented, the Company has not changed the manner in which it values liabilities that are measured at estimated fair value using Level 3 inputs. There were
no
transfers within the hierarchy during the three and six months ended June 30, 2021 and 2020.
The following tables set forth the financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2021 and December 31, 2020 (in thousands):
June 30, 2021
Total Fair
Value
Level 1
Level 2
Level 3
Assets:
Money market funds
(1)
$
381,965
$
381,965
$
—
$
—
December 31, 2020
Total Fair
Value
Level 1
Level 2
Level 3
Assets:
Money market funds
(1)
$
19,782
$
19,782
$
—
$
—
Liabilities:
Redeemable convertible preferred stock
tranche liability
$
29,062
$
—
$
—
$
29,062
(1)
Included within cash and cash equivalents on the condensed balance sheet.
The following table provides a summary of changes in the estimated fair value of Level 3 financial instruments (in thousands):
Redeemable
Convertible
Preferred Stock
Tranche Liability
Balance as of December 31, 2020
$
29,062
Change in fair value
10,341
Settlement of Series A redeemable convertible
preferred stock tranche liability
(
39,403
)
Balance as of June 30, 2021
$
—
4. Property and Equipment, Net
Property and equipment, net as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands):
June 30,
2021
December 31,
2020
Computers and network equipment
$
24
$
24
Lab equipment
2,386
1,558
Construction in progress
260
—
Total property and equipment
2,670
1,582
Less: accumulated depreciation
(
327
)
(
121
)
Total property and equipment, net
$
2,343
$
1,461
Depreciation expense for the three and six months ended June 30, 2021 was $
0.1
million and $
0.2
million, respectively. Depreciation expense for the three and six months ended June 30, 2020 was $
1,000
and $
1,000
, respectively.
10
5. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities as of June 30, 2021 and December 31, 2020, consisted of the following (in thousands):
June
30, 2021
December
31, 2020
Preclinical and clinical studies
$
1,188
$
1,764
Professional fees
1,202
55
Early exercise liability
472
—
Other accrued expenses
227
71
Total accrued expenses and other current liabilities
$
3,089
$
1,890
6. Significant Agreements
Stanford Exclusive License Agreement and Option Agreement
In December 2020, the Company entered into an exclusive license agreement (the "License Agreement"), with The Board of Trustees of the Leland Stanford Junior University ("Stanford"), pursuant to which Stanford granted the Company a worldwide license to specified technology and patent rights to develop, manufacture and commercialize human prophylactic and therapeutic products. Other than with respect to specified, broadly applicable assays and procedures and subject to retained rights by Stanford, the license is exclusive with respect to human prophylactic and therapeutic products for the treatment of SCD, XSCID and beta thalassemia. The license is non-exclusive with respect to those broadly applicable assays and procedures and with respect to all human prophylactic and therapeutic products other than for the treatment of SCD, XSCID and beta thalassemia.
Pursuant to the License Agreement, the Company paid an upfront license fee of $
50,000
, and, as additional consideration for the license, the Company agreed to issue to Stanford approximately
0.6
million shares of common stock. As of December 31, 2020, the Company recorded its obligations to issue Stanford shares of common stock at an estimated fair value of $
2.8
million to additional paid in capital. The shares of common stock are expected to be issued when Stanford provides the inventors' names for allocation of the shares. Stanford also received an option to purchase up to
10
% of newly issued shares in the future private financings at the price paid by other participating investors. During the six months ended June 30, 2021, the Company entered into an amendment to the License Agreement, pursuant to which it extended the time when the shares will be issued to April 7, 2021.
On May 7, 2021, the Company issued an aggregate of
640,861
shares of the Company's common stock to Stanford and certain individuals designated by Stanford in consideration for rights granted to the Company under the Company's exclusive license agreement.
On June 18, 2021, the Company exercised its right to repurchase an aggregate of
624,845
shares from each founder and investor under the Stanford Adjustment Repurchase Right, as described below.
The acquisition of the exclusive license, including patent rights and know-how, and clinical supplies was accounted for as an asset acquisition and as the acquired technology and inventories did not have an alternative use, the total consideration of $
2.8
million was recorded as research and development expense in the statements of operations and comprehensive loss for the year ended December 31, 2020.
In connection with the License Agreement, the Company reimbursed Stanford $
0.2
million for previously incurred patent costs, which were recorded in general and administrative expenses for the year ended December 31, 2020 and, in addition, is obligated to reimburse future patent costs. The Company is also obligated to pay annual maintenance fees as follows: $
5,000
in the first year, $
10,000
in each year 2 and 3, $
25,000
in each year 3 through 6, $
50,000
each subsequent year until first commercial sale and $
200,000
each subsequent year after the first commercial sale.
The Company is obligated to make future development and regulatory milestones in total of up to $
5.3
million, sales based milestones of up to $
7.5
million and royalties on future sales at percentage rates ranging in the low single digits. In addition, if the Company receives any sublicense income, it is required to share it with Stanford as a certain percentage defined for each milestone in the License Agreement. The Company will record the maintenance fees, when payable, and will record milestones when contingencies are resolved, and milestones are due.
No
milestones were achieved and recorded as of June 30, 2021 and December 31, 2020.
11
In January 2021, the Company entered into an option agreement (the "First Option Agreement"), with Stanford, pursuant to which Stanford granted the Company the right to obtain a license to specified patent rights relating to human prophylactic and therapeutic products. The Company may exercise the option in whole or in part to obtain a license under one or more of the optioned patent rights.
Subject to the Company's exercise of the option under the First Option Agreement and its execution of an amendment to the License Agreement that incorporates the optioned patent rights and any optioned technology, the Company has agreed to issue to Stanford
132,137
shares of its common stock and pay a license execution fee of $
10,000
.
The term of the First Option Agreement expires
18
months after its effective date, subject to the Company's right to extend such expiration date by up to an additional one year upon notice to Stanford and by another additional one year upon the reasonable agreement of Stanford. The First Option Agreement will terminate if the License Agreement terminates. As of June 30, 2021, the Company had
no
t exercised the option under the First Option Agreement.
In April 2021, the Company entered into an option agreement (the "Second Option Agreement") with Stanford to negotiate the license for additional technologies from Stanford. Pursuant to the Second Option Agreement, the Company agreed to pay Stanford option fees in an aggregate amount of $
30,000
over the term of the option. As of June 30, 2021, the Company had
no
t exercised the option under the Second Option Agreement.
During the six months ended June 30, 2021, the Company entered into an amendment to the License Agreement, pursuant to which it extended the time when the shares will be issued to April 7, 2021. During the three and six months ended June 30, 2021, the reimbursements of patent costs to Stanford were minimal. During the three and six months ended June 30, 2021, the Company has recognized $
50,000
and $
50,000
in research and development expense in connection with the License Agreement.
IDT License Agreement
On June 7, 2021, the Company entered into a License Agreement ("IDT License Agreement") with Integrated DNA Technologies, Inc. ("IDT"). Pursuant to the IDT License Agreement, IDT granted the Company and its affiliates a worldwide, non-exclusive, sublicensable license to research and develop products incorporating HiFi Cas9 protein variants for use in human therapeutic applications for SCD, XSCID and Gaucher disease (the Field) and a worldwide, exclusive, sublicensable license to commercialize such products in the Field. The Company has also been granted the right to expand the licensed Field to include human therapeutic applications in the additional fields of beta thalassemia disorder and lysosomal storage disorders upon the payment of an exercise fee in the amount of $
0.5
million per additional field or $
1.0
million for both additional fields.
In consideration of the licenses and rights granted to the Company under the IDT License Agreement, the Company agreed to pay to IDT an upfront payment in the amount of $
3.0
million and up to $
5.3
million (or $
8.8
million if the Company elects to expand the Field as described above to include both the beta thalassemia and lysosomal storage disorders fields) in total regulatory milestone payments. Each regulatory milestone payment is payable once on an indication-by-indication basis. In addition, the Company has agreed to pay IDT a low single-digit royalty on the net sales of products, subject to reductions in specified circumstances.
The acquisition of the license was accounted for as an asset acquisition and as the acquired technology did not have an alternative use, the total consideration of $
3.0
million was recorded as research and development expense in the statements of operations and comprehensive loss for the three and six months ended June 30, 2021.
The IDT License Agreement remains in effect on a country-by-country and product-by-product basis until the expiration of the royalty term for such product in such jurisdiction. The Company and IDT each have the right to terminate the IDT License Agreement for the other party's material breach of its obligations under the IDT License Agreement, subject to specified rights to cure. Additionally, the Company may terminate the IDT License Agreement for any reason upon written notice.
During the three and six months ended June 30, 2021, the Company has recognized $
3.0
million and $
3.0
million, respectively in research and development expense in connection with the IDT License Agreement.  There are
no
milestones probable as of June 30, 2021; therefore,
no
milestone payments have occurred in the three and six months ended June 30, 2021.
7. Commitments and Contingencies
Research and Development Agreements
The Company enters into contracts in the normal course of business with CROs for clinical trials, with CMOs or other vendors for preclinical studies, supplies and other services and products for operating purposes. These contracts generally provide for termination on notice or may have a potential termination fee if a purchase order is cancelled within a specified time. As of June 30, 2021 and December 31, 2020, there were
no
amounts accrued related to termination and cancellation charges as the Company has not determined cancellation to be probable.
12
License Agreements
The Company enters into license agreements (Note 6), pursuant to which the Company is required to pay certain cash milestones contingent upon the achievement of specific events. No such milestones were achieved or probable as of June 30, 2021 and December 31, 2020. The Company is required to pay royalties on sales of products developed under the agreements. All products are in development as of June 30, 2021 and December 31, 2020, and
no
such royalties were due.
Legal Contingencies
From time to time, the Company may become involved in legal proceedings arising from the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on its financial position, results of operations or cash flows.
Operating Leases
In April 2020, the Company entered into a
one-year
lease agreement for its headquarter facility located in South San Francisco, California with a significant portion of the premises allocated to the research lab. Due to the COVID-19 pandemic, the use of the entire facility was temporarily designated to research and, as such, all associated costs were expensed as research and development. In addition to payment of base rent, the Company is also required to pay property taxes, insurance and common area expenses. The Company records rent expense on a straight-line basis over the term of the lease.
The original term of the lease was from
May 11, 2020
to
June 30, 2021
, with an option to renew. In March 2021, the Company entered into an amendment to the lease agreement and extended the term of the lease to
September 30, 2021
.
On January 27, 2021, the Company entered into a new lease agreement for office and lab space in South San Francisco, CA which will commence on
August 2021
.
The term of the lease is
42
months with a right to extend the term of for additional
two years
on the same terms and conditions.
The corresponding right-of-use asset and lease liability will be recorded on the Company's balance sheet when the lease commences.
As of June 30, 2021 and December 31, 2020, the Company had a remaining obligation for the base rent in the amount $
0.1
million and $
0.2
million, respectively.
Guarantees and Indemnifications
In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. Its exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To the extent permitted under Delaware law, the Company has agreed to indemnify its directors and officers for certain events or occurrences while the director or officer is, or was serving, at a request in such capacity. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2021 and December 31, 2020, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.
8. Redeemable Convertible Preferred Stock
In June 2021, immediately prior to the completion of the Company's IPO (Note 1), all outstanding shares of redeemable convertible preferred stock were automatically converted into
30,761,676
shares of common stock. Upon conversion into common stock, the carrying value of the redeemable convertible preferred stock of $
260.5
million was reclassified to equity.
Series A Redeemable Convertible Preferred Stock
In June 2020, the Company issued
10,000,000
shares of its Series A redeemable convertible preferred stock at a price of $
1.00
per share for gross cash proceeds of $
10.0
million and issued
5,019,949
shares of its Series A redeemable convertible preferred stock upon the conversion of the outstanding convertible note and accrued interest
.
In connection with the initial issuance of the shares of its Series A redeemable convertible preferred stock, the Company had an obligation to sell and the holders had the obligation to purchase the additional
30,000,000
shares of Series A redeemable convertible preferred stock at $
1.00
per share upon the achievement of certain milestones as determined by the Board and approved by at least one
13
of the investors, or upon the waiver of such milestones by the holders of at least
75
% of the outstanding shares of Series A redeemable convertible preferred stock, in
two
equal tranches of $
15.0
million each. The Company determined that the obligation to sell additional shares is a freestanding financing instrument and a liability. The Company estimated the fair value of the liability to be $
3.3
million and recorded it as a reduction to redeemable convertible preferred stock and as a derivative redeemable convertible preferred stock tranche liability in its balance sheet at the issuance date.
In December 2020, the requisite holders waived the second tranche milestone event and the Company issued
15,000,000
shares of its Series A redeemable convertible preferred stock for gross cash proceeds of $
15.0
million. The redeemable convertible preferred stock tranche liability related to the second tranche shares was remeasured to fair value of $
29.1
million and reclassified to redeemable convertible preferred shares upon the settlement.
In connection with the issuance of Series A redeemable convertible preferred stock, in the year ended December 31, 2020, the Company incurred issuance costs of $
0.2
million. As of December 31, 2020, the redeemable convertible preferred stock tranche liability related to the third tranche shares was remeasured at fair value of $
29.1
million and continued to be reported in current liabilities.
The Company settled the third tranche in February 2021 and issued
15,000,000
shares of its Series A redeemable convertible preferred stock for gross cash proceeds of $
15.0
million. The Company recognized a total of $
54.8
million as other loss in the statements of operations and comprehensive loss related to the changes in the fair value of the redeemable convertible preferred stock tranche liabilities during the year ended December 31, 2020
.
Prior to the closing of the third tranche of the Series A preferred stock financing in February 2021, the remaining tranche liability was remeasured at a fair value of $
39.4
million. The Company recognized a loss of $
10.3
million in the condensed statements of operations and comprehensive loss related to the change in the fair value of the redeemable convertible preferred stock tranche liability during the six months ended June 30, 2021.
In connection with the closing of the third tranche of Series A redeemable convertible preferred stock, during the six months ended June 30, 2021, the Company incurred issuance costs of $
4,000
.
Series B Redeemable Convertible Preferred Stock
In March 2021, the Company issued
29,792,487
shares of the Series B redeemable convertible preferred stock at $
5.06
per share for gross cash proceeds of $
150.7
million. The Company incurred issuance costs of $
0.2
million
.
9. Common Stock
As of June 30, 2021 and December 31, 2020, the Company was authorized to issue
300,000,000
and
80,000,000
shares of its common stock with $
0.00001
par value per share, respectively. Each share of the Company's common stock is entitled to
one
vote.
In connection with the IPO in June 2021, all outstanding shares of redeemable convertible preferred stock were converted into
30,761,676
shares of common stock.
The IPO closed on June 29, 2021, pursuant to which the Company issued and sold
14,000,000
shares of its common stock at a public offering price of $
17.00
per share.
Shares Reserved for Future Issuance
As of June 30, 2021 and December 31, 2020, the Company reserved common stock for future issuances as follows:
June
30, 2021
December
30, 2021
Series A redeemable convertible preferred stock
—
12,343,727
Outstanding stock option awards
4,752,515
306,739
Shares available for future stock option grants
5,254,863
2,064,221
ESPP shares available for future grants
564,000
—
Total shares reserved for future issuance
10,571,378
14,714,687
14
Founders' and Investor's Restricted Common Stock
In March 2020 the Board approved and in April 2020, the Company issued
6,081,413
shares of its common stock to its founders and
2,467,104
shares of its common stock to its investor at the purchase price of $
0.00002
per share. As of December 31, 2020, the investor's shares were fully vested and a portion of the shares issued were subject to the Company's option to repurchase per the Stanford Adjustment Repurchase Right, as described below.
The shares of the Company's common stock issued to its founders for their services as an employee, advisor or consultant vest monthly over
four years
with
one year
cliff from the vesting commencement date.
The vesting commencement date was the date of the initial closing of the Series A preferred stock financing or June 24, 2020. Pursuant to the restricted stock purchase agreements with each of the founders, the vesting of the founders' common stock shares could be accelerated upon the occurrence of certain events, including signing of the term sheet for the license with Stanford, a change in control, or if the founder's service is terminated by the Company without cause. The Company signed the term sheet with Stanford in June 2020, and as a result, an aggregate of
912,212
shares of founders' common stock vested pursuant to the acceleration terms.
If a founder terminates the service relationship with the Company during the vesting period, the Company may repurchase any unvested restricted common stock at the price per share equal to the lower of (i) the original purchase price, subject to adjustment in the event of any reorganization, recapitalization, reclassification, stock dividend, stock split, reverse stock split, or (ii) the current fair market value as of the date the Company elects to exercise its Stanford Adjustment Repurchase Right, as described below. The repurchase right lapses in 180 days after the termination of the founder's service or employment. During the vesting term, holders of founders' common stock awards are deemed to be common stockholders and have the right to receive dividends and voting rights.
The founders' shares of common stock are also subject to the Company's option to repurchase per the Stanford Adjustment Repurchase Right, as described below.
The Company accounts for shares issued to founders as equity compensation awards and the estimated fair value at the grant date was minimal.
3,354,492
and
5,169,202
shares of founders' common stock awards were unvested and expected to vest in
3.0
years and
3.5
years as of June 30, 2021, and December 31, 2020, respectively.
Stanford Adjustment Repurchase Right
Upon the issuance of shares of common stock to Stanford pursuant to the License Agreement, as discussed in Note 6, the Company has a right to repurchase from each founder and an investor a number of shares of common stock equal to the number of shares issued to Stanford multiplied by the applicable number of shares issued to the founder or investor, as applicable, divided by
7,273,848
shares (a fully diluted number of shares of the Company at the end of March 2020, after founders and the investor's shares were approved by the board of directors). The Stanford Adjustment Repurchase Right may be exercised by the Company within six months following the date of the issuance of the shares of common stock to Stanford. The repurchase price per share is equal to the lower of (i) the purchase price, subject to adjustment in the event of any reorganization, recapitalization, reclassification, etc., or (ii) the current fair market value as of the date the Company elects to exercise its Stanford Adjustment Repurchase Right.
On May 7, 2021, the Company issued an aggregate of
640,861
shares of the Company's common stock to Stanford and certain individuals designated by Stanford in consideration for rights granted to the Company under the Company's exclusive license agreement.
On June 18, 2021, the Company exercised its right to repurchase an aggregate of
624,845
shares from each founder and investor under the Stanford Adjustment Repurchase Right.
The Company accounts for the founders and investor's shares of restricted common stock as equity share-based awards.
10. Equity Incentive Plans
2020 Stock Option and Grant Plan
The Company grants share-based awards under the 2020 Stock Option and Grant Plan, as amended (the "2020 Plan"). The Company may grant under the 2020 Plan incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units and other share-based awards to the Company's officers, employees, directors and consultants. Options under the 2020 Plan may be granted for periods of up to
10
years and at prices no less than
100.0
% of the estimated fair value of the shares on the date of grant as determined by the Board, provided, however, that the exercise price of an incentive stock option granted to a
10.0
% stockholder shall not be less than
110.0
% of the estimated fair value of the shares on the date of grant and the option is not exercisable after the expiration of
five years
from the date of grant. Options generally vest monthly over
four years
with or without one year cliff vesting. Per the 2020
15
Plan, granted options maybe early exercised prior to vesting and the Company will issue shares of restricted stock upon the early exercise with vesting terms consistent with the original grant.
Upon completion of the Company's IPO, the remaining shares available for issuance under the 2020 Plan were retired
.
2021 Stock Option and Grant Plan
In June 2021, the Company' Board of Directors approved the 2021 Stock Option and Incentive Plan (the "2021 Plan") that became effective immediately prior to the date when the Company's prospectus was declared effective by the SEC on June 24, 2021. The Company will initially reserve
5,636,000
shares of common stock for issuance of awards under the 2021 Plan. The 2021 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2022, by
5
% of the outstanding number of shares of our common stock on the immediately preceding December 31, or such lesser number of shares as determined by our compensation committee. The option exercise price of each option will be determined by our compensation committee but generally may not be less than
100
% of the fair market value of our common stock on the date of grant. The term of each option will be fixed by our compensation committee and may not exceed
ten years
from the date of grant. The grant date fair value of all awards made under our 2021 Plan and all other cash compensation paid by us to any non-employee director for services as a non-employee director in any calendar year may not exceed $
1,000,000
for the first year of service and $
750,000
for each year of service thereafter.
The table below presents a summary of activities and a reconciliation of shares of common stock remaining for grant under the 2020 Plan and 2021 Plan during the six months ended June 30, 2021 and the year ended December 31, 2020:
June 30,
2021
December
31, 2020
Shares authorized under 2020 and 2021 Plans
5,636,000
4,101,545
Options granted
(
381,137
)
(
1,204,341
)
Restricted stock awards granted
—
(
832,983
)
Remaining shares available for grant
5,254,863
2,064,221
Restricted Stock Awards
In 2020, the Company issued
832,983
shares of common stock as restricted stock awards under the 2020 Plan. The purchase price of the restricted common stock awards was fair value as determined by the Board at the issuance date. The shares vest monthly over
four years
with the one-year cliff vesting from the grant date. Upon termination of employment, the Company has the right to repurchase any unvested restricted shares. The repurchase price for unvested shares of common stock will be the lower of (i) the fair market value on the date of repurchase or (ii) their original purchase price. There were
no
grants of restricted stock awards for the three and six months ended June 30, 2021 and there were
832,983
grants of restricted stock awards for the three and six months ended June 30, 2020.
The Company accounted for restricted stock awards as early exercised options and recognized a liability in other liabilities when cash was received for the purchase of shares of restricted stock awards. As shares of restricted stock awards vest, the Company reclassified the liability to common stock and additional paid in capital. At June 30, 2021 and December 31, 2020, the Company recorded a minimal liability for restricted stock awards included in other liabilities.
No
restricted stock award shares were cancelled, or repurchased as of June 30, 2021 and December 31, 2020.  There were
241,842
and
zero
shares of restricted stock vested as of June 30, 2021 and December 31, 2020, respectively.
16
Employee Stock Purchase Plan
In June 2021, the Company's board of directors and stockholders approved the 2021 Employee Stock Purchase Plan, or the 2021 ESPP, which became effective upon the IPO. The 2021 ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the Internal Revenue Code of 1986, as amended, and is administered by the Company's board of directors and the Compensation Committee of the board of directors. Under the 2021 ESPP,
564,000
shares of the Company's common stock have been initially reserved for employee purchases of the Company's common stock. The 2021 ESPP allows eligible employees to purchase shares of the Company's common stock at a discount through payroll deductions of up to
15
% of their eligible compensation. At the end of each offering period, employees are able to purchase shares at
85
% of the lower of the fair market value of the Company's common stock at the beginning of the offering period or at the end of each applicable purchase period. The first purchase period commenced upon the completion of the Company's IPO will end on November 30, 2021.  The Company recorded $
45,000
in accrued liabilities as of  June 30, 2021.
Three Months
Ended
June 30,
Six Months
Ended
June 30,
2021
2021
Expected volatility
72.00
%
72.00
%
Expected dividend yield
0.00
%
0.00
%
Expected term (in years)
0.44
0.44
Risk-free interest rate
1.00
%
1.00
%
Incentive Stock Options and Nonqualified Stock Options
Stock options issued under the 2020 Plan generally vest over a
four-year
period and expire
ten years
from the date of grant. Certain options provide for accelerated vesting if there is a change in control, as defined in the individual award agreements.
The Company used the Black-Scholes option pricing model to estimate stock-based compensation expense for stock option awards granted during the periods presented, with the following assumptions.
Three Months
Ended
June 30,
Six Months
Ended
June 30,
2021
2021
Expected volatility
76
%
76% -77.74%
Expected dividend yield
0.00
%
0.00
%
Expected term (in years)
5.95
5.48 - 6.04
Risk-free interest rate
1.00
%
0.56%-1.04%
A summary of option activity under the 2020 Plan and the 2021 Plan during the six months ended June 30, 2021 is as follows:
Number of
Options
Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Term (in
years)
Aggregate
Intrinsic
Value (in
thousands)
Outstanding as of December 31, 2020
306,739
0.29
9.9
$
1,365
Options granted - 2020 Plan
4,986,847
$
5.39
Options exercised
(
922,208
)
$
0.31
Options granted - 2021 Plan
381,137
$
17.00
Outstanding as of June 30, 2021
4,752,515
$
6.95
9.8
$
112,995
Exercisable
126,434
$
5.69
9.7
$
3,166
Vested and expected to vest at June 30, 2021
4,752,515
$
6.95
9.8
$
112,995
17
Aggregate intrinsic value represents the difference between the fair value of the underlying common stock and the exercise price as of June 30, 2021.  The weighted-average grant date fair value of options granted during the three and six months ended June 30, 2021 was $
6.17
and $
5.44
per share, respectively. The intrinsic value of the stock options exercised during the three and six months ended June 30, 2021 was $
6,000
and $
4.6
million, respectively.
The total fair value of stock options vested during the three and six months ended June 30, 2021 was $
0.1
million and $
1.3
million, respectively.
There was
no
activity for options during the three and six months ended June 30, 2020.
Early Exercise of Stock Options
The terms of the 2020 Plan permit the exercise of options granted prior to vesting, subject to required approvals. The unvested shares are subject to the repurchase right upon termination of employment at the original purchase price. The repurchase right lapses in
180
days after the termination of the employee's employment. Shares purchased by employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be issued until those shares vest according to their respective vesting schedules. Cash received for early exercised stock options is recorded as other liabilities on the balance sheet and is reclassified to common stock and additional paid-in capital as such shares vest.
At June 30, 2021 and December 31, 2020,
1,614,832
shares and
865,129
shares, respectively, remained subject to the right of repurchase as a result of the early exercised stock options. The remaining liability related to early exercised shares as of June 30, 2021 and December 31, 2020 was $
0.5
million and $
0.3
million, respectively, and was recorded within accrued expenses and other liabilities on the Company's condensed balance sheets.
Stock-Based Compensation Expense
The following table presents the components of stock-based compensation expense for the Company's stock-based awards for the periods presented (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Restricted stock awards and founders' common stock
awards
$
1
$
1
$
1
$
1
ESPP
6
6
Stock options
2,011
3,044
Total stock-based compensation expense
$
2,018
$
1
$
3,051
$
1
The above stock-based compensation expense also includes the expenses of $
0.2
million and $
0.3
million related to stock options issued to the non-employees for the three months ended and six months ended June 30, 2021, respectively.
The following table presents the classification of stock-based compensation expense for the Company's stock-based awards for the periods presented (in thousands):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Research and development expenses
$
614
$
—
$
811
$
—
General and administrative expenses
1,404
1
2,240
$
1
Total stock-based compensation expense
$
2,018
$
1
$
3,051
$
1
As of June 30, 2021, and December 31, 2020 there was $
29.0
million and $
2.9
million of unrecognized stock-based compensation expense related to the employee and non-employee awards, which is expected to be recognized over a weighted-average period of
3.6
years and
3.7
years, respectively.
18
11. Net Loss Per Share Attributable to Common Stockholders
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders, which excludes shares which are legally outstanding, but subject to repurchase by the Company (in thousands, except share and per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Numerator:
Net loss
$
(
17,529
)
$
(
1,312
)
$
(
37,238
)
$
(
1,453
)
Denominator:
Weighted-average common shares outstanding
12,482,522
8,660,951
11,781,319
4,330,475
Less: weighted-average unvested restricted shares and
shares subject to repurchase
(
7,395,514
)
(
6,331,549
)
(
7,375,962
)
(
3,165,775
)
Weighted-average shares used to compute basic and diluted
net loss per share attributable to common stockholders
5,087,008
2,329,402
4,405,357
1,164,700
Net loss per share attributable to common stockholders—
basic and diluted:
$
(
3.45
)
$
(
0.56
)
$
(
8.45
)
$
(
1.25
)
Anti-dilutive Outstanding Shares or Equivalents
Three Months Ended
June 30,
Six Months Ended
June 30,
2021
2020
2021
2020
Redeemable convertible preferred stock
-
15,019,945
-
15,019,945
Options to purchase common stock
4,752,515
-
4,752,515
-
Common stock subject to vesting or repurchase
5,560,465
6,002,187
5,560,465
6,002,187
Employee Stock Purchase Plan shares
31,850
-
31,850
-
Total
10,344,830
21,022,132
10,344,830
21,022,132
12. Related Party Transactions
Related Party Convertible Notes and Expenses Reimbursement
In June 2017, the Company issued a convertible promissory note (the "2017 Note") to its sole investor, Versant, for $
2.0
million with
4
% annual interest rate payable upon maturity in December 2018. The outstanding principal amount of the 2017 Note and any unpaid accrued interest were automatically convertible into preferred shares sold in a qualified financing, as defined in the agreement at a conversion price equal to the lesser of:
80
% the purchase price paid per preferred share, and $
5.0
million divided by the aggregate number of the Company's fully diluted equity immediately prior to the closing of the qualified financing. The Company could not prepay the 2017 Note without the consent of the holder. In an event of change of control, the holder could, at the option of the holder and upon written notice to the Company, elect to convert the principal and accrued interest as of the date of such election (if not previously converted or repaid) into number of shares of the Company's common shares at the conversion price equal to $
3.0
million divided by the aggregate number of the Company's fully diluted equity immediately prior to the date of such election. On the maturity date, the holder could, at the option of the holder and upon a written notice to the Company, elect to convert the principal and accrued interest into number of shares of a newly designated series of the Company's preferred shares (at the conversion price equal to $
3.0
million divided by the aggregate number of the Company's fully diluted equity prior to the maturity date. Upon an event of default, as defined in the agreement, at the option and upon the declaration of the holder and upon written notice to the Company, all principal and unpaid accrued interest would become due and payable.
In April 2020, the 2017 Note principal of $
2.0
million and the related interest of $
0.3
million were outstanding and in default, but were forgiven and recorded to additional paid in capital as a related investor note forgiveness.
The Company accounted for the forgiveness as a debt extinguishment. The estimated fair values of the embedded share-settlement put option and default options were minimal as of the cancellation date.
19
In March 2020, the Company issued a new convertible promissory note (the "2020 Note") for $
5.0
million to Versant with an interest rate of
1.6
% per annum payable at maturity in
March 2021
. The outstanding principal amount of the 2020 Note and any unpaid accrued interest are to be automatically convertible into the Company's preferred shares sold in a qualified financing, as defined in the agreement, into that number of preferred shares sold in such qualified financing as is equal to the quotient of (i) the conversion amount (note principal and accrued interest) divided by (ii) the per share price at which the preferred shares are sold in such qualified financing and on such other terms and conditions provided to investors in the qualified financing. The Company could not prepay the note without the consent of the holder. In an event of change of control, the holder could, at the option of the holder and upon written notice to the Company, elect to convert the principal and accrued interest as of the date of such election (if not previously converted or repaid) into number of shares of the Company's common shares at the conversion price equal to $
31.7
million divided by the aggregate number of the Company's fully diluted equity immediately prior to the date of such election. On the maturity date, the holder could, at the option of the holder and upon a written notice to the Company, elect to convert the principal and accrued interest into number of shares of a newly designated series of the Company's preferred shares (at the conversion price equal to $
31.7
million divided by the aggregate number of the Company's fully diluted equity prior to the maturity date). Upon an event of default, as defined in the agreement, at the option and upon the declaration of the holder and upon written notice to the Company, all principal and unpaid accrued interest would become due and payable.
The principal and accrued interest of the 2020 Note were converted into
5,019,945
shares of the Company's Series A redeemable convertible preferred stock in June 2020, per its embedded share-settlement put option provision. Issued preferred shares were recorded at fair value at the issuance date, and there was
no
extinguishment gain or loss recorded on the conversion.
Please refer to Note 8 for more details on the Series A redeemable convertible preferred stock.
13. Subsequent Events
On June 29, 2021, the underwriters also exercised their option to purchase an additional
2,100,000
shares of common stock at the IPO price, less the underwriting discounts and commissions. The closing of the offering of the additional shares occurred on July 2, 2021.
The Company issued and sold
2,100,000
shares of its common stock at a public offering price of $
17.00
per share and received net proceeds of approximately $
33.2
million before deducting the underwriting discounts and commissions and estimated offering expenses.
20
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our condensed financial statements and the related notes and other financial information included elsewhere in this Quarterly Report on Form 10-Q and our final prospectus, dated June 24, 2021, as filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, relating to our Registration Statements on Form S-1 (File No. 333-256838) (the "Prospectus").
In addition to historical financial information, this discussion and other parts of this report contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, based upon current expectations that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the section titled "Risk Factors" under Part II, Item 1A below. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "should," "will" or the negative of these terms or other similar expressions. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results and events to differ from those anticipated. These statements are based upon information available to us as of the date of this Quarterly Report on Form 10-Q, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements, like all statements in this report, speak only as of their date, and we undertake no obligation to update or revise these statements in light of future developments. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements
.
Overview
We are a clinical-stage, next-generation gene editing company harnessing high efficiency targeted gene integration to develop a new class of therapies to potentially cure a wide range of serious and life-threatening diseases. We are pioneering a precision gene editing approach to achieve one of medicine's most elusive goals: to precisely "find & replace" any gene in the genome. Our next-generation gene editing platform allows us to precisely correct mutations, replace entire disease-causing genes with normal genes, or insert new genes into predetermined, safe locations. We believe our approach could enable broad applications to transform human health, including directly correcting mutations, engineering cells to permanently deliver therapeutic proteins, and precisely engineering effector cells to treat or cure a wide range of serious genetic and other diseases, including cancer, autoimmune and neurodegenerative diseases.
Our lead product candidate GPH101 is a highly differentiated approach with the potential to directly correct the mutation that causes SCD and restore normal HgbA expression. Curing sickle cell disease by correcting the disease-causing point mutation to normal is viewed as the gold-standard for curing SCD and has been the dream of treating physicians for generations. We have received clearance of our IND and we intend to enroll the first patient in a Phase 1/2 clinical trial of GPH101 in the second half of 2021. We are also advancing our research programs and pipeline of potentially one-time curative therapies for a wide range of genetic and other serious diseases and intend to file an IND for a second program by mid 2023.
We were incorporated in Ontario, Canada in June 2017 as Longbow Therapeutics Inc. and were reincorporated in the State of Delaware in October 2019. In February 2020, we changed our name to Integral Medicines, Inc. and in August 2020, we changed our name to Graphite Bio, Inc. Research and development of our initial technology ceased at the end of 2018 and we did not have any significant operations or any research and development activities in 2019. In March 2020, we identified new gene editing technology which we sought to further develop, and we licensed the related intellectual property rights from The Board of Trustees of the Leland Stanford Junior University (Stanford) in December 2020.
Since our inception in June 2017, we have devoted substantially all of our resources to performing research and development, enabling manufacturing activities in support of our product development efforts, hiring personnel, acquiring and developing our technology and product candidates, organizing and staffing our Company, performing business planning, establishing our intellectual property portfolio, raising capital and providing general and administrative support for these activities. We have one product candidate that has an accepted IND. All of our other product candidates are in preclinical development, and we do not have any products approved for sale and have not generated any revenue from product sales. To date, we have funded our operations primarily with an aggregate of $197.7 million in aggregate gross proceeds from the sales of our redeemable convertible preferred stock and the issuance of convertible notes. In June and July 2021, we completed our initial public offering ("IPO") and issued 16,100,000 shares of our common stock for $17.00 a share with a total net proceeds of approximately $251.4 million, and total underwriting costs of $19.1 million and issuance costs of $3.2 million. We will continue to require additional capital to develop our product candidates and fund operations for the foreseeable future. Accordingly, until such time as we can generate significant revenue from sales of our product candidates, if ever, we expect to finance our cash needs through public or private equity or debt financings, and collaborations, strategic alliances and licensing arrangements with third parties.
21
We have incurred significant operating losses since inception. As of June 30, 2021, we had cash and cash equivalents
and restricted cash
of $
382.1
million and an accumulated deficit of $
107.
8
million. We expect to continue to incur substantial losses for the foreseeable future, and our transition to profitability will depend upon successful development, approval and commercialization of our product candidates and upon achievement of sufficient revenues to support our cost structure. We do not expect to generate any revenue from commercial product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take at least several years. We may never achieve profitability, and unless and until then, we will need to continue to raise additional capital. Based upon our current operating plan, we estimate that our cash and cash equivalents as of
June 30, 2021
will be sufficient to fund our operating expenses and capital expenditure requirements for at least the next
12
months.
We expect our expenses will increase substantially in connection with our ongoing and planned activities, as we:
•
advance product candidates through preclinical studies and clinical trials;
•
manufacture supplies for our preclinical studies and clinical trials;
•
acquire, discover, validate and develop additional product candidates and technologies;
•
attract, hire and retain additional personnel;
•
operate as a public company;
•
implement operational, financial and management systems;
•
pursue regulatory approval for any product candidates that successfully complete clinical trials;
•
expand or establish additional facilities for our growing business and operations;
•
establish a sales, marketing and distribution infrastructure to commercialize any product candidate for which we may obtain marketing approval and related commercial manufacturing build-out; and
•
obtain, maintain, expand and protect our portfolio of intellectual property rights.
We rely and will continue to rely on third parties in the conduct of our preclinical studies and clinical trials and for manufacturing and supply of our product candidates. We have no internal manufacturing capabilities, and we may continue to rely on third parties for our preclinical and clinical trial materials, of which the main suppliers are single-source suppliers. Given our stage of development, we do not yet have a marketing or sales organization or commercial infrastructure. Accordingly, if we obtain regulatory approval for any of our product candidates, we also expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution.
Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when or if we will be able to achieve or maintain profitability. Even if we are able to generate revenue from sales of any product for which we receive regulatory approval, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, we may be unable to continue our operations at planned levels and may be forced to reduce our operations.
Business Impact of COVID-19 Pandemic
In March 2020, the World Health Organization declared the global COVID-19 outbreak a pandemic. The ongoing COVID-19 pandemic may continue to affect our ability to initiate and complete preclinical studies, delay the initiation of our planned clinical trials or future clinical trials or the progress or completion of our ongoing clinical trials, impede regulatory activities, disrupt the supply chain and the manufacture or shipment of drug substances and finished drug products for our product candidates for use in our clinical trials, impair testing, monitoring, data collection and analysis and other related activities or have other adverse effects on our business, financial condition, results of operations and prospects. In addition, the pandemic has caused substantial disruption in the financial markets and may adversely impact economies worldwide, both of which could result in adverse effects on our business and operations and our ability to raise additional funds to support our operations. For example and in light of the ongoing COVID-19 pandemic, our partner Stanford was delayed in making an IND filing. In addition, the trading prices for biopharmaceutical companies have been highly volatile as a result of the COVID-19 pandemic, and we may face similar volatility in our stock price.
We are following, and will continue to follow, recommendations from the U.S. Centers for Disease Control and Prevention as well as federal, state, and local governments regarding working-from-home practices for non-essential employees as well as return-to-work policies and procedures. We expect to continue to take actions as may be required or recommended by government authorities or as we determine are in the best interests of our employees and other business partners in light of the pandemic.
22
While our operations to date have not been significantly impacted by the COVID-19 pandemic, we cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on our business, financial condition and operations, including planned clinical trials and clinical development timelines. The impact of the COVID-19 pandemic on our financial performance will depend on future developments, including the duration and spread of the pandemic, its impact on our clinical trial enrollment, trial sites, CROs, CMOs and other third parties with whom we do business, its impact on regulatory authorities and our key scientific and management personnel, progress of vaccination and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets or the overall economy are impacted for an extended period, our business may be materially adversely affected.
Stanford Exclusive License Agreement and Option Agreement
In December 2020, we entered into an exclusive license agreement (the License Agreement), with The Board of Trustees of the Leland Stanford Junior University (Stanford), pursuant to which Stanford granted us a worldwide license to specified technology and patent rights to develop, manufacture and commercialize human prophylactic and therapeutic products. Other than with respect to specified, broadly applicable assays and procedures and subject to retained rights by Stanford, the license is exclusive with respect to human prophylactic and therapeutic products for the treatment of SCD, XSCID and beta thalassemia. The license is non-exclusive with respect to those broadly applicable assays and procedures and with respect to all human prophylactic and therapeutic products other than for the treatment of SCD, XSCID and beta thalassemia.
To date, pursuant to the License Agreement, we have paid an upfront license fee to Stanford of $50,000 and issued to Stanford and its designees an aggregate of approximately 0.6 million shares of our common stock. The acquisition of the exclusive license, including patent rights and know-how, and clinical supplies was accounted for as an asset acquisition and as the acquired technology and inventories did not have an alternative use, the total consideration of $2.8 million was recorded as research and development expense in the statements of operations and comprehensive loss for the year ended December 31, 2020. We are obligated to pay Stanford an annual license maintenance fee on each anniversary of the effective date of the License Agreement. The annual license maintenance fee initially is $5,000 and will increase to $50,000 in three increments over the first seven anniversaries of the effective date of the License Agreement. After the first commercial sale of a product falling within the scope of the license (Licensed Product), the annual license maintenance fee is $200,000.
In May 2021, the Company issued 640,861 shares of our common stock in connection with the License Agreement. Subsequently, in June 2021, related to the License Agreement, the Company repurchased 624,845 shares of our common stock from investors and founders.
We are required to share with Stanford a portion of any non-royalty income we receive from sublicensing the licensed patent rights or technology, subject to specified exclusions. With respect to sublicenses granted to products for the treatment of SCD, XSCID and beta thalassemia, the portion of sublicense income we must share with Stanford varies by indication and declines from between a mid-teens to a second quartile double-digit percentage prior to the filing of an IND to between a high single-digit to very low double-digit percentage upon achievement of a specified clinical milestone. With respect to sublicenses granted under the licensed technology rights and not licensed patent rights, the portion of sublicense income shared with Stanford declines from between a mid single-digit and very low double-digit percentage prior to the filing of an IND to a low single-digit percentage after filing of an IND.
We are obligated to make payments to Stanford with respect to each Licensed Product of up to an aggregate of $12.8 million upon the achievement of certain development, regulatory and commercial milestones. Such amounts are payable only once upon the first occurrence of a particular milestone event with respect to each Licensed Product and only once with respect to each new indication covered by any of the Licensed Products.
We also are obligated to pay Stanford low single-digit royalties based on worldwide annual net sales of any Licensed Product, subject to specified reductions. We will be obligated to continue to pay royalties on a Licensed Product-by-Licensed Product and country-by-country basis, until the latest of (i) the expiration of the last valid claim under the licensed patents that covers the sale or manufacture of such Licensed Product in such country, (ii) the expiration of any period of regulatory exclusivity with respect to such Licensed Product in such country or (iii) the expiration of ten years after the first commercial sale of such Licensed Product in such country.
The term of the License Agreement expires on the later of (i) the expiration of the last patent or abandonment of the last patent application within the license patent rights or (ii) the expiration of all royalty terms with respect to Licensed Products. The License Agreement may be terminated by us at will or by Stanford if we remain in breach of the License Agreement following a cure period to remedy the breach.
23
We are required to use diligent efforts to manufacture, market and sell Licensed Products for the treatment of each of SCD, XSCID and beta thalassemia. In addition, we are required to achieve specified milestones by specified dates with respect to Licensed Products for the treatment of each of SCD, XSCID and beta thalassemia. If we fail to satisfy our diligence obligations, Stanford may terminate the License Agreement for our breach. For more details on the License Agreement, please see
Note 6 of the Notes to Condensed Financial Statement
s
.
In January 2021, we entered into an option agreement (the First Option Agreement), with Stanford, pursuant to which Stanford granted us the right to obtain a license to specified patent rights relating to human prophylactic and therapeutic products. We may exercise the option in whole or in part to obtain a license under one or more of the optioned patent rights.
Subject to our exercise of the option under the First Option Agreement and our execution of an amendment to the License Agreement that incorporates the optioned patent rights and any optioned technology, we have agreed to issue to Stanford 132,137 shares of our common stock and pay a license execution fee of $10,000.
The term of the First Option Agreement expires 18 months after its effective date, subject to our right to extend such expiration date by up to an additional one year upon notice to Stanford and by another additional one year upon the reasonable agreement of Stanford. The First Option Agreement will terminate if the License Agreement terminates. As of June 30, 2021, we have not exercised the option under the First Option Agreement.
In April 2021, the Company entered into an option agreement (the "Second Option Agreement") with Stanford to negotiate the license for additional technologies from Stanford. Pursuant to the Second Option Agreement, the Company agreed to pay Stanford option fees in an aggregate amount of $30,000 over the term of the option.
As of June 30, 2021, we have not exercised the option under the Second Option Agreement.
IDT License Agreement
On June 7, 2021, the Company entered into a License Agreement (the IDT License Agreement) with Integrated DNA Technologies, Inc. (IDT). Pursuant to the IDT License Agreement, IDT granted the Company and our affiliates a worldwide, non-exclusive, sublicensable license to research and develop products incorporating HiFi Cas9 protein variants for use in human therapeutic applications for SCD, XSCID and Gaucher disease (the Field) and a worldwide, exclusive, sublicensable license to commercialize such products in the Field. The Company has also been granted the right to expand the licensed Field to include human therapeutic applications in the additional fields of beta thalassemia disorder and lysosomal storage disorders upon the payment of an exercise fee in the amount of $0.5 million per additional field or $1.0 million for both additional fields.
In consideration of the licenses and rights granted to the Company under the IDT License Agreement, the Company agreed to pay to IDT an upfront payment in the amount of $3.0 million and up to $5.3 million (or $8.8 million if the Company elects to expand the Field as described above to include both the beta thalassemia and lysosomal storage disorders fields) in total regulatory milestone payments. Each regulatory milestone payment is payable once on an indication-by-indication basis. In addition, the Company has agreed to pay IDT a low single-digit royalty on the net sales of products, subject to reductions in specified circumstances.
The acquisition of the license was accounted for as an asset acquisition and as the acquired technology did not have an alternative use, the total consideration of $3.0 million was recorded as research and development expense in the statements of operations and comprehensive loss for the three and six months ended June 30, 2021.
The IDT License Agreement remains in effect on a country-by-country and product-by-product basis until the expiration of the royalty term for such product in such jurisdiction. We and IDT each have the right to terminate the IDT License Agreement for the other party's material breach of its obligations under the IDT License Agreement, subject to specified rights to cure. Additionally, we may terminate the IDT License Agreement for any reason upon written notice.
Initial Public Offering
In June and July 2021, we completed an initial public offering of our common stock. As part of the IPO, we issued and sold 16,100,000 shares of our common stock at a public offering price of $17.00 per share.  We received in June and July 2021 net proceeds of approximately $251.4 million from the IPO, after deducting underwriting discounts and commissions of $19.1 million and offering costs of approximately $3.2 million.
24
Components of Results of Operations
Operating Expenses
Research and Development
Research and development costs consist primarily of external and internal costs incurred for our research activities and the development of our gene editing platform and associated rights which we licensed in December 2020.
External costs include:
•
costs incurred under agreements with third-party CROs, CMOs and other third parties that conduct preclinical and clinical activities on our behalf and manufacture our product candidates;
•
costs associated with acquiring technology and intellectual property licenses that have no alternative future uses; and
•
other costs associated with our research and development programs, including laboratory materials and supplies and consulting fees.
Internal costs include:
•
employee-related costs, including salaries, benefits and stock-based compensation expense, for our research and development personnel; and
•
facilities and other expenses incurred in connection with our research and development programs, including expenses for allocated rent and facilities maintenance, and depreciation and amortization.
Research and development costs are expensed as incurred. In 2020, we did not track our internal indirect costs and external research and development costs by program. The intellectual property we licensed in late 2020 is fundamental to our platform and we did not focus on any specific programs. In the future, we expect to track research and development costs on a program by program basis as we identify the specific programs and product candidates to develop.
During 2020, we were eligible for a research and development tax credit. The tax incentive was available to us based on research and development activity within the United States and California during that year. These research and development tax incentives are recognized as a reduction to payroll tax expense when the right to receive has been attained and funds are collectible and are capped at $250,000 per year.
We expect our research and development expenses to increase substantially for the foreseeable future as we advance our product candidates into and through preclinical studies and clinical trials, pursue regulatory approval of our product candidates and expand our pipeline of product candidates. The process of conducting the necessary preclinical and clinical research to obtain regulatory approval is costly and time-consuming. The actual probability of success for our product candidates may be affected by a variety of factors, including the safety and efficacy of our product candidates, early clinical data, investment in our clinical programs, competition, manufacturing capability and commercial viability. We may never succeed in achieving regulatory approval for any of our product candidates. As a result of the uncertainties discussed above, we are unable to determine the duration and completion costs of our research and development projects or if, when and to what extent we will generate revenue from the commercialization and sale of our product candidates, if approved by the FDA and other applicable authorities.
Our future research and development costs may vary significantly based on factors such as:
•
the scope, rate of progress, expense and results of our discovery and preclinical development activities;
•
the costs and timing of our CMC activities, including fulfilling GMP-related standards and compliance, and identifying and qualifying suppliers;
•
per patient clinical trial costs;
•
the number and duration of clinical trials required for approval of our product candidates;
•
the number of sites included in our clinical trials;
•
the countries in which the trials are conducted;
•
delays in adding a sufficient number of trial sites and recruiting suitable patients to participate in our clinical trials;
•
the number of patients that participate in the trials;
25
•
patient drop-out or discontinuation rates;
•
potential partial reimbursement from governmental agencies for our clinical activities;
•
potential additional safety monitoring requested by regulatory agencies;
•
the duration of patient participation in the trials and follow-up;
•
the cost and timing of manufacturing our product candidates;
•
the phase of development of our product candidates;
•
the efficacy and safety profile of our product candidates; the timing, receipt, and terms of any approvals from applicable regulatory authorities including the FDA and non-U.S. regulators;
•
maintaining a continued acceptable safety profile of our product candidates following approval, if any, of our product candidates;
•
significant and changing government regulation and regulatory guidance;
•
changes in the standard of care on which a clinical development plan was based, which may require new or additional trials;
•
the extent to which we establish additional strategic collaborations or other arrangements; and
•
the impact of any business interruptions to our operations or to those of the third parties with whom we work, particularly in light of the current COVID-19 pandemic environment.
General and Administrative Expenses
General and administrative expenses consist primarily of expenses related to employee-related costs, including salaries, benefits and stock-based compensation expense, for our executive, business development, finance and accounting, human resources and other administrative functions; legal services, including relating to intellectual property and corporate matters; accounting, auditing, consulting and tax services; insurance; and facility and other allocated costs not otherwise included in research and development expenses. We expect our general and administrative expenses to increase substantially for the foreseeable future as we anticipate an increase in our personnel headcount to support expansion of research and development activities, as well as to support our operations generally. We also expect an increase in expenses associated with being a public company, including costs related to accounting, audit, legal, regulatory, and tax-related services associated with maintaining compliance with applicable Nasdaq and SEC requirements; additional director and officer insurance costs; and investor and public relations costs.
Other Income (Expense), Net
Other income (expense), net includes interest expense incurred on our convertible notes and changes in the fair value of our redeemable convertible preferred stock tranche liabilities.
26
Results of Operations
Three Months Ended June 30, 2021 and 2020
The following table summarizes our statements of operations and comprehensive loss for the respective periods (in thousands):
Three Months Ended
June 30,
2021
2020
(unaudited)
Operating expenses:
Research and development
$
12,667
$
423
General and administrative
4,866
869
Total operating expenses
$
17,533
$
1,292
Loss from operations
(17,533
)
(1,292
)
Other income (expense), net:
Other income (expense), net
4
-
Related party convertible note interest expense
-
(20
)
Change in fair value of the Series A redeemable
convertible preferred stock tranche liability
-
-
Total other income (expense), net
4
(20
)
Net loss and comprehensive loss
$
(17,529
)
$
(1,312
)
Operating Expenses
Research and Development Expenses
Research and development expense increased by $12.3 million during the three months ended June 30, 2021, compared to the three months ended June 30, 2020. The increase was primarily attributable to an increase of $6.7 million in clinical trial related activities and contract manufacturing activities for our clinical trials and drug supply, technology and intellectual property license expense of $3.0 million which is attributed to the IDT license agreement, and an increase in personnel costs of $2.5 million.
General and Administrative Expenses
During the three months ended June 30, 2021, we incurred $4.9 million in general and administrative expenses. The expenses incurred during the three months ended June 30, 2021 was primarily related to employee-related expenses of $2.4 million, which included salaries, benefits and stock-based compensation expenses, professional fees of $1.7 million, primarily related to accounting, audit and legal services and $0.5 million for other general office expenses primarily related to facilities and IT related costs, and $0.2 million for insurance.
During the three months ended June 30, 2020, we incurred $0.9 million in general and administrative expenses. The expenses incurred during the three months ended June 30, 2020 was primarily related to employee-related expenses of $0.2 million, which included salaries, benefits and stock-based compensation expenses,  and professional fees of $0.7 million primarily related to accounting, audit and legal services.
Other Income (Expense), Net
The other income (expense), net for the three months ended June 30, 2021 was comprised of income from money market funds. The other expense for the three months ended June 30, 2020 related to interest expense incurred on a convertible note from a related party.
27
Six Months Ended June 30, 2021 and 2020
The following table summarizes our statements of operations and comprehensive loss for the respective periods (in thousands):
Six Months Ended
June 30,
2021
2020
(unaudited)
Operating expenses:
Research and development
$
18,044
$
423
General and administrative
8,857
990
Total operating expenses
26,901
1,413
Loss from operations
(26,901
)
(1,413
)
Other income (expense), net:
Other income (expense), net
4
-
Related party convertible note interest expense
-
(40
)
Change in fair value of the Series A redeemable
convertible preferred stock tranche liability
(10,341
)
-
Total other income (expense), net
(10,337
)
(40
)
Net loss and comprehensive loss
$
(37,238
)
$
(1,453
)
Operating Expenses
Research and Development Expenses
Research and development expense increased by $17.6 million during the six months ended June 30, 2021, compared to the six months ended June 30, 2020. The increase was primarily attributable to an increase of $10.4 million in clinical trial related activities and contract manufacturing activities for our clinical trials and drug supply, an increase in personnel costs of $3.7 million, and  intellectual property license expense of $3.0 million which is attributed to the IDT license agreement.
General and Administrative Expenses
During the six months ended June 30, 2021, we incurred $8.9 million in general and administrative expenses. The expenses incurred during the six months ended June 30, 2021 were comprised of professional fees of $4.1 million, primarily related to accounting, audit and legal services; and employee-related expenses of $3.9 million, which included salaries, benefits and stock-based compensation expenses, and $0.5 million for other general office expenses primarily related to facilities and IT related costs, and $0.2 million for insurance.  For the six months ended June 30, 2020, we incurred total expenses of $1.0 million consisting primarily of professional legal, tax, and accounting service fees.
Other Income (Expense), Net
The other income (expense), net for the six months ended June 30, 2021 was comprised of the change in the fair value of our Series A redeemable convertible preferred stock tranche liability of $10.3 million. The other expense for the six months ended June 30, 2020 related to interest expense incurred on a convertible note from a related party.
Liquidity and Capital Resources
We have incurred losses since inception and have incurred negative cash flows from operations from inception through June 30, 2021. As of June 30, 2021, we had $382.1 million of cash and cash equivalents and restricted cash and our accumulated deficit was $107.8 million.
In June and July 2021, we raised net proceeds of $251.4 million in our IPO, pursuant to which we sold an aggregate of 16,100,000 shares of common stock.
Prior to our IPO, w
e have funded our operations primarily from the sale of redeemable convertible preferred stock and issuance of convertible promissory notes.
28
Future Funding Requirements
Our primary uses of cash are to fund our operations, which consist primarily of research and development expenditures related to our programs and, to a lesser extent, general and administrative expenditures. We anticipate that we will continue to incur significant expenses for the foreseeable future as we continue to advance our product candidates, expand our corporate infrastructure, including the costs associated with being a public company, further our research and development initiatives for our product candidates, scale our laboratory and manufacturing operations, and incur marketing costs associated with potential commercialization. We are subject to all of the risks typically related to the development of new drug candidates, and we may encounter unforeseen expenses, difficulties, complications, delays and other unknown factors that may adversely affect our business. We anticipate that we will need substantial additional funding in connection with our continuing operations.
Based upon our current operating plan, we estimate that our existing cash and cash equivalents as of the date of the filing of this Form 10-Q, will be sufficient to fund our operating expenses and capital expenditure requirements for at least the next 12 months. Until we can generate a sufficient amount of revenue from the commercialization of our product candidates or from collaboration agreements with third parties, if ever, we expect to finance our future cash needs through public or private equity or debt financings, collaborations and other strategic alliances and licensing arrangements, or any combination of these approaches. The sale of equity or convertible debt securities may result in dilution to our stockholders and, in the case of preferred equity securities or convertible debt, those securities could provide for rights, preferences or privileges senior to those of our common stock. Debt financings may subject us to covenant limitations or restrictions on our ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. Our ability to raise additional funds may be adversely impacted by negative global economic conditions and any disruptions to and volatility in the credit and financial markets in the United States and worldwide that may result from the ongoing COVID-19 pandemic or other factors. There can be no assurance that we will be successful in acquiring additional funding at levels sufficient to fund our operations or on terms favorable or acceptable to us. If we are unable to obtain adequate financing when needed or on terms favorable or acceptable to us, we may be forced to delay, reduce the scope of or eliminate one or more of our research and development programs.
Our future capital requirements will depend on many factors, including:
•
the timing, scope, progress, results and costs of research and development, discovery, preclinical and non-clinical studies and clinical trials for our current and future product candidates;
•
the number, scope and duration of clinical trials required for regulatory approval of our current and future product candidates;
•
the outcome, timing and cost of seeking and obtaining regulatory approvals from the FDA and comparable foreign regulatory authorities for our product candidates, including any requirement to conduct more studies or generate additional data beyond that which we currently expect would be required to support a marketing application;
•
the cost of manufacturing clinical and commercial supplies of our current and future product candidates;
•
the costs and timing of future commercialization activities, including product manufacturing, marketing, sales and distribution, for any of our product candidates for which we receive marketing approval;
•
our ability to maintain existing, and establish new, strategic collaborations, licensing or other arrangements and the financial terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such agreement;
•
any product liability or other lawsuits related to our products;
•
the revenue, if any, received from commercial sales of any product candidates for which we may receive marketing approval;
•
our ability to establish a commercially viable pricing structure and obtain approval for coverage and adequate reimbursement from third-party and government payers;
•
the costs to establish, maintain, expand, enforce and defend the scope of our intellectual property portfolio, including the amount and timing of any payments we may be required to make, or that we may receive, in connection with licensing, preparing, filing, prosecuting, defending and enforcing our patents or other intellectual property rights;
•
expenses needed to attract, hire and retain skilled personnel;
•
the costs of operating as a public company; and
•
the impact of the COVID-19 pandemic, which may exacerbate the magnitude of the factors discussed above.
29
A change in the outcome of any of these or other variables could significantly change the costs and timing associated with the development of our product candidates. Furthermore, our operating plans may change in the future, and we may need additional funds to meet operational needs and capital requirements associated with such change.
Cash Flows
The following table summarizes our sources and uses of cash for the periods presented (in thousands):
Six Months Ended
June 30,
2021
2020
(unaudited)
Net cash used in operating activities
$
(21,844
)
$
(957
)
Net cash used in investing activities
(1,123
)
(379
)
Net cash provided by financing activities
385,264
14,998
Net increase in cash, cash equivalents
and restricted cash
$
362,297
$
13,662
Cash Flows from Operating Activities
Cash used in operating activities during the six months ended June 30, 2021 was primarily due to our net loss of $37.2 million adjusted by non-cash charges of $13.6 million and a net change of $1.5 million in our net operating assets and liabilities. The non-cash charges consisted of a $10.3 million change in the fair value of the Series A redeemable convertible preferred stock tranche liability and $3.1 million of stock-based compensation expense. The change in our net operating assets and liabilities was primarily due to an increase of $3.2 million in accounts payable and accrued expenses, offset by a $1.4 million decrease in prepaid expenses and other current assets.
Cash used in operating activities during the six months ended June 30, 2020 was primarily due to our net loss of $1.5 million adjusted by a net change of $0.4 million in our net operating assets and liabilities. The change in our net operating assets and liabilities was primarily due to an increase of $0.8 million in accounts payable and accrued expenses, offset by a $0.4 million decrease in prepaid expenses and other current assets.
Cash Flows from Investing Activities
During the six months ended June 30, 2021, cash used in investing activities was $1.1 million and related primarily to the purchase of lab equipment.
During the six months ended June 30, 2020, cash used in investing activities was $0.4 million and related primarily to the purchase of lab equipment.
Cash Flows from Financing Activities
Cash provided by financing activities during the six months ended June 30, 2021 was $385.3 million, which consisted primarily of net proceeds net of issuance costs from the issuance of the shares of our Series A and Series B redeemable convertible preferred stock of $165.5 million, and proceeds from issuance of common stock in our initial public offering, net of issuance costs of $219.5 million.
Cash provided by financing activities during the six months ended June 30, 2020 was $15.0 million, which consisted primarily of net proceeds from the issuance of the shares of our Series A redeemable convertible preferred stock of $10.0 million and issuance of a $5.0 million convertible note to a related party.
Recently Adopted Accounting Pronouncements
For information on new accounting standards, see Note 2 to our financial statements included in Part I in
this Quarterly Report
.
Critical Accounting Policies and Significant Judgments and Estimates
Our management's discussion and analysis of our financial condition and results of operations are based on our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The
30
preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities in our financial statements. On an ongoing basis, we evaluate our estimates and judgments, including but not limited to those related to accrued research and development costs, the fair value of derivative redeemable convertible preferred stock tranche liabilities, the fair value of redeemable convertible preferred stock and common stock and stock-based compensation expense, the valuation of deferred tax assets, and uncertain income tax positions. We base our estimates on historical experience, known trends and events and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
During the six months ended June 30, 2021, there were no material changes to our critical accounting policies or in the methodology used for estimates from those described in "
Management's Discussion and Analysis of Financial Condition and Results of Operations" included in
our Prospectus.
Off-Balance Sheet Arrangements
During the periods presented we did not have, nor do we currently have, any off-balance sheet arrangements as defined in the rules and regulations of the SEC.
Emerging Growth Company and Smaller Reporting Entity Status
We are an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay the adoption of new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. Other exemptions and reduced reporting requirements under the JOBS Act for emerging growth companies include presentation of only two years of audited financial statements in a registration statement for an initial public offering, an exemption from the requirement to provide an auditor's report on internal controls over financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, as amended, an exemption from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation and less extensive disclosure about our executive compensation arrangements. We have elected to use the extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that (i) we are no longer an emerging growth company or (ii) we affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act.
However, as described in Note 2 to our condensed financial statements included elsewhere in this Quarterly Report, we early adopted certain accounting standards, as the JOBS Act does not preclude an emerging growth company from adopting a new or revised accounting standard earlier than the time that such standard applies to private companies to the extent early adoption is permitted. As a result, our financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates.
We will remain an emerging growth company until the earliest of (i) the last day of our first fiscal year in which we have total annual gross revenues of $1.07 billion or more, (ii) the last day of our fiscal year following the fifth anniversary of the completion of our initial public offering, (iii) the date on which we are deemed to be a "large accelerated filer," under the rules of the SEC, which means the market value of equity securities that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (iv) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.
If we are a "smaller reporting company" at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Report on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Under SEC rules and regulations, as a smaller reporting company, we are not required to provide the information required by this item.
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Item 4. Controls
and Procedures.
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and our Chief Business Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended, or the Exchange Act) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our Chief Executive Officer and Chief Business Officer have concluded that, as of June 30, 2021, our disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Business Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact on our internal control over financial reporting despite the fact that most of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the impact of the COVID-19 situation on our internal controls to minimize the impact on their design and operating effectiveness.
Inherent Limitations on Effectiveness of Controls
Our management, including our Chief Executive Officer and Chief Business Officer, do not expect that our disclosure controls or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by
management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
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PART II—OTHER INFORMATION
Item 1. Legal Proceedings.
We are not party to any material legal proceedings at this time. From time to time, we may become involved in various legal proceedings that arise in the ordinary course of our business.
Item 1A. Risk Factors.
Risks Related to Our Financial Position, Limited Operating History and Need for Additional Capital
We have incurred significant losses since our inception, we expect to incur significant losses for the foreseeable future, and we may never achieve or maintain profitability.
Since our inception, we have incurred significant net losses, have not generated any revenue from product sales to date and have financed our operations principally through
the net proceeds raised in our initial public offering
and private placements of our redeemable convertible preferred stock. Our net loss for the fiscal year ended December 31, 2020 was $68.4 million and for the six months ended June 30, 2021 and 2020 was $37.2 million and $1.5 million, respectively. As of June 30, 2021, we had an accumulated deficit of $107.8 million. We expect to continue to incur significant and increasing losses for the foreseeable future. The net losses we incur may fluctuate significantly from quarter to quarter and year to year, such that a period-to-period comparison of our results of operations may not be a good indication of our future performance. We anticipate that our expenses will increase substantially if and as we:
• initiate and conduct our clinical trials for GPH101 and our current and future product candidates that we may identify and develop;
• continue our current research programs and our preclinical development of product candidates from our current research programs;
• seek to identify additional research programs and additional product candidates;
• hire additional research and development and clinical personnel;
• maintain, expand, enforce, defend and protect our intellectual property portfolio and provide reimbursement of third-party expenses related to our patent portfolio;
• seek marketing approvals for any of our product candidates that successfully complete clinical trials;
• establish our manufacturing capability, including developing our contract development and manufacturing relationships, and should we decide to do so, building and maintaining a commercial-scale current Good Manufacturing Practices (cGMP), manufacturing facility;
• ultimately establish a sales, marketing, and distribution infrastructure to commercialize any products for which we may obtain marketing approval;
• further develop our gene editing platform;
• add operational, financial, and management information systems and personnel;
• acquire or in-license product candidates, intellectual property and technologies; and
• operate as a public company.
To date, we have not initiated a clinical trial for any product candidate and expect that it will be many years, if ever, before we have a product candidate ready for commercialization, if approved. To become and remain profitable, we must develop and eventually commercialize products with significant market potential. This will require us to be successful in a range of challenging activities, including identifying product candidates, completing preclinical testing and clinical trials of product candidates, obtaining marketing approval for these product candidates, manufacturing, marketing, and selling those products for which we may obtain marketing approval, obtaining market acceptance for such products and satisfying any post-marketing requirements. We may never succeed in these activities and, even if we do, may never generate revenue in an amount sufficient to achieve profitability. Most of our programs are currently only in the preclinical testing stage and early clinical development stage, and we expect to commence clinical trials for GPH101 in the second half of 2021. Because of the numerous risks and uncertainties associated with developing gene editing product candidates, we are unable to predict the extent of any future losses or when we will become profitable, if ever. If we do achieve profitability, we may not be able to sustain or increase profitability on a quarterly or annual basis. Our failure to become and remain profitable would decrease the value of our Company and our stock price and could impair our ability to raise capital, maintain and fund
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our research and development efforts, expand our business, or continue our operations. A decline in the value of our Company could also cause you to lose all or part of your investment.
Our limited operating history may make it difficult for you to evaluate the performance of our business to date and to assess our future viability.
We are an early-stage company. We were founded in 2017 and commenced operations in 2020. Our operations to date have been limited to organizing and staffing our Company, business planning, raising capital, acquiring and developing our platform and technology, identifying potential product candidates, establishing and maintaining our intellectual property portfolio, undertaking preclinical studies and preparing for clinical trials. Other than GPH101, which is in early clinical development, all of our research programs are still in the preclinical or research stage of development, and their risk of failure is high. We have not demonstrated an ability to initiate or successfully complete any clinical trials, including large-scale, pivotal clinical trials, obtain marketing approvals, manufacture a commercial-scale product, or arrange for a third party to do so on our behalf, or conduct sales and marketing activities necessary for successful commercialization. Typically, it takes about 10 to 15 years to develop a new product from the time it is discovered to when it is available for treating patients. Consequently, any predictions you make about the likelihood of our future success or viability may not be as accurate as they could be if we had a longer operating history.
Our limited operating history, particularly in light of the rapidly evolving gene editing field, may make it difficult to evaluate our technology and industry and predict our future performance. Our very short history as an operating company makes any assessment of the likelihood of our future success and viability subject to significant uncertainty. We will encounter risks and difficulties frequently experienced by very early stage companies in rapidly evolving fields. If we do not address these risks successfully, our business will suffer.
In addition, as a new business, we may encounter other unforeseen expenses, difficulties, complications, delays, and other known and unknown factors. We will need to transition from a company with a research focus to a company capable of supporting commercial activities. We may not be successful in such a transition. If we do not adequately address these risks and difficulties or successfully make such a transition, our business will suffer.
We have never generated revenue from product sales, may never generate any revenue from product sales and may never become profitable.
Our ability to generate revenue from product sales and achieve profitability, if ever, depends on our ability, alone or with collaborative partners, to successfully complete the development of, and obtain the regulatory approvals necessary to commercialize, our current product candidates and any product candidates we may identify for development. We do not anticipate generating revenues from product sales for the next several years, if ever.
Even if one or more of the product candidates we develop are approved for commercial sale, we anticipate incurring significant costs associated with commercializing any approved product candidate. Our expenses could increase beyond expectations if we are required by the U.S. Food and Drug Administration (FDA), the European Medicines Agency (EMA), or other regulatory authorities to perform clinical and other studies in addition to those that we currently anticipate. Even if we are able to generate revenues from the sale of any approved product candidates, we may not become profitable and may need to obtain additional funding to continue operations.
We will need substantial additional funding. If we are unable to raise capital when needed on acceptable terms, or at all, we would be forced to delay, reduce, or terminate our research and product development programs, future commercialization efforts or other operations.
Developing pharmaceutical products, including conducting preclinical studies and clinical trials, is a very time-consuming, expensive and uncertain process that takes years to complete. Our operations have consumed substantial amounts of cash since inception, and we expect our expenses to increase in connection with our ongoing activities, particularly as we identify, continue the research and development of, initiate and conduct clinical trials of, and seek marketing approval for, our product candidates. In addition, if we obtain marketing approval for our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing, and distribution to the extent that such sales, marketing, manufacturing, and distribution are not the responsibility of a collaborator. Other unanticipated costs may also arise. Furthermore, we expect to incur additional costs associated with operating as a public company. Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. If we are unable to raise capital when needed or on acceptable terms, we would be forced to delay, reduce, or eliminate our research and product development programs, future commercialization efforts or other operations.
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As of June 30, 2021, our cash, cash equivalents and marketable securities were $
382.1
million. We expect that these funds, combined with the net proceeds from the closing on July 2, 2021 of the sale of additional shares pursuant to the underwriters' option in our initial public offering, will enable us to fund our operating expenses and capital expenditure requirements
into 2024.
However, our operating plan may change as a result of factors currently unknown to us, and we may need to seek funding sooner than planned. Our future capital requirements will depend on many factors, including:
• the timing, scope, progress, results and costs of our planned clinical trials of GPH101 and other product candidates that we may identify and develop;
• the costs, timing, and outcome of regulatory review of the product candidates we develop;
• the costs of continuing to build our gene editing platform;
• the timing, scope, progress, results, and costs of discovery, preclinical development and formulation development for the product candidates we develop;
• the costs of preparing, filing, and prosecuting patent applications, establishing, maintaining and enforcing our intellectual property and proprietary rights, and defending intellectual property-related claims;
• the costs of future activities, including product sales, medical affairs, marketing, manufacturing, distribution, coverage and reimbursement for any product candidates for which we receive regulatory approval;
• our ability to achieve sufficient market acceptance, coverage and adequate reimbursement from third-party payors and adequate market share and revenue for any approved products;
• our ability to establish and maintain additional collaborations, licenses or other similar arrangements on favorable terms, if at all;
• the success of any collaborations that we may establish and of our license agreements;
• the continued effect of the COVID-19 pandemic on our business;
• the extent to which we acquire or in-license product candidates, intellectual property and technologies; and
• the costs of operating as a public company.
Identifying potential product candidates and conducting preclinical testing and clinical trials is a time-consuming, expensive, and uncertain process that takes years to complete, and we may never generate the necessary data or results required to obtain marketing approval and achieve product sales. In addition, our product candidates, if approved, may not achieve commercial success. Our commercial revenues, if any, will be derived from sales of products that we do not expect to be commercially available for many years, if at all. Accordingly, we will need to continue to rely on additional financing to achieve our business objectives. Adequate additional financing may not be available to us on acceptable terms, or at all. In addition, we may seek additional capital due to favorable market conditions or strategic considerations even if we believe we have sufficient funds for our current or future operating plans.
Any additional fundraising efforts may divert our management from their day-to-day activities, which may adversely affect our ability to develop and commercialize our product candidates. We have no committed sources of additional capital and, if we are unable to raise additional capital in sufficient amounts or on terms acceptable to us, we may have to significantly delay, scale back or discontinue the development or commercialization of our product candidates or other research and development initiatives. Without sufficient funding, our license agreements and any future collaboration agreements may also be terminated if we are unable to meet the payment or other obligations under such agreements.
Until such time, if ever, as we can generate substantial product revenues, we expect to finance our cash needs through a combination of equity offerings, debt financings, collaborations, strategic alliances, and licensing arrangements. To the extent that we raise additional capital through the sale of equity or convertible debt securities, your ownership interest will be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, declaring dividends, and possibly other restrictions.
If we raise funds through additional collaborations, strategic alliances, or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs, or product candidates we develop, or we may have to grant licenses on terms that may not be favorable to us and/or that may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce, or terminate our product development or future commercialization efforts or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.
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We may be subject to adverse legislative or regulatory tax changes that could adversely affect our business and financial condition.
The rules dealing with U.S. federal, state and local income taxation are constantly under review by persons involved in the legislative process and by the Internal Revenue Service and the U.S. Treasury Department. Changes to tax laws (which changes may have retroactive application) could adversely affect our stockholders or us. We cannot predict whether, when, in what form, or with what effective dates, tax laws, regulations and rulings may be enacted, promulgated or decided, which could result in an increase in our, or our stockholders', tax liability or require changes in the manner in which we operate in order to minimize increases in our tax liability.
Our ability to use our U.S. net operating loss carryforwards and certain other U.S. tax attributes may be limited.
As of December 31, 2020, we had U.S. federal net operating loss carryforwards of $10.8 million (which are not subject to expiration) and state net operating loss carryforwards of $29,000 (which begin to expire in various amounts in 2039). Our ability to use our U.S. federal and state net operating losses to offset potential future taxable income and reduce income taxes that would otherwise be due is dependent upon our generation of future taxable income, and we cannot predict with certainty when, or whether, we will generate sufficient taxable income to use all of our net operating losses.
Under current law, unused U.S. federal net operating losses generated in taxable years beginning after December 31, 2017 are not subject to expiration and may be carried forward indefinitely. For taxable years beginning after December 31, 2020, however, the deductibility of such U.S. federal net operating losses is limited to 80% of our taxable income in such taxable years. In addition, both our current and our future unused U.S. federal net operating losses and tax credits may be subject to limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, or the Code, if we undergo an "ownership change," generally defined as a greater than 50 percentage point change (by value) in its equity ownership by certain stockholders over a rolling three-year period. We may have experienced such ownership changes in the past, and we may experience ownership changes in the future as a result of our equity offerings or subsequent shifts in our stock ownership, some of which are outside our control. Our net operating losses and tax credits may also be impaired or restricted under state law.
We face risks related to health epidemics, pandemics and other widespread outbreaks of contagious disease, including the COVID-19 pandemic, which could significantly disrupt our operations, impact our financial results or otherwise adversely impact our business.
Significant outbreaks of contagious diseases, and other adverse public health developments, could have a material impact on our business operations and operating results. For example, the spread of COVID-19 has affected segments of the global economy and could affect our operations. As a result of the COVID-19 pandemic or similar public health crises that may arise, we may experience disruptions that could adversely impact our operations, research and development, including preclinical studies, clinical trials and manufacturing activities, including:
• delays or disruptions in clinical trials that we may be conducting, including patient screening, patient enrollment, patient dosing, clinical trial site activation, and study monitoring;
• delays or disruptions in preclinical experiments and IND-enabling and clinical trial application-enabling studies due to restrictions related to our staff being on site;
• interruption or delays in the operations of the FDA, the EMA and comparable foreign regulatory agencies;
• interruption of, or delays in, receiving, supplies of drug substance and drug product from our CMOs or delays or disruptions in our pre-clinical experiments or clinical trials performed by CROs due to staffing shortages, production and research slowdowns or stoppages and disruptions in delivery systems or research;
• limitations imposed on our business operations by local, state, or federal authorities to address such pandemics or similar public health crises could impact our ability to conduct preclinical or clinical activities, including conducting IND-enabling studies or our ability to select future development candidates;
• the impact of the COVID-19 pandemic on our corporate culture; and
• business disruptions caused by potential workplace, laboratory and office closures and an increased reliance on employees working from home, disruptions to or delays in ongoing laboratory experiments and operations, staffing shortages, travel limitations, cyber security and data accessibility, or communication or mass transit disruptions, any of which could adversely impact our business operations or delay necessary interactions with local regulators, ethics committees, manufacturing sites, research or clinical trial sites and other important agencies and contractors.
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For example and in light of the ongoing COVID-19 pandemic, our partner Stanford was delayed in making an IND-filing. In addition, the trading prices for biopharmaceutical companies have been highly volatile as a result of the COVID-19 pandemic, and we may face similar volatility in our stock price.
We cannot predict the scope and severity of any potential business shutdowns or disruptions. If we or any of the third parties with whom we engage were to experience shutdowns or other business disruptions, our ability to conduct our business in the manner and on the timelines presently planned could be materially and negatively affected, which could have a material adverse impact on our business, financial condition, our results of operations and prospects.
For additional information regarding the impact of the COVID-19 pandemic on our Company, see the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations— Business Impact of COVID-19 Pandemic."
Risks Related to Discovery, Development, and Commercialization
We are very early in our development efforts. Other than GPH101, which is in early clinical development, all of our product candidates are still in preclinical development or earlier stages and it will be many years before we or our collaborators commercialize a product candidate, if ever. If we are unable to advance our product candidates through clinical development, obtain regulatory approval and ultimately commercialize our product candidates, or experience significant delays in doing so, our business will be materially harmed.
We are very early in our development efforts and have focused our research and development efforts to date on gene editing technology, identifying our initial targeted disease indications and our initial product candidates. We have not achieved preclinical proof of concept for the majority of our programs and there is no guarantee that we will achieve it for these programs. Our future success depends heavily on the successful development of our gene editing product candidates. To date, we have invested substantially all of our efforts and financial resources in building our gene editing platform, and the identification and preclinical development of our current product candidates. Our ability to generate product revenue, which we do not expect will occur for many years, if ever, will depend heavily on the successful development and eventual commercialization of our product candidates, which may never occur.
Commencing clinical trials in the United States is also subject to acceptance by the FDA of our INDs, and finalizing the trial design based on discussions with the FDA and other regulatory authorities. In the event that the FDA requires us to complete additional preclinical studies or we are required to satisfy other FDA requests, the start of our clinical trials may be delayed. Even after we receive and incorporate guidance from these regulatory authorities, the FDA or other regulatory authorities could disagree that we have satisfied their requirements to commence our clinical trial or change their position on the acceptability of our trial design or the clinical endpoints selected, which may require us to complete additional preclinical studies or clinical trials or impose stricter approval conditions than we currently expect. There are equivalent processes and risks applicable to clinical trial applications in other countries, including in Europe.
Commercialization of our product candidates will require additional preclinical and clinical development; regulatory and marketing approval in multiple jurisdictions, including by the FDA and the EMA; obtaining manufacturing supply, capacity and expertise; building of a commercial organization; and significant marketing efforts. The success of product candidates we identify and develop will depend on many factors, including the following:
• sufficiency of our financial and other resources to complete the necessary preclinical studies, IND-enabling studies, and clinical trials;
• successful enrollment in, and completion of, clinical trials;
• receipt of marketing approvals from applicable regulatory authorities;
• establishment of arrangements with third-party manufacturers for clinical supply and commercial manufacturing and, where applicable, commercial manufacturing capabilities;
• successful development of our internal manufacturing processes and transfer to larger-scale facilities operated by either a contract manufacturing organization (CMO), or by us;
• obtaining and maintaining patent, trade secret, and other intellectual property protection and non-patent exclusivity for our products;
• launching commercial sales of the products, if and when approved, whether alone or in collaboration with others;
• acceptance of the products, if and when approved, by patients, the medical community, and third-party payors;
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• effectively competing with other therapies and treatment options;
• a continued acceptable safety profile of the products following approval;
• enforcing and defending intellectual property and proprietary rights and claims; and
• supplying the product that is cost-effective and acceptable to the pricing or reimbursement authorities in different countries.
If we do not successfully achieve one or more of these activities in a timely manner or at all, we could experience significant delays or an inability to successfully commercialize our product candidates, which would materially harm our business. If we do not receive regulatory approvals for our product candidates, we may not be able to continue our operations.
Our gene editing technology is not approved for human therapeutic use. The approaches we are taking to discover and develop novel therapeutics may never lead to marketable products.
We are focused on developing curative medicines utilizing the CRISPR gene editing technology. CRISPR-based gene editing technologies are relatively new and their therapeutic utility is largely unproven. Our successful development of products will require solving a number of issues, including developing or obtaining technologies to safely deliver a therapeutic agent into target cells within the human body or engineer human cells while outside of the body such that the modified cells can have a therapeutic effect when delivered to the patient, optimizing the efficacy and specificity of such products, and ensuring and demonstrating the therapeutic selectivity, efficacy, potency, purity and safety of such products. There can be no assurance we will be successful in solving any or all of these issues. Indeed, no gene editing cell therapy has been approved in the United States, the European Union (EU), other countries or other key jurisdictions. Accordingly, the potential to successfully obtain approval for any of our CRISPR technology-based therapies remains unproven.
Our future success also is highly dependent on the successful development of CRISPR-based gene editing technologies and therapeutic applications for the indications on which we have focused our ongoing research and development efforts. We may decide to alter or abandon these programs as new data become available and we gain experience in developing CRISPR-based therapeutics. We cannot be sure that our gene editing technologies will yield satisfactory products that are safe and effective, sufficiently pure or potent, manufacturable, scalable or profitable in our selected indications.
We are subject to additional development challenges and risks due to the novel nature of our gene editing technology.
Because our in vivo technology potentially involves gene editing across multiple cell and tissue types, we are subject to many of the challenges and risks that other gene editing therapeutics and gene therapies face, including:
• regulatory guidance regarding the requirements governing gene and gene editing therapy products have changed and may continue to change in the future;
• to date, only a limited number of products that involve in vivo gene transfer have been approved globally;
• improper modulation of a gene sequence, including unintended editing events or insertion of a sequence into certain locations in a patient's chromosome, could lead to cancer, other aberrantly functioning cells or other diseases, including death;
• corrective expression of a missing protein in patients' cells could result in the protein being recognized as foreign, and lead to a sustained immunological reaction against the expressed protein or expressing cells, which could be severe or life-threatening; and
• regulatory agencies may require extended follow-up observation periods of patients who receive treatment using gene editing products including, for example, the FDA's recommended 15-year follow-up observation period for these patients, and we will need to adopt such observation periods for our product candidates if required by the relevant regulatory agency, which could vary by country or region.
Further, because our ex vivo product candidates involve editing human cells and then delivering modified cells to patients, we are subject to many of the challenges and risks that engineered cell therapies face. For example, clinical trials using engineered cell-based gene therapies may require unique products to be created for each patient and such individualistic manufacturing may be both inefficient and cost-prohibitive.
We may not be successful in our efforts to identify and develop potential product candidates. If these efforts are unsuccessful, we may never become a commercial stage company or generate any revenues.
The success of our business depends primarily upon our ability to identify, develop, and commercialize product candidates based on our gene editing platform. Our research programs may fail to identify potential product candidates for clinical development for a
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number of reasons: our research methodology may be unsuccessful in identifying potential product candidates; our potential product candidates may be shown to have harmful side effects in preclinical in vitro experiments or animal model studies; they may not show promising signals of therapeutic effect in such experiments or studies; or they may have other characteristics that may make the product candidates impractical to manufacture, unmarketable, or unlikely to receive marketing approval.
If any of these events occur, we may be forced to abandon our research or development efforts for a program or programs, which would have a material adverse effect on our business, financial condition, results of operations, and prospects and could potentially cause us to cease operations. Research programs to identify new product candidates require substantial technical, financial, and human resources. We may focus our efforts and resources on potential programs or product candidates that ultimately prove to be unsuccessful, which would be costly and time-consuming.
If serious adverse events, undesirable side effects, or unexpected characteristics are identified with respect to our product candidates, we may need to abandon or limit our clinical development or commercialization of those product candidates.
To date, we have not evaluated any product candidates in human clinical trials. It is impossible to predict when or if any product candidates we develop, including our product candidates, GPH101, GPH201 and GPH301, will ultimately prove safe in humans. In the genomic medicine field, there have been several significant adverse events from gene therapy treatments in the past, including reported cases of leukemia and death. There can be no assurance that our gene editing technologies will not cause severe or undesirable side effects.
A significant potential risk in any gene editing product is that the edit will be "off-target" and cause serious adverse events, undesirable side effects, or unexpected characteristics. For example, off-target cuts could lead to disruption of a gene or a genetic regulatory sequence at an unintended site in the DNA. We cannot be certain that off-target editing will not occur in any of our clinical studies. There is also the potential risk of delayed adverse events following exposure to gene editing therapy due to the potential for persistent biological activity of the genetic material or other components of products used to carry the genetic material. If any adverse events or side effects are caused by any product candidate we develop and test, the administration process or related procedures, our clinical trials could be delayed, suspended or terminated.
Viral vectors, including AAV, which are relatively new approaches used for disease treatment, also have known side effects, and for which additional risks could develop in the future. In past clinical trials that were conducted by others with non-AAV vectors, significant side effects were caused by gene therapy treatments, including reported cases of myelodysplasia, leukemia and death. Other potential side effects could include an immunologic reaction and insertional oncogenesis, which is the process whereby the insertion of a functional gene near a gene that is important in cell growth or division results in uncontrolled cell division, which could potentially enhance the risk of cancer. If the vectors we use demonstrate a similar side effect, or other adverse events, we may be required to halt or delay further clinical development of any potential product candidates.
Furthermore, the FDA has stated that LVV possess characteristics that may pose high risks of delayed adverse events. Such delayed adverse events may also occur in other viral vectors, including AAV vectors. In addition to side effects and adverse events caused by our product candidates, the conditioning, administration process or related procedures which may be used to condition a patient for gene therapy treatment also can cause adverse side effects and adverse events. A gene therapy patient is generally administered cytotoxic drugs to remove stem cells from the bone marrow to create sufficient space in the bone marrow for the modified stem cells to engraft and produce new cells. This procedure compromises the patient's immune system, and conditioning regimens have been associated with adverse events in clinical trial participants.
If any product candidates we develop are associated with serious adverse events, undesirable side effects, or unexpected characteristics, we may need to abandon their development or limit development to certain uses or subpopulations in which the serious adverse events, undesirable side effects or other characteristics are less prevalent, less severe, or more acceptable from a risk-benefit perspective, any of which would have a material adverse effect on our business, financial condition, results of operations, and prospects. Many product candidates, including gene therapy product candidates, that initially showed promise in early stage testing have later been found to cause side effects that prevented further clinical development of the product candidates.
If we are unable to demonstrate that any of the above adverse events were caused by factors other than our product candidate, the FDA, the EMA or other regulatory authorities could order us to cease further development of, or deny approval of, any product candidates we are able to develop for any or all targeted indications. Even if we are able to demonstrate that all future serious adverse events are not product-related, such occurrences could affect patient recruitment. Moreover, if we elect, or are required, to delay, suspend or terminate any clinical trial of any product candidate we may develop, the commercial prospects of such product candidates may be harmed and our ability to generate product revenues from any of these product candidates may be delayed or eliminated. Any of these occurrences may harm our ability to identify and develop product candidates and could have a material adverse effect on our business, financial condition, result of operations, and prospects.
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Additionally, if we successfully develop a product candidate and it receives marketing approval, the FDA could require us to adopt a Risk Evaluation and Mitigation Strategy (REMS), to ensure that the benefits of treatment with such product candidate outweighs the risks for each potential patient, which may include, among other things, a medication guide outlining the risks of the product for distribution to patients, a communication plan to health care practitioners, extensive patient monitoring, or distribution systems and processes that are highly controlled, restrictive, and more costly than what is typical for the industry. Furthermore, if we or others later identify undesirable side effects caused by any product candidate that we develop, several potentially significant negative consequences could result, including:
• regulatory authorities may suspend or withdraw approvals of such product candidate;
• regulatory authorities may require additional warnings on the label or limit the approved use of such product candidate;
• we may be required to conduct additional clinical trials;
• we could be sued and held liable for harm caused to patients; and
• our reputation may suffer.
Any of these events could prevent us from achieving or maintaining market acceptance of any of our product candidates and could have a material adverse effect on our business, financial condition, results of operations, and prospects.
We may find it difficult to enroll patients in our clinical trials given the limited number of patients who have the diseases for which our product candidates may be developed. If we experience delays or difficulties in the enrollment of patients in clinical trials, our clinical development activities and our receipt of necessary regulatory approvals could be delayed or prevented.
We may not be able to initiate or continue clinical trials for any product candidates we identify or develop if we are unable to locate and enroll a sufficient number of eligible patients to participate in these trials as required by the FDA, the EMA or other analogous regulatory authorities outside the United States, or as needed to provide appropriate statistical power for a given trial. Enrollment may be particularly challenging for some of the rare genetically defined diseases we are targeting in our most advanced programs. In addition, if patients are unwilling to participate in our gene editing trials because of negative publicity from adverse events related to the biotechnology, gene therapy, or gene editing fields, competitive clinical trials for similar patient populations, clinical trials in competing products, or for other reasons, the timeline for recruiting patients, conducting studies, and obtaining regulatory approval of our product candidates may be delayed. Moreover, some of our competitors may have ongoing clinical trials for product candidates that would treat the same indications as our product candidates, and patients who would otherwise be eligible for our clinical trials may instead enroll in clinical trials of our competitors' product candidates.
Patient enrollment is also affected by other factors, including:
• severity of the disease under investigation;
• size of the patient population and process for identifying patients;
• design of the trial protocol;
• availability and efficacy of approved medications for the disease under investigation;
• availability of genetic testing for potential patients;
• ability to obtain and maintain patient informed consent;
• risk that enrolled patients will drop out before completion of the trial;
• eligibility and exclusion criteria for the trial in question;
• perceived risks and benefits of the product candidate under trial;
• perceived risks and benefits of gene editing as a therapeutic approach;
• efforts to facilitate timely enrollment in clinical trials;
• patient referral practices of physicians;
• ability to monitor patients adequately during and after treatment; and
• proximity and availability of clinical trial sites for prospective patients, especially for those conditions which have small patient pools.
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In addition, the COVID-19 pandemic may affect the timing of our planned clinical trials. Clinical trial activities, including patient enrollment and data collection, are dependent upon global clinical trial sites which have been and continue to be adversely affected by the COVID-19 pandemic. For example, as the global healthcare community responded to the fluctuations in COVID-19 cases and hospitalizations, many hospitals, including those operating as clinical trial sites for other ongoing trials, temporarily paused elective procedures, which included dosing of new patients with investigational products. Additionally, the COVID-19 pandemic may cause delays in data collection and monitoring activities, which may present data integrity challenges or require modifications to our planned clinical trial protocol.
In addition, our ability to successfully initiate, enroll, and complete a clinical trial in any foreign country is subject to numerous risks unique to conducting business in foreign countries, including:
• difficulty in establishing or managing relationships with CROs and physicians;
• different standards for the conduct of clinical trials;
• different standard-of-care for patients with a particular disease;
• difficulty in locating qualified local consultants, physicians, and partners; and
• potential burden of complying with a variety of foreign laws, medical standards, and regulatory requirements, including the regulation of pharmaceutical and biotechnology products and treatment and of gene editing technologies.
Enrollment delays in our clinical trials may result in increased development costs for our product candidates, which would cause the value of our Company to decline and limit our ability to obtain additional financing. If we or our collaborators have difficulty enrolling a sufficient number of patients to conduct our clinical trials as planned, we may need to delay, limit, or terminate ongoing or planned clinical trials, any of which would have an adverse effect on our business, financial condition, results of operations, and prospects.
If we are unable to successfully identify patients who are likely to benefit from therapy with our product candidates, or experience significant delays in doing so, we may not realize the full commercial potential of any products we may develop.
Our success may depend, in part, on our ability to identify patients who are likely to benefit from therapy with our product candidates, which requires those potential patients to have their DNA analyzed for the presence or absence of a particular sequence. If we, or any third parties that we engage to assist us, are unable to successfully identify such patients, or experience delays in doing so, then:
• our ability to develop our product candidates may be adversely affected if we are unable to appropriately select patients for enrollment in our clinical trials; and
• we may not realize the full commercial potential of any product candidates that receive marketing approval if, among other reasons, we are unable to appropriately select patients who are likely to benefit from therapy with our product candidates.
As a result of these factors, we may be unable to successfully develop and realize the commercial potential of our product candidates, and our business, financial condition, results of operations, and prospects would be materially adversely affected.
Even if we complete the necessary preclinical studies and clinical trials, the marketing approval process is expensive, time-consuming, and uncertain and may prevent us from obtaining approvals for the commercialization of our product candidates. If we are not able to obtain, or if there are delays in obtaining, required regulatory approvals, we will not be able to commercialize, or will be delayed in commercializing, product candidates we develop, and our ability to generate revenue will be materially impaired.
Any product candidates we develop and the activities associated with their development and commercialization, including their design, testing, manufacture, recordkeeping, labeling, storage, approval, advertising, promotion, sale, import, export, and distribution, are subject to comprehensive regulation by the FDA, the EMA and other regulatory authorities in the United States and by comparable authorities in other countries. Failure to obtain marketing approval for a product candidate will prevent us from commercializing the product candidate in a given jurisdiction. We have not received approval to market any product candidates from regulatory authorities in any jurisdiction. We have only limited experience in filing and supporting the applications necessary to gain marketing approvals and expect to rely on third parties to assist us in this process. Securing regulatory approval requires the submission of extensive preclinical and clinical data and supporting information to the various regulatory authorities for each therapeutic indication to establish the biological product candidate's safety, purity, and potency. Securing regulatory approval also requires the submission of extensive information about the product manufacturing process, and inspection of manufacturing facilities by, the relevant regulatory authority. Our product candidates may not be effective, may be only moderately effective, or may prove to have undesirable or unintended side effects, toxicities, or other characteristics that may preclude our obtaining marketing approval or prevent or limit commercial use.
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The process of obtaining marketing approvals, both in the United States and abroad, is expensive, may take many years if approval is obtained at all, and can vary substantially based upon a variety of factors, including the type, complexity, and novelty of the product candidates involved. Changes in marketing approval policies during the development period, changes in or the enactment of additional statutes or regulations, or changes in regulatory review for each submitted product application, may cause delays in the approval or rejection of an application. The FDA and comparable authorities in other countries have substantial discretion in the approval process and may refuse to accept any application or may decide that our data is insufficient for approval and require additional preclinical, clinical, or other studies. In addition, varying interpretations of the data obtained from preclinical and clinical testing could delay, limit, or prevent marketing approval of a product candidate. Any marketing approval we ultimately obtain may be limited or subject to restrictions or post-approval commitments that render the approved product not commercially viable.
If we experience delays in obtaining approval or if we fail to obtain approval of our product candidates, the commercial prospects for those product candidates may be harmed, and our ability to generate revenues will be materially impaired.
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.
Because we have limited financial and managerial resources, we focus on research programs and product candidates that we identify for specific indications among many potential options. As a result, we may forego or delay pursuit of opportunities with other product candidates or for other indications that later prove to have greater commercial potential. Our resource allocation decisions may cause us to fail to capitalize on viable commercial products or profitable market opportunities. Our spending on current and future research and development programs and product candidates for specific indications may not yield any commercially viable products. If we do not accurately evaluate the commercial potential or target market for a particular product candidate, we may relinquish valuable rights to that product candidate through collaboration, licensing, or other royalty arrangements in cases in which it would have been more advantageous for us to retain sole development and commercialization rights to such product candidate. Any such event could have a material adverse effect on our business, financial condition, results of operations, and prospects.
Even if we complete the necessary clinical trials, we cannot predict when, or if, we will obtain regulatory approval to commercialize a product candidate we may develop in the United States or any other jurisdiction, and any such approval may be for a more narrow indication than we seek.
We cannot commercialize a product candidate until the appropriate regulatory authorities have reviewed and approved the product candidate. Even if our product candidates meet their safety and efficacy endpoints in clinical trials, the regulatory authorities may not complete their review processes in a timely manner, or we may not be able to obtain regulatory approval. Additional delays may result if an FDA Advisory Committee or other regulatory authority recommends non-approval or restrictions on approval. In addition, we may experience delays or rejections based upon additional government regulation from future legislation or administrative action, or changes in regulatory authority policy during the period of product development, clinical trials, and the review process.
Regulatory authorities also may approve a product candidate for more limited indications than requested or they may impose significant limitations in the form of narrow indications, warnings or a REMS. These regulatory authorities may require labeling that includes precautions or contraindications with respect to conditions of use, or they may grant approval subject to the performance of costly post-marketing clinical trials. In addition, regulatory authorities may not approve the labeling claims that are necessary or desirable for the successful commercialization of our product candidates. Any of the foregoing scenarios could materially harm the commercial prospects for our product candidates and materially adversely affect our business, financial condition, results of operations, and prospects.
Marketing approval by the FDA in the United States, if obtained, does not ensure approval by regulatory authorities in other countries or jurisdictions. In addition, clinical trials conducted in one country may not be accepted by regulatory authorities in other countries, and regulatory approval in one country does not guarantee regulatory approval in any other country. Approval processes vary among countries and can involve additional product candidate testing and validation and additional administrative review periods. Seeking regulatory approval outside the United States could result in difficulties and costs for us and require additional preclinical studies or clinical trials which could be costly and time-consuming. Regulatory requirements can vary widely from country to country and could delay or prevent the introduction of our product candidates in those countries. The foreign regulatory approval process involves all of the risks associated with FDA approval. We do not have any product candidates approved for sale in any jurisdiction, including international markets, and we do not have experience in obtaining regulatory approval in international markets. If we fail to comply with regulatory requirements in international markets or to obtain and maintain required approvals, or if regulatory approvals in international markets are delayed, our target market will be reduced and our ability to realize the full market potential of our product candidates will be unrealized.
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Our product candidates 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.
The commercial success of any of our product candidates will depend upon its degree of market acceptance by physicians, patients, third-party payors, and others in the medical community. Ethical, social, and legal concerns about genetic medicines generally and gene editing technologies specifically could result in additional regulations restricting or prohibiting the marketing of our product candidates. Even if our product candidates receive marketing approval, they may nonetheless fail to gain sufficient market acceptance by physicians, patients, third-party payors, and others in the medical community. The degree of market acceptance of our product candidates, if approved for commercial sale, will depend on a number of factors, including:
• the efficacy and safety of such product candidates as demonstrated in clinical trials;
• the potential and perceived advantages compared to alternative treatments;
• the limitation to our targeted patient population and limitations or warnings contained in approved labeling by the FDA or other regulatory authorities;
• the ability to offer our products for sale at cost-effective or competitive prices;
• convenience and ease of administration compared to alternative treatments;
• the clinical indications for which the product candidate is approved by the FDA, the EMA, or other regulatory agencies;
• public attitudes regarding genetic medicine generally and gene editing technologies specifically;
• the willingness of the target patient population to try novel therapies and of physicians to prescribe these therapies, as well as their willingness to accept a therapeutic intervention that involves the editing of the patient's gene;
• product labeling or product insert requirements of the FDA, the EMA, or other regulatory authorities,
including any limitations or warnings contained in a product's approved labeling;
• relative convenience and ease of administration;
• the timing of market introduction of competitive products;
• publicity concerning our products or competing products and treatments;
• the strength and effectiveness of sales, marketing and distribution efforts;
• sufficient third-party coverage and adequate reimbursement, including the ability to supply product that is cost-effective and acceptable to the pricing or reimbursement authorities in different countries; and
• the prevalence and severity of any side effects.
Even if any of our product candidates obtain regulatory approval, such products may not achieve an adequate level of acceptance, we may not generate or derive sufficient product revenues, and we may not become profitable.
We face significant competition in an environment of rapid technological change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer, less expensive or more advanced or effective than ours, which may harm our financial condition and our ability to successfully market or commercialize our product candidates.
The development and commercialization of new drug products is highly competitive. Moreover, the gene editing field is characterized by rapidly changing technologies, significant competition, and a strong emphasis on intellectual property. We will face competition with respect to any product candidates that we may develop or commercialize in the future from major pharmaceutical companies, specialty pharmaceutical companies, and biotechnology companies worldwide. Potential competitors also include academic institutions, government agencies, and other public and private research organizations that conduct research, seek patent protection, and establish collaborative arrangements for research, development, manufacturing, and commercialization.
There are a number of large pharmaceutical and biotechnology companies that currently market and sell products or are pursuing the development of products for the treatment of the disease indications for which we have research programs. Some of these competitive products and therapies are based on scientific approaches that are the same as or similar to our approach, and others are based on entirely different approaches.
There are several other companies advancing gene editing and gene therapy product candidates in preclinical or clinical development in sickle cell disease, including Beam Therapeutics Inc., bluebird bio, Inc., CRISPR Therapeutics AG, Editas Medicine,
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Inc., Intellia Therapeutics, Inc., and Sangamo Therapeutics, Inc. Companies advancing gene therapy programs in XSCID include Mustang Bio, Inc. Companies advancing gene therapy programs in Gaucher Disease include AVROBio, Inc. and Freeline Therapeutics Holdings plc. Companies combining CRISPR with HDR
((homology directed repair)
include CRISPR Therapeutics AG, which, for oncology applications, inserts a chimeric antigen receptor (CAR) construct into the TCR alpha constant (TRAC) locus in T-cells using HDR. Additionally, an academic collaboration between the University of California, San Francisco and the University of California, Los Angeles is seeking to correct the sickle cell mutation using CRISPR followed by delivery of a single-stranded oligonucleotide DNA donor to potentially harness HDR.
Any product candidates that we successfully develop and commercialize will compete with existing therapies and new therapies that may become available in the future that are approved to treat the same diseases for which we may obtain approval for our product candidates. This may include other types of therapies, such as small molecule, antibody, and/or protein therapies.
Many of our current or potential competitors, either alone or with their collaboration partners, may have significantly greater financial resources and expertise than we do in research and development, manufacturing, preclinical testing, conducting clinical trials, obtaining regulatory approvals, and marketing approved products. Mergers and acquisitions in the pharmaceutical, biotechnology, and gene therapy industries may result in even more resources being concentrated among a smaller number of our competitors. Smaller or early-stage companies may also prove to be significant competitors, particularly through collaborative arrangements with large and established companies. These competitors also compete with us in recruiting and retaining qualified scientific and management personnel and establishing clinical trial sites and patient registration for clinical trials, as well as in acquiring technologies complementary to, or necessary for, our programs. Our commercial opportunity could be reduced or eliminated if our competitors develop and commercialize product candidates that are safer, more effective, have fewer or less severe side effects, are more convenient, or are less expensive than any product candidates that we may develop or that would render any product candidates that we may develop obsolete or non-competitive. Our competitors also may obtain FDA or other regulatory approval for their product candidates more rapidly than we may obtain approval for ours, which could result in our competitors establishing a strong market position before we are able to enter the market. Additionally, technologies developed by our competitors may render our potential product candidates uneconomical or obsolete, and we may not be successful in marketing our product candidates against competitors.
In addition, as a result of the expiration or successful challenge of our patent rights, we could face more litigation with respect to the validity and/or scope of patents relating to our competitors' products. The availability of our competitors' products could limit the demand, and the price we are able to charge, for any product candidates that we may develop and commercialize.
If, in the future, we are unable to establish sales and marketing capabilities or enter into agreements with third parties to sell and market our product candidates, we may not be successful in commercializing those product candidates if and when they are approved.
We do not have a sales or marketing infrastructure and have limited experience in the sale, marketing, or distribution of pharmaceutical products. To achieve commercial success for any approved products for which we retain sales and marketing responsibilities, we must either develop a sales and marketing organization or outsource these functions to third parties. In the future, we may choose to build a focused sales, marketing, and commercial support infrastructure to sell, or participate in sales activities with our collaborators for, some of our product candidates if and when they are approved.
There are risks involved with both establishing our own commercial capabilities and entering into arrangements with third parties to perform these services. For example, recruiting and training a sales force or reimbursement specialists is expensive and time consuming and could delay any product launch. If the commercial launch of a product candidate for which we recruit a sales force and establish marketing and other commercialization capabilities is delayed or does not occur for any reason, we would have prematurely or unnecessarily incurred these commercialization expenses. This may be costly, and our investment would be lost if we cannot retain or reposition our commercialization personnel.
Factors that may inhibit our efforts to commercialize our product candidates on our own include:
• our inability to recruit and retain adequate numbers of effective sales, marketing, reimbursement, customer service, medical affairs, and other support personnel;
• the inability of sales personnel to obtain access to physicians or educate adequate numbers of physicians on the benefits of prescribing any future products;
• the inability of reimbursement professionals to negotiate arrangements for formulary access, reimbursement, and other acceptance by payors;
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• restricted or closed distribution channels that make it difficult to distribute our product candidates to segments of the patient population;
• the lack of complementary products to be offered by sales personnel, which may put us at a competitive disadvantage relative to companies with more extensive product lines; and
• unforeseen costs and expenses associated with creating an independent commercialization organization.
If we enter into arrangements with third parties to perform sales, marketing, commercial support, and distribution services, our product revenues or the profitability of these product revenues to us may be lower than if we were to market and sell any products we may develop ourselves. In addition, we may not be successful in entering into arrangements with third parties to commercialize our product candidates or may be unable to do so on terms that are favorable to us. We may have little control over such third parties, and any of them may fail to devote the necessary resources and attention to sell and market our products effectively. If we do not establish commercialization capabilities successfully, either on our own or in collaboration with third parties, we will not be successful in commercializing our product candidates.
Adverse public perception of genetic medicines and gene editing in particular, may negatively impact regulatory approval of, and/or demand for, our potential products, if approved
.
Our potential therapeutic products involve editing the human genome. The clinical and commercial success of our potential products will depend in part on public understanding and acceptance of the use of gene editing therapy for the prevention or treatment of human diseases. Public perception and related media coverage of potential gene therapy-related efficacy or safety issues, including adoption of new therapeutics or novel approaches to treatment, as well as ethical concerns related specifically to gene editing, may adversely influence the willingness of subjects to participate in clinical trials, or if any therapeutic is approved, of physicians and patients to accept these novel and personalized treatments. Physicians, health care providers and third-party payors often are slow to adopt new products, technologies and treatment practices, particularly those that may also require additional upfront costs and training. Physicians may not be willing to undergo training to adopt these novel and potentially personalized therapies, may decide the particular therapy is too complex or potentially risky to adopt without appropriate training, and may choose not to administer the therapy. Further, due to health conditions, genetic profile or other reasons, certain patients may not be candidates for the therapies.
In addition, responses by federal and state agencies, congressional committees and foreign governments to negative public perception, ethical concerns or financial considerations may result in new legislation, regulations, or medical standards, such as stricter labeling requirements, that could limit our ability to develop or commercialize any product candidates, obtain or maintain regulatory approval or otherwise achieve profitability. New government requirements may be established that could delay or prevent regulatory approval of our product candidates under development. It is impossible to predict whether legislative changes will be enacted, regulations, policies or guidance changed, or interpretations by agencies or courts changed, or what the impact of such changes, if any, may be. Based on these and other factors, health care providers and payors may decide that the benefits of these new therapies do not or will not outweigh their costs.
More restrictive government regulations or negative public opinion would have a negative effect on our business or financial condition and may delay or impair our development and commercialization of product candidates or demand for our product candidates. Adverse events in our preclinical studies or clinical trials or those of our competitors or of academic researchers utilizing gene editing technologies, even if not ultimately attributable to product candidates we identify and develop, and the resulting publicity could result in increased governmental regulation, unfavorable public perception, potential regulatory delays in the testing or approval of potential product candidates we identify and develop, stricter labeling requirements for those product candidates that are approved, and a decrease in demand for any such product candidates. Use of gene editing technology by a third party or government to develop biological agents or products that threaten U.S. national security could similarly result in such negative impacts to us.
Even if we are able to commercialize any product candidates, such products may become subject to unfavorable pricing regulations, third-party reimbursement practices, or healthcare reform initiatives, which would harm our business.
The regulations that govern marketing approvals, pricing, and reimbursement for new products vary widely from country to country. Some countries require approval of the sale price of a product before it can be marketed. In many countries, the pricing review period begins after marketing or product licensing approval is granted. In some foreign markets, prescription pharmaceutical pricing remains subject to continuing governmental control even after initial approval is granted. As a result, we might obtain marketing approval for a product in a particular country, but then be subject to price regulations that delay or might even prevent our commercial launch of the product, possibly for lengthy time periods, and negatively impact the revenues we are able to generate from the sale of the product in that country. Adverse pricing limitations may hinder our ability to recoup our investment in one or more product candidates we develop, even if any of our product candidates obtain marketing approval.
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Our ability to commercialize any products successfully also will depend in part on the extent to which reimbursement for these products and related treatments will be available from government authorities or healthcare programs, private health plans, and other organizations. Government authorities and third-party payors, such as private health plans, decide which medications they will pay for and establish reimbursement levels. A primary trend in the U.S. healthcare industry is cost containment. Government authorities and other third-party payors have attempted to control costs by limiting coverage and the amount of reimbursement for particular medications. Increasingly, third-party payors are challenging the prices charged for medical products and requiring that drug companies provide them with predetermined discounts from list prices. Novel medical products, if covered at all, may be subject to enhanced utilization management controls designed to ensure that the products are used only when medically necessary. Such utilization management controls may discourage the prescription or use of a medical product by increasing the administrative burden associated with its prescription or creating coverage uncertainties for prescribers and patients. We cannot be sure that reimbursement will be available for any products that we commercialize and, if reimbursement is available, that the level of reimbursement will be adequate. Reimbursement may impact the demand for, or the price of, any product candidate for which we obtain marketing approval. If reimbursement is not available or is available only to limited levels, we may not be able to successfully commercialize any product candidate for which we obtain marketing approval.
There may be significant delays in obtaining reimbursement for newly approved products, and coverage may be more limited than the purposes for which the product is approved by the FDA, the EMA or other regulatory authorities outside the United States. Moreover, eligibility for reimbursement does not imply that any product will be paid for in all cases or at a rate that covers our costs, including research, development, manufacture, sale, and distribution. Interim reimbursement levels for new products, if applicable, may also not be sufficient to cover our costs and may not be made permanent. Reimbursement rates may vary according to the use of the product and the clinical setting in which it is used, may be based on reimbursement levels already set for lower cost products and may be incorporated into existing payments for other services. Net prices for products may be reduced by mandatory discounts or rebates required by government healthcare programs or private payors and by any future relaxation of laws that presently restrict imports of products from countries where they may be sold at lower prices than in the United States. Our inability to promptly obtain coverage and profitable payment rates from both government-funded and private payors for any approved products we may develop could have a material adverse effect on our operating results, our ability to raise capital needed to commercialize products, and our overall financial condition.
Due to the novel nature of our technology and the potential for our product candidates to offer therapeutic benefit in a single administration or limited number of administrations, we face uncertainty related to pricing and reimbursement for these product candidates.
Our initial target patient populations are relatively small, as a result of which the pricing and reimbursement of any of our product candidates, if approved, must be adequate to support the necessary commercial infrastructure. If we are unable to obtain adequate levels of reimbursement, our ability to successfully market and sell any such product candidates will be adversely affected. The manner and level at which reimbursement is provided for services related to any product candidates we develop (e.g., for administration of our product candidate to patients) is also important. Inadequate reimbursement for such services may lead to physician and payor resistance and adversely affect our ability to market or sell our product candidates. In addition, we may need to develop new reimbursement models in order to realize adequate value. Payors may not be able or willing to adopt such new models, and patients may be unable to afford that portion of the cost that such models may require them to bear. If we determine such new models are necessary but we are unsuccessful in developing them, or if such models are not adopted by payors, our business, financial condition, results of operations, and prospects could be adversely affected.
We expect the cost of a single administration of a gene editing therapy, such as those we are seeking to develop, to be substantial, when and if they achieve regulatory approval. We expect that coverage and reimbursement by government and private payors will be essential for most patients to be able to afford these treatments. Accordingly, sales of any such product candidates will depend substantially, both domestically and abroad, on the extent to which the costs of any of our product candidates will be paid by government authorities, private health plans, and other third-party payors. Payors may not be willing to pay high prices for a single administration. Coverage and reimbursement by a third-party payor may depend upon several factors, including the third-party payor's determination that use of a product is:
• a covered benefit under its health plan;
• safe, effective, and medically necessary;
• appropriate for the specific patient;
• cost-effective; and
• neither experimental nor investigational.
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Obtaining coverage and reimbursement for a product from third-party payors is a time-consuming and costly process that could require us to provide to the payor supporting scientific, clinical, and cost-effectiveness data. There is significant uncertainty related to third-party coverage and reimbursement of newly approved products. We may not be able to provide data sufficient to gain acceptance with respect to coverage and reimbursement. If coverage and reimbursement are not available, or are available only at limited levels, we may not be able to successfully commercialize any of our product candidates. Even if coverage is provided, the approved reimbursement amount may not be adequate to realize a sufficient return on our investment.
In the United States, no uniform policy exists for coverage and reimbursement for products among third-party payors. Therefore, decisions regarding the extent of coverage and amount of reimbursement to be provided can differ significantly from payor to payor. The process for determining whether a payor will provide coverage for a product may be separate from the process for setting the reimbursement rate a payor will pay for the product. One third-party payor's decision to cover a particular product or service does not ensure that other payors will also provide coverage for the medical product or service. Third-party payors may limit coverage to specific products on an approved list or formulary, which may not include all FDA-approved products for a particular indication.
Further, third-party payors are increasingly challenging the price and examining the medical necessity and cost-effectiveness of medical products and services, in addition to their safety and efficacy. In order to secure coverage and reimbursement for any product that might be approved for sale, we may need to conduct expensive pharmacoeconomic studies in order to demonstrate the medical necessity and cost-effectiveness of our products, in addition to the costs required to obtain FDA or comparable regulatory approvals. Additionally, we may also need to provide discounts to purchasers, private health plans or government healthcare programs. Despite our best efforts, our product candidates may not be considered medically necessary or cost-effective. If third-party payors do not consider a product to be cost-effective compared to other available therapies, they may not cover an approved product as a benefit under their plans or, if they do, the level of payment may not be sufficient to allow us to sell our products at a profit. A decision by a third-party payor not to cover a product could reduce physician utilization once the product is approved and have a material adverse effect on sales, our operations and financial condition. Finally, in some foreign countries, the proposed pricing for a product candidate must be approved before it may be lawfully marketed. The requirements governing product pricing vary widely from country to country. For example, in the EU, pricing and reimbursement of pharmaceutical products are regulated at a national level under the individual EU Member States' social security systems. Some foreign countries provide options to restrict the range of medicinal products for which their national health insurance systems provide reimbursement and can control the prices of medicinal products for human use. To obtain reimbursement or pricing approval, some of these countries may require the completion of clinical trials that compare the cost effectiveness of a particular product candidate to currently available therapies. A country may approve a specific price for the medicinal product or it may instead adopt a system of direct or indirect controls on the profitability of the company placing the medicinal product on the market. There can be no assurance that any country that has price controls or reimbursement limitations for products will allow favorable reimbursement and pricing arrangements for any of our product candidates. Even if approved for reimbursement, historically, product candidates launched in some foreign countries, such as some countries in the EU, do not follow price structures of the United States and prices generally tend to be significantly lower.
If the market opportunities for any product candidates we develop are smaller than we believe they are, our potential revenues may be adversely affected, and our business may suffer. Because the target patient populations for many of our product candidates are small, we must be able to successfully identify patients and achieve a significant market share to maintain profitability and growth.
We focus our research and product development on treatments for rare genetically defined diseases. Many of our product candidates are expected to target a single mutation; as a result, the relevant patient population may therefore be small. Our projections of both the number of people who have these diseases, as well as the subset of people with these diseases who have the potential to benefit from treatment with our product candidates, are based on estimates. These estimates may prove to be incorrect and new studies may change the estimated incidence or prevalence of these diseases. The number of patients in the United States, Europe, and elsewhere may turn out to be lower than expected, and patients may not be amenable to treatment with our product candidates, or may become increasingly difficult to identify or gain access to, all of which would adversely affect our business, financial condition, results of operations, and prospects. Additionally, because of the potential that any product candidates we develop could cure a target disease, we may not receive recurring revenues from patients and may deplete the patient population prevalence through curative therapy.
Genetic medicines are novel, and any product candidates we develop may be complex and difficult to manufacture. We could experience delays in complying with regulatory requirements or production problems that result in delays in our development or commercialization programs, limit the supply of our product candidates, or otherwise harm our business.
Our product candidates will likely require processing steps that are more complex than those required for most chemical pharmaceuticals.  Moreover, unlike chemical  pharmaceuticals,  the  physical  and  chemical properties of a biologic such as the product candidates we are developing generally cannot be fully characterized. As a result, assays of the finished product candidate may not be sufficient to ensure that the product candidate will perform in the intended manner. Problems with the manufacturing process, even
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minor deviations from the normal process, could result in product defects or manufacturing failures that result in unusable products, product recalls, product liability claims, insufficient inventory, or potentially delay progression of our potential IND filings. We may also encounter problems achieving adequate quantities and quality of clinical-grade materials that meet FDA, EMA or other comparable applicable foreign standards or specifications with consistent and acceptable production yields and costs. For example, the current approach of manufacturing AAV vectors may fall short of supplying required number of doses needed for advanced stages of pre-clinical studies or clinical trials, and the FDA may ask us to demonstrate that we have the appropriate manufacturing processes in place to support the higher-dose group in our future pre-clinical studies or clinical trials.
In addition, the FDA, the EMA, and other regulatory authorities may require us to submit samples of any of the approved product together with the protocols showing the results of applicable tests at any time. Under some circumstances, the FDA, the EMA, or other regulatory authorities may require that we not distribute a sample until the agency authorizes its release. Slight deviations in the manufacturing process, including those affecting quality attributes and stability, may result in unacceptable changes in the product that could result in product recalls. Product recalls could cause us to delay clinical trials or product launches, which could be costly to us and otherwise harm our business, financial condition, results of operations, and prospects.
We also may encounter problems hiring and retaining the experienced scientific, quality control, and manufacturing personnel needed to manage our manufacturing process, which could result in delays in our production or difficulties in maintaining compliance with applicable regulatory requirements.
Given the nature of biologics manufacturing, including for AAV vectors, there is a risk of contamination during manufacturing. Any contamination could materially harm our ability to produce product candidates on schedule and could harm our results of operations and cause reputational damage. Some of the raw materials that we anticipate will be required in our manufacturing process are derived from biologic sources.  Such raw materials are difficult to procure and may be subject to contamination or recall. A material shortage, contamination, recall, or restriction on the use of biologically derived substances in the manufacture of our current or future product candidates could adversely impact or disrupt the commercial manufacturing or the production of clinical material, which could materially harm our development timelines and our  business, financial condition, results of operations, and prospects.
Any problems in our manufacturing process or the facilities with which we contract could make us a less attractive collaborator for potential partners, including larger pharmaceutical companies and academic research institutions, which could limit our access to additional attractive development programs. Problems in third-party manufacturing process or facilities also could restrict our ability to ensure sufficient clinical material for our planned clinical trials and to meet market demand for any product candidates we develop and commercialize.
Product
liability
lawsuits
against
us
could
cause
us
to
incur
substantial
liabilities
and could limit commercialization
of our product
candidates.
We face
an inherent
risk
of product
liability
exposure
related
to the
testing
in human
clinical
trials
of our product
candidates
and
will
face
an
even
greater
risk
if
we
commercially
sell
any
products
we
develop.
If
we cannot
successfully
defend
ourselves
against
claims
that
our product
candidates
caused
injuries,
we could
incur substantial
liabilities.
Regardless
of merit
or eventual
outcome,
liability
claims
may
result
in:
•
decreased
demand
for
any of our current
or future
product
candidates;
•
injury
to our reputation
and significant
negative
media
attention;
•
withdrawal
of clinical
trial
participants;
•
significant
time
and costs
to defend
the
related
litigation;
•
substantial
monetary
awards
to trial
participants
or patients;
•
loss
of revenue;
and
•
the
inability
to commercialize
our product
candidates.
Although
we
maintain
product
liability
insurance
coverage,
it
may
not
be
adequate
to
cover
all
liabilities that
we may
incur.
We anticipate
that
we will
need to increase
our insurance
coverage
when we begin
clinical trials
and
if
we
successfully
commercialize
any
products.
Insurance
coverage
is
increasingly
expensive.
We may not be able
to maintain
insurance
coverage
at
a reasonable
cost
or in an amount
adequate
to satisfy
any liability that
may
arise.
48
If
we
or
any
contract
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.
We
and
any
contract
manufacturers
and
suppliers
we
engage
are
subject
to
numerous
federal,
state,
and local
environmental,
health,
and
safety
laws,
regulations,
and permitting
requirements,
including
those
governing laboratory
procedures;
the
generation,
handling,
use, storage,
treatment,
and disposal
of hazardous
and regulated materials
and
wastes;
the
emission
and
discharge
of
hazardous
materials
into
the
ground, air,
and water;
and employee
health
and safety.
Our operations
involve
the
use of hazardous
and flammable
materials,
including chemicals
and
biological
and
radioactive
materials.
Our
operations
also
produce
hazardous
waste.
We generally contract
with
third
parties
for
the
disposal
of
these
materials
and wastes.
We cannot
eliminate
the
risk
of contamination
or injury
from
these
materials.
In the
event
of contamination
or injury
resulting
from
our use of hazardous
materials,
we
could
be
held
liable
for
any
resulting
damages,
and any liability
could
exceed
our resources.
Under certain
environmental laws, we
could be
held
responsible for costs relating to any contamination
at
our current
or past
facilities
and at
third-party
facilities.
We also
could
incur
significant
costs associated
with civil
or criminal
fines
and penalties.
Compliance
with
applicable
environmental
laws and regulations
may
be expensive,
and current
or future environmental
laws and regulations
may
impair
our research
and product
development
efforts.
In addition,
we cannot
entirely
eliminate
the
risk
of
accidental
injury
or contamination
from
these
materials
or wastes.
Although we
maintain
workers'
compensation
insurance
to cover
us for
costs
and expenses
we may
incur
due to injuries
to our
employees
resulting
from
the
use
of hazardous
materials,
this
insurance
may
not provide
adequate
coverage against
potential
liabilities.
We do not carry
specific
biological
or hazardous
waste
insurance
coverage,
and our property,
casualty,
and
general
liability
insurance
policies
specifically
exclude
coverage
for
damages
and fines arising from
biological or hazardous waste exposure
or contamination.
Accordingly,
in the
event
of contamination
or
injury,
we
could
be
held
liable
for
damages
or
be
penalized
with fines
in an amount
exceeding our
resources,
and
our
clinical
trials
or
regulatory
approvals
could
be
suspended,
which
could
have a material adverse
effect
on our business,
financial
condition,
results
of operations,
and prospects.
In addition,
we may
incur
substantial
costs
in order
to comply
with current
or future
environmental,
health, and safety
laws,
regulations, and permitting requirements.
These current
or future laws, regulations,
and permitting
requirements
may
impair
our
research,
development,
or
production
efforts.
Failure
to
comply
with these
laws,
regulations,
and
permitting
requirements
also
may
result
in substantial
fines,
penalties,
or other sanctions
or
business
disruption,
which
could
have
a material
adverse
effect
on our business,
financial
condition, results
of operations,
and prospects.
Any
third-party
contract
manufacturers
and
suppliers
we engage
will
also
be subject
to these
and other environmental,
health,
and
safety
laws
and
regulations.
Liabilities
they
incur
pursuant
to these
laws and regulations
could
result
in
significant
costs
or
an interruption
in operations,
which could
have a material
adverse effect
on our business,
financial
condition,
results
of operations,
and prospects.
Risks Related
to Our Relationships
with Third Parties
We
expect
to
rely
on
third
parties
to
conduct
our
clinical
trials
and
some
aspects
of
our
research
and preclinical
testing,
and
those
third
parties
may
not
perform
satisfactorily,
including
failing
to
meet
deadlines for
the completion
of such trials,
research,
or testing.
We
currently
rely
and
expect
to
continue
to
rely
on
third
parties,
such
as
CROs, clinical
data
management organizations,
medical
institutions,
and clinical
investigators,
to conduct
some
aspects
of our research
and preclinical
testing,
and
we
expect
to
rely
on
third
parties
to
help
conduct
our
planned
clinical
trials.
Any of these third
parties
may
terminate
their
engagements
with
us
at
any time
under
certain
criteria.
If
we need to enter
into alternative
arrangements,
it
may
delay
our product
development
activities.
Our
reliance
on these
third
parties
to conduct
clinical
trials
and for
research
and development
activities
will reduce
our
control
over
these
activities
but will
not relieve
us of our responsibilities.
For example,
we will
remain responsible
for
ensuring
that
each
of our clinical
trials
is
conducted
in accordance
with the
general
investigational plan
and
protocols
for
the
trial.
Moreover,
the
FDA, the
EMA
and
other
regulatory
authorities
require
us to comply
with
standards,
commonly
referred
to  as  Good  Clinical
Practices,
for
conducting,
recording,
and reporting
the
results
of
clinical
trials
to
assure
that
data
and
reported
results
are
credible
and accurate
and that
the rights,
integrity,
and confidentiality
of trial
participants
are
protected.
Although
we
intend
to
design
the
clinical
trials
for
our
product
candidates,
CROs
will
conduct
some
or all
of the
clinical
trials.
As a result,
many
important
aspects
of our development
programs,
including
their
conduct
and timing,
will
be
outside
of
our
direct
control.
Our reliance
on third
parties
to conduct
current
and future
preclinical studies
and
future
clinical
trials
will
also
result
in
less
direct
control
over
the
management
of data
developed through
preclinical
studies
and
clinical
trials
than
would
be
the
case
if
we
were
49
relying
entirely
upon
our
own staff.
Communicating
with
third
parties
can
also
be
challenging,
potentially
leading
to
mistakes
as well
as difficulties
in coordinating
activities.
Third
parties
may:
•
have staffing
difficulties;
•
fail
to comply
with contractual
obligations;
•
experience
regulatory
compliance
issues;
•
undergo
changes
in priorities
or become
financially
distressed;
or
•
form
relationships
with other
entities,
some
of which may
be our competitors.
These
factors
may
materially
adversely
affect
the
willingness
or ability
of third
parties
to conduct
our preclinical
studies
and
clinical
trials
and
may
subject
us to unexpected
cost
increases
that
are
beyond our control. If
the
CROs and
other
third
parties
do
not
perform
preclinical
studies
and
future
clinical
trials
in a satisfactory manner,
breach
their obligations to us or fail to comply with
regulatory requirements, the development, regulatory
approval
and commercialization
of our product
candidates
may
be delayed,
we may
not be able
to obtain
regulatory
approval
and commercialize
our product
candidates,
or our development
programs
may be materially
and
irreversibly
harmed.
If
we
are
unable
to
rely
on
preclinical
and
clinical
data
collected
by
our CROs and
other
third
parties,
we
could
be
required
to
repeat,
extend
the
duration
of,
or increase
the
size
of any preclinical
studies
or
clinical
trials
we
conduct
and
this
could
significantly
delay
commercialization
and require greater
expenditures,
which
could
have
a
material
adverse
effect
on our business,
financial
condition,
result
of operation
s
, and prospects.
We
also
expect
to
rely
on
third
parties
to
store
and
distribute
drug
supplies
for
our clinical
trials.
Any performance
failure
on
the
part
of
our
distributors
could
delay
clinical
development
or marketing
approval
of our product
candidates
or commercialization
of our therapies, producing additional losses and depriving us
of potential
product
revenue.
Dr.
Matthew
Porteus,
our co-founder
and a member
of our board of directors,
may
have actual
or potential
conflicts
of interest
because
of his position
with Stanford.
Dr.
Porteus
serves
on
our
board
of
directors,
our
Scientific
& Clinical
Advisory
Board
and
as
our
paid
consultant
and
retains
his
position
and affiliation
with Stanford. Furthermore,
Dr. Porteus
holds
shares
of our restricted
common
stock
subject
to vesting
based,
among
other things,
on
his
continued
service
to us as a director,
employee
or consultant.
Dr. Porteus'
position
at
Stanford creates,
or may
create
the
appearance
of, conflicts
of interest
when we ask Dr. Porteus
to make
decisions
that could
have different
implications
for
Stanford
than
the
decisions
have for
us or for
himself,
including
decisions related
to
our
license
of
intellectual
property
rights
from
Stanford
and
other
contractual
relationships
we
may enter
into
from
time
to time
with Stanford.
We
contract
with
third
parties
for
the manufacture
of materials
for
our research
programs
and preclinical studies
and
expect
to
continue
to do so for
clinical
trials
and for
commercialization
of our product
candidates. This
reliance
on
third
parties
increases
the risk
that
we will
not have sufficient
quantities
of such materials, product
candidates,
or
any
products
that
we
may
develop
and
commercialize,
or
that
such
supply
will
not be available
to
us
at
an
acceptable
cost
or
timelines,
which
could
delay,
prevent,
or impair
our development
or commercialization
efforts.
We do not have any manufacturing
facilities
at
the
present
time.
We currently
rely
on third-party manufacturers
for
the
manufacture
of materials
for
our research
programs
and preclinical
studies,
including
our viral
vectors,
GMP
plasmids,
RNA guides
and
Cas9, and expect
to continue
to rely
on third
parties,
including Stanford,
for
our planned
clinical
trials
and for
commercialization
of any product
candidates
for
which we obtain marketing
approval.
For
example,
we
rely
on
third
parties
to manufacture
viral
vectors.
We do not have a long term
supply
agreement
with
any
of
our
third-party
manufacturers,
and we purchase
our required
supply
on a purchase
order
basis,
which
means
that
aside
from
any
binding
purchase
orders
we have from
time
to time,
our third-party
manufacturers
could
cease
manufacturing
for
us
or
change
the
terms
on which they
are
willing
to continue
manufacturing
for
us at
any time.
We
may
be
unable
to
establish
any
agreements
with
third-party
manufacturers
or
to
do
so
on
acceptable terms
for
one
or
more
of our material
needs.
Even if
we are
able
to establish
agreements
with third-party manufacturers,
reliance
on third-party
manufacturers
entails
additional
risks,
including:
•
the
possible
failure
of
the
third
party
to
manufacture
our
product
candidates
according
to
our
schedule, or
at
all,
including
if
the
third
party
gives
greater
priority
to the
supply
of other
products
over
our product
candidates
or
otherwise
do not satisfactorily
perform
according
to the
terms
of the
agreements between
us and them;
•
the
possible
breach
of the
manufacturing
agreement
by the
third
party;
50
•
the
possible
misappropriation
of
our
proprietary
information,
including
our
trade
secrets
and know-how;
•
the
possible
termination
or
nonrenewal
of
the
agreement
by
the
third
party
at
a
time
that
is
costly
or inconvenient
for
us;
and
•
reliance
on
the
third
party
for
regulatory
compliance,
quality
assurance,
safety,
and
pharmacovigilance and related
reporting.
Third-party
manufacturers
may
not
be
able
to
comply
with cGMP regulations
or similar
regulatory requirements
outside
the
United
States.
Our
failure,
or
the
failure
of
our
third-party
manufacturers,
to
comply with
applicable
regulations
could
result
in sanctions
being
imposed
on us, including
fines,
injunctions,
civil penalties,
delays,
suspension
or
withdrawal
of
approvals,
license
revocations,
seizures
or recalls
of product candidates,
operating
restrictions,
and
criminal
prosecutions,
any
of
which
could
significantly
and
adversely affect
supplies
of our products
and harm
our business,
financial
condition,
results
of operations,
and prospects.
Any
products
that
we may
develop
may
compete
with other
product
candidates
and products
for
access
to manufacturing
facilities.
There
are
a
limited
number
of suppliers
or manufacturers
that
operate
under
cGMP regulations
and
that
might
be
capable
of
manufacturing
for
us.
For
example,
three
vaccines
for
COVID-19 were granted
Emergency
Use
Authorization
by
the
FDA in
late
2020
and
early
2021,
and
more
are
likely
to
be authorized
in
the
coming
months.
The
resultant
demand
for
vaccines
and
potential
for
manufacturing
facilities and
materials
to be commandeered
under
the
Defense
Production
Act of 1950, or equivalent
foreign
legislation, may
make
it
more
difficult
to
obtain
materials
or
manufacturing
slots
for
the
products
needed
for
our
clinical trials,
which could
lead
to delays
in these
trials.
Any
performance
failure
on the
part of our existing or future manufacturers
could
delay clinical development
or
marketing
approval.
We
do
not
currently
have
arrangements
in
place
for
redundant
supply
for bulk
drug
substances.
If
any one of our current
contract
manufacturer
cannot
perform
as agreed,
we may
be required
to
replace
that
manufacturer,
or
we
may
be
forced
to
manufacture
the
materials
ourselves,
for
which we may
not have the
capabilities
or resources,
or enter
into
an agreement
with a different
third-party
manufacturer, which
we
may
not
be
able
to
do
on
reasonable
terms,
if
at
all.
In
either
scenario,
our
clinical
trials
supply
could be delayed
significantly
as we establish
alternative
supply
sources.
In some
cases, the technical
skills
required
to manufacture
our
products
or
product
candidates
may
be unique
or proprietary
to the
original
third-party manufacturer and we may have
difficulty, or there
may
be contractual
restrictions prohibiting us from, transferring
such skills
to a back-up
or alternate
supplier,
or we may
be unable
to transfer
such skills
at all. In addition,
if
we
are
required
to
change
third-party
manufacturers
for
any reason,
we will
be required
to verify
that the
new
third-party
manufacturer
maintains
facilities
and procedures
that
comply
with quality
standards
and with all
applicable
regulations.
We will
also
need to verify,
such as through
a manufacturing
comparability
study,
that any
new
manufacturing
process
will
produce
our
product
candidate
according
to the
specifications
previously submitted
to
the
FDA or
another
regulatory
authority.
The
delays
associated
with
the
verification
of
a
new
third- party
manufacturer
could
negatively
affect
our
ability
to
develop
product
candidates
or commercialize
our products
in a timely
manner
or within
budget.
Furthermore,
a third-party
manufacturer
may possess technology related
to the
manufacture
of our product
candidate
that
such third-party
manufacturer
owns independently.
This would
increase
our
reliance
on
such
third-party
manufacturer
or
require
us to obtain
a license
from
such third- party
manufacturer
in order
to have another
third-party
manufacturer
manufacture
our product
candidates.
In addition,
changes
in
manufacturers
often
involve
changes
in
manufacturing
procedures
and
processes,
which could
require
that
we
conduct
bridging
studies
between
our
prior
clinical
supply
used
in
our
clinical
trials
and that
of
any
new
manufacturer.
We
may
be
unsuccessful
in demonstrating
the
comparability
of clinical
supplies which could
require
the
conduct
of additional
clinical
trials.
Our
current
and
anticipated
future
dependence
upon
others
for
the
manufacture
of our product
candidates
or any
products
may
adversely
affect
our
future
profit
margins
and our ability
to commercialize
any products
that receive
marketing
approval
on a timely
and competitive
basis.
We
may
enter
into
collaborations
with
third
parties
for
the research,
development,
and commercialization
of certain
of
the
product
candidates
we
may
develop.
If
any
such
collaborations
are
not
successful,
we
may
not be able
to capitalize
on the market
potential
of those
product
candidates.
We
may
seek
third-party
collaborators
for
the
research,
development,
and
commercialization
of
certain
of the
product
candidates
we
may
develop.
If
we
enter
into
any
such
arrangements
with
any
third
parties,
we will likely
have
limited
control
over
the
amount
and timing
of resources
that
our collaborators
dedicate
to the development
or
commercialization
of
any
product
candidates
we
may
seek
to develop
with them.
Our ability
to generate
revenues
from
these
arrangements
will
depend on our collaborators'
abilities
to successfully
perform
the functions
assigned
to
them
in
these
arrangements.
We
cannot
predict
the
success
of
any
collaboration
that
we enter
into.
51
Collaborations
involving
our
research
programs
or
our
product
candidates
pose numerous
risks
to us, including
the
following:
•
Collaborators
have
significant
discretion
in
determining
the
efforts
and
resources
that
they
will
apply
to these
collaborations.
•
Collaborators
may
not
pursue
development
and
commercialization
of
our
product
candidates
or
may elect
not
to
continue
or renew development
or commercialization
programs
based
on clinical
trial results,
changes
in
the
collaborator's
strategic
focus
or available
funding
or external
factors
such as an acquisition
that
diverts
resources
or
creates
competing
priorities.
If
a
present
or future
collaborator
of ours
were
to
be
involved
in
a
business
combination,
the
continued
pursuit
and emphasis
on our product development
or commercialization
program
under
such collaboration
could
be delayed,
diminished,
or terminated.
•
Collaborators
may
delay
clinical
trials,
provide
insufficient
funding
for
a
clinical
trial
program,
stop
a clinical
trial
or abandon a product
candidate,
repeat
or conduct
new clinical
trials,
or require
a new formulation
of a product
candidate
for
clinical
testing.
•
Collaborators
could
independently
develop,
or
develop
with
third
parties,
products
that
compete directly
or
indirectly
with
our product
candidates
if
the
collaborators
believe
that
competitive
products are
more
likely
to
be
successfully
developed
or
can be commercialized
under
terms
that
are
more economically
attractive
than
ours.
•
Collaborators
with
marketing
and distribution
rights
to one or more
products
may
not commit
sufficient resources
to the
marketing
and distribution
of such products.
•
Collaborators
may
not
properly
obtain,
maintain,
enforce,
or
defend
our
intellectual
property
or proprietary
rights
or
may
use
our
proprietary
information
in such a way as to invite
litigation
that
could jeopardize
or invalidate
our proprietary
information
or expose
us to potential
litigation.
•
Disputes
may
arise
between
the
collaborators
and
us
that
result
in
the
delay
or
termination
of
the research,
development,
or
commercialization
of our therapies
or product
candidates
or that
result
in costly
litigation
or arbitration
that
diverts
management
attention
and resources.
•
Collaborators
may
not
provide
us
with
timely
and
accurate
information
regarding
development progress
and activities
under
the
collaboration
or may
limit
our ability
to share
such information,
which could
adversely
impact
our
ability
to
report
progress
to our investors
and otherwise
plan
our own development
of our product
candidates.
•
We
may
lose
certain
valuable
rights
under
circumstances
identified
in
our
collaborations,
including
if we undergo
a change
of control.
•
Collaborators
may
require
us
to
incur
non-recurring
and
other
charges,
increase
our
near-
and
long- term
expenditures,
issue
securities
that
dilute
our existing
stockholders,
or disrupt
our management
and business.
•
Collaborations
may
be
terminated
and,
if
terminated,
may
result
in
a
need
for
additional
capital
to pursue
further
development
or commercialization
of the
applicable
product
candidates
we develop.
•
Collaboration
agreements
may
not
lead
to
development
or
commercialization
of
product
candidates
in the
most
efficient
manner
or at
all.
If
our
collaborations
do
not result
in the
successful
development
and commercialization
of product candidates,
or
if
one
of
our
collaborators
terminates
its
agreement
with
us,
we
may
not
receive
any
future research
funding
or
milestone
or
royalty
payments
under
the
collaboration.
If
we
do
not receive
the
funding
we expect
under
these
agreements,
our
development
of
product
candidates
could
be
delayed,
and we may
need additional
resources
to develop
product
candidates.
In addition,
if
one of our collaborators
terminates
its agreement
with
us,
we
may
find
it
more
difficult
to find
a suitable
replacement
collaborator
or attract
new collaborators,  and
our
development
programs
may
be
delayed
or
the
perception
of
us
in
the
business
and financial
communities
could
be
adversely
affected.
All
of
the
risks
relating
to product
development,
regulatory approval,
and commercialization
described
here
apply
to the
activities
of our collaborators.
If
conflicts
arise
between
us
and
our
collaborators
or
strategic
partners,
these
parties
may
act
in
a manner adverse
to us and could limit
our ability
to implement
our strategies.
If
conflicts
arise
between
our
corporate
or
academic
collaborators
or
strategic
partners
and
us,
the
other party
may
act
in
a
manner
adverse
to
us
and
could
limit
our
ability
to
implement
our
strategies.
Some
of
our academic
collaborators
and strategic
partners
are
conducting
multiple
product development
efforts
within each area
that
is
the
subject
of
the
collaboration
with
us.
52
Our
collaborators
or
strategic
partners,
however,
may develop,
either
alone
or
with
others,
products
in
related
fields
that
are
competitive
with the
product
candidates
we develop
that
are
the
subject
of these
collaborations
with us. Competing
products,
either
developed
by the collaborators
or
strategic
partners
or
to which the
collaborators
or strategic
partners
have rights,
may
result
in the withdrawal
of partner
support
for
our product
candidates.
Some
of
our
collaborators
or strategic
partners
could
also
become
our competitors
in the
future.
Our collaborators or
strategic
partners could
develop competing products, preclude us from
entering
into collaborations
with
their
competitors,
fail
to
obtain
timely
regulatory
approvals,
terminate
their
agreements
with us
prematurely,
or
fail
to devote
sufficient
resources
to the
development
and commercialization
of products.
Any of these
developments
could
harm
our product
development
efforts.
If
we are not able
to establish
collaborations
on a timely
basis,
on commercially
reasonable
terms,
or at all,
we may
have
to
alter,
reduce
or
delay
our
development
and
commercialization
plans,
or
increase
our expenditures to fund development
or commercialization
activities
at our own
expense.
For some of
the
product
candidates we
may develop,
we
may
decide
to collaborate
with other pharmaceutical
and
biotechnology
companies
for
the
development
and potential
commercialization
of those product
candidates.
We face
significant
competition
in seeking
appropriate
collaborations
and collaborations
are complex
and
time-consuming
to negotiate
and document.
Whether
we reach
a definitive
agreement
for
a collaboration
will
depend,
among
other
things,
upon
our assessment
of the
collaborator's
resources
and expertise, the
terms
and
conditions
of
the
proposed
collaboration,
and
the
proposed
collaborator's
evaluation
of
a
number of
factors.
Those
factors
may
include
the
design
or
results
of
clinical
trials,
the
likelihood
of
approval
by
the FDA, the
EMA or similar
regulatory
authorities
outside
the
United
States,
the
potential
market
for
the
subject product
candidate,
the
costs
and complexities
of manufacturing
and delivering
such product
candidate
to patients, the
potential
of
competing
products,
the
existence
of uncertainty
with respect
to our ownership
of technology, which
can
exist
if
there
is
a
challenge
to
such
ownership
without
regard
to
the
merits
of
the
challenge,
and industry
and
market
conditions
generally.
The collaborator
may
also
consider
alternative
product
candidates
or technologies
for
similar
indications
that
may
be
available
to
collaborate
on
and
whether
such
a
collaboration could
be more
attractive
than
the
one with us.
We may
also
be restricted
under
existing
collaboration
agreements
from entering
into future collaboration agreements
on
certain
terms
with
potential
collaborators.
In
addition,
there
have
been
a
significant
number
of recent
business
combinations
among
large
pharmaceutical
companies
that
have resulted
in a reduced
number
of potential
future
collaborators,
which further
increases
competition
we face
in seeking
potential
collaborations.
We
may
not be able
to negotiate
collaborations
on a timely
basis,
on acceptable
terms,
or at
all.
If
we are unable
to
do
so,
we
may
have
to
curtail
the
development
of
the
product
candidate
for
which we are
seeking
to collaborate,
reduce
or
delay
its
development
program
or
one
or
more
of
our
other
development
programs,
delay its
potential
commercialization
or
reduce
the
scope
of any sales
or marketing
activities,
or increase
our expenditures
and
undertake
development
or
commercialization
activities
at
our
own
expense.
If
we elect
to increase
our
expenditures
to
fund
development
or
commercialization
activities
on
our
own,
we
may
need
to obtain
additional
capital,
which
may
not
be
available
to
us
on
acceptable
terms
or
at
all.
If
we
do
not have sufficient
funds,
we
may
not
be
able
to develop
product
candidates
or bring
them
to market
and generate
product revenue.
Risks Related
to Our Intellectual
Property
If
we are unable to obtain
and maintain
patent
and other
intellectual
property
protection
for
any product candidates
we
develop
and
for
our
gene
editing
platform
technology,
or
if
the
scope
of the patent
and other intellectual
property
protection
obtained
is
not sufficiently
broad, our competitors
could develop
and commercialize
products
and
technology
similar
or
identical
to
ours,
and
our ability
to successfully commercialize
our product
candidates,
and our gene editing
platform
technology
may
be adversely
affected.
Our commercial
success
will
depend in large
part
on our ability
to obtain
and maintain
patent, trademark, trade
secret
and
other
intellectual
property
protection
of
our gene editing
platform
technology,
product
candidates and
other
technology,
methods
used
to
manufacture
them
and
methods
of
treatment,
as well
as successfully defending
our
patent
and
other
intellectual
property
rights
against
third-party
challenges.
It
is
difficult
and costly to protect
our gene editing
platform
technology
and product
candidates,
and we may
not be able
to ensure
their protection.
Our
ability
to
stop
unauthorized
third
parties
from
making,
using,
selling,
offering
to
sell,
importing or
otherwise
commercializing
our
product
candidates
is
dependent
upon the
extent
to which we have rights
under valid
and enforceable
patents
or trade
secrets
that
cover
these
activities.
53
We
seek
to
protect
our proprietary
position
by in-licensing
intellectual
property
relating
to our platform technology
and
filing
patent
applications
in
the
United
States
and
abroad
related
to
our
gene
editing
platform technology
and
product
candidates
that
are
important
to
our
business.
If
we
or
our licensors
are
unable
to obtain
or maintain
patent
protection
with respect
to our gene editing
platform
technology
and our product
candidates,
or if the
scope
of
the
patent
protection
secured
is
not sufficiently
broad,
our competitors
could
develop
and commercialize
products
and
technology
similar
or
identical
to
ours
and
our
ability
to
commercialize
our product candidates
may
be adversely
affected.
The patent
prosecution
process
is
expensive,
time-consuming,
and complex,
and we may
not be able
to file, prosecute,
maintain,
enforce,
or
license
all
necessary
or
desirable
patent
applications
at
a
reasonable
cost
or
in a timely
manner.
In addition,
we may
not pursue
or obtain
patent
protection
in all
relevant
markets.
It
is also possible
that
we
will
fail
to
identify
patentable
aspects
of
our
research
and
development
output
in time
to obtain patent
protection.
Although
we enter
into
non-disclosure
and confidentiality
agreements
with parties
who have access
to
confidential
or
patentable
aspects
of
our
research
and
development
output,
such
as our employees, corporate
collaborators,
outside
scientific
collaborators,
CROs, contract
manufacturers,
consultants,
advisors,
and other
third
parties,
any
of
these
parties
may
breach
the
agreements
and disclose
such output
before
a patent application
is
filed,
thereby
jeopardizing
our
ability
to
seek
patent
protection.
In
addition,
our
ability
to
obtain and
maintain
valid
and
enforceable
patents
depends
on whether
the
differences
between
our inventions
and the prior
art
allow
our
inventions
to
be
patentable
over
the
prior
art.
Furthermore,
publications
of discoveries
in the scientific
literature
often
lag
behind
the
actual
discoveries,
and
patent
applications
in
the
United
States
and
other jurisdictions
are
typically
not published
until
18 months
after
filing,
or in some
cases
not at
all.
Therefore,
we cannot
be
certain
that
we
or
our licensors
were
the
first
to
make
the
inventions
claimed
in our owned or any licensed
patents
or
pending
patent
applications,
or
that
we
or
our licensors
were
the
first
to
file
for
patent protection
of such inventions.
The
patent
position
of biotechnology
and pharmaceutical
companies
generally
is
highly
uncertain,
involves complex
legal
and factual
questions,
and has been the
subject
of much
litigation
in recent
years.
The field
of gene editing
has
been
the
subject
of
extensive
patenting
activity
and
litigation.
As
a
result,
the
issuance,
scope, validity,
enforceability,
and
commercial
value
of our patent
rights
are
highly
uncertain
and we may
become involved
in
complex
and
costly
litigation.
Our pending
and future
patent
applications
may
not result
in patents being
issued
which
protect
our
gene
editing
platform
technology
and our product
candidates
or which effectively prevent
others
from
commercializing
competitive
technologies
and product
candidates.
No
consistent
policy
regarding
the
scope
of
claims
allowable
in
the
field
of
gene
editing
has emerged
in the United
States.
The
scope
of patent
protection
outside
of the
United
States
is
also
uncertain.
Changes in either
the patent
laws
or
their
interpretation
in
the
United
States
and other
countries
may
diminish
our ability
to protect
our inventions,
obtain,
maintain,
enforce
and defend
our intellectual
property
rights
and, more generally,
could affect the
value
of our intellectual
property
or narrow
the
scope
of our owned and licensed
patent
rights. With respect
to both
in-licensed
and
owned
intellectual
property,
we cannot
predict
whether
the
patent
applications
we and our licensors
are
currently
pursuing
will
issue
as
patents
in
any
particular
jurisdiction
or whether
the
claims
of any issued
patents
will
be valid
and enforceable
and provide
sufficient
protection
from
competitors.
Moreover,
the
coverage
claimed
in a patent
application
can be significantly
reduced before the patent is issued,
and
its
scope
can
be
reinterpreted
after
issuance.
Even
if
patent
applications
we
license
or
own
currently or
in
the
future
issue
as
patents,
they
may
not
issue
in a form
that
will
provide
us with any meaningful
protection, prevent
competitors
or
other
third
parties
from
competing
with us, or otherwise
provide
us with any competitive advantage.
Any
patents
that
we
own
or
in-license
may
be challenged,
narrowed,
circumvented,
or invalidated
by third
parties.
Consequently,
we
do
not
know
whether
any
of
our
platform
advances
and
product
candidates
will be
protectable
or
remain
protected
by
valid
and
enforceable
patents.
Our
competitors
or
other
third
parties
may be
able
to
circumvent
our
patents
by
developing
similar
or
alternative
technologies
or
products
in
a non-infringing
manner.
In addition,
given
the
amount
of time
required
for
the
development,
testing,
and regulatory
review
of new product
candidates,
patents
protecting
such
candidates
might
expire
before
or shortly
after
such candidates
are commercialized.
As a result,
our intellectual
property
may
not provide
us with sufficient
rights
to exclude
others from
commercializing
products
similar
or
identical
to
ours.
Moreover,
some
of our owned and in-licensed
patents and
patent
applications
may
in
the
future
be,
co-owned
by us with third
parties.
If
we are
unable
to obtain
an exclusive
license
to
such
third-party
co-owners'
interest
in
such
patents
or
patent
applications,
such co-owners may
be
able
to
license
their
rights
to other
third
parties,
including
our competitors,
and our competitors
could market
competing
products
and
technology.
In
addition,
we
may
need the
cooperation
of any such co-owners
of our
patent
rights
in
order
to
enforce
such
patents
against
third
parties,
and
such
cooperation
may
not
be
provided to
us. Any of the
foregoing
could
have a material
adverse
effect
on our competitive
position,
business,
financial conditions,
results
of operations,
and prospects.
54
Our
rights
to
develop
and
commercialize
our
gene
editing
platform
technology
and product
candidates
are subject,
in part,
to the terms
and conditions
of licenses
granted
to us by others.
We
depend
on
intellectual
property
licensed
from
third
parties,
and our licensors
may
not always
act
in our best
interest.
If
we fail
to comply
with our obligations
under
our intellectual
property
licenses,
if the licenses
are terminated,
or
if
disputes
regarding
these
licenses
arise,
we
could
lose
significant
rights
that
are
important
to our business.
We
have
licensed
and
are
dependent
on
certain
patent
rights
and proprietary
technology
from
third
parties that
are
important
or
necessary
to
the
development
of our gene editing
technology
and product
candidates.
For example,
we
are
a
party
to a license
agreement
with Stanford
pursuant
to which we in-license
key patent applications
for
our gene editing
platform
technology
and product
candidates
(the
Stanford
License
Agreement). This
license
agreement
imposes
various
diligence,
milestone
payment,
royalty,
insurance,
and
other
obligations on
us.
If
we
fail
to
comply
with
these
obligations,
our licensors
may
have
the
right
to
terminate
our license,
in which
event
we
would
not be able
to develop
or market
our gene editing
platform
or any other
technology
or product
candidates
covered
by
the
intellectual
property
licensed
under
this
agreement.
For
example,
under
the Stanford
License
Agreement,
we
are
required
to
initiate
clinical
trial
programs
in  accordance
with  the development
plan
and
development
milestones
for
the
development
of a licensed
product
covered
by the
licensed patent
rights.
If
we
fail
to
initiate
such clinical
trial
programs,
our rights
with respect
to the
licensed
patent
rights may
terminate.
These
and
other
licenses
may
not
provide
exclusive
rights
to
use
such
intellectual
property
and
technology in
all
relevant
fields
of
use
and
in
all
territories
in
which
we
may
wish
to
develop
or
commercialize
our
gene editing
platform
technology
and
product
candidates
in
the
future.
Some
licenses
granted
to
us
are
expressly subject
to
certain
preexisting
rights
held
by
the
licensors
or certain
third
parties.
As a result,
we may
not be able
to prevent
competitors
from
developing
and
commercializing
competitive
products
in
certain
territories
or
fields. For
example,
the
Stanford
License
Agreement
provides
that
our field
of use is
solely
for
the
development
of prophylactics
and
therapeutics
for
sickle
cell
disease,
XSCID,
and beta-thalassemia.
If
we determine
that
rights
to such
additional
fields
are
necessary
to
commercialize
our
product
candidates
or maintain
our competitive advantage,
we
may
will
need
to
obtain
a
license
from
Stanford
and/or
other
third
parties
in
order
to
continue developing,
manufacturing
or
marketing
our
product
candidates.
We
may
not
be
able
to
obtain
such
a
license
on an
exclusive
basis,
on
commercially
reasonable
terms,
or
at
all,
which
could
prevent
us
from
commercializing our
product
candidates
or
allow
our
competitors
or
others
the
chance
to
access
technology
that
is
important
to our business.
We
do
not
have
complete
control
in
the
preparation,
filing,
prosecution,
and maintenance
of the
patent applications
covering
the
technology
that
we license
from
third
parties.
For example,
pursuant
to our intellectual property
license
with Stanfor
d
, our licensors
retain
control
of preparation,
filing,
prosecution,
and maintenance
of their
patent
applications.
We
cannot
be
certain
that
these
patent
applications
will
be prepared,
filed,
prosecuted, maintained,
and
defended
in
a
manner
consistent
with
the
best
interests
of our business.
If
our licensors
fail
to prosecute,
and
maintain
such
patent
applications,
or
lose
rights
to
those
patent
applications,
the
rights
we have licensed
may
be
reduced
or
eliminated,
our
right
to
develop
and
commercialize
any
of
our
product
candidates that
are
the
subject
of
such
licensed
rights
could
be adversely
affected
and we may
not be able
to prevent competitors
from
making,
using,
and selling
competing
products.
Certain of our licensors
have
also
relied
on
third-party
collaborators
or
on
funds
from
third
parties
such
that
they are
not
the
sole
and
exclusive
owners
of
the
patent
rights
we have in-licensed.
For example,
our in-licensed
patent rights
from
the
Stanford
License
are
jointly
owned
by
Stanford
and
Agilent
Technologies,
Inc.
(Agilent).
If
we are
unable
to
secure
licenses
to
the
rights
of
Agilent,
the
license
granted
to
us
in
jurisdictions
where
the
consent of
a
co-owner
is
necessary
to
grant
such
a
license
may
not
be
valid,
and
Agilent
may
be
able
to
license
such patent
rights
to our competitors,
and our competitors
could
market
competing
products
and technology.
In addition,
our
rights
to
our
in-licensed
patent
applications
are
dependent,
in
part,
on
inter-institutional
or
other operating
agreements
between
Stanford
and
Agilent.
If
Stanford
or
Agilent
breaches
such
inter-institutional
or operating
agreements,
our
rights
to
such
in-licensed
patents
and patent
applications
may
be adversely
affected. Any
of
these
events
could
have a material
adverse
effect
on our competitive
position,
business,
financial conditions,
results
of operations,
and prospects.
Furthermore,
inventions
contained
within
some
of
our in-licensed
patent
applications
were made
using
U.S. government
funding.
We
rely
on
our licensors
to
ensure
compliance
with
applicable
obligations
arising
from
such
funding,
such
as
timely
reporting,
an
obligation
associated
with
our
in-licensed
patents
and patent
applications. The
failure
of
our licensors
to
meet
their
obligations
may
lead
to
a loss
of rights
or the
unenforceability
of relevant patents.
For
example,
the
U.S. government
could
have
certain
rights
in such in-licensed
patent
applications, including
a
non-exclusive
license
authorizing
the
U.S. government
to
use the
invention
or to have others
use the invention
on
its
behalf.
If
the
U.S.
government
decides
to
exercise
these
rights,
it
is
not
required
to
engage
us
as its
contractor
in
connection
with
doing
so.
The
U.S. government's
rights
may
also
permit
it
to disclose
the
funded inventions
and
technology
to
third
parties
and
to
exercise
march-in
rights
to
use
or
allow
third
parties
to use the technology
we
have
licensed
that
was
developed
using
55
U.S. government
funding.
The
U.S. government
may
also exercise
its
march-in
rights
if
it
determines
that
action
is
necessary
because
we
or
our licensors
failed
to achieve practical
application
of
the
U.S. government-funded
technology,
because
action
is
necessary
to alleviate
health
or safety
needs,
to
meet
requirements
of
federal
regulations,
or
to
give
preference
to
U.S. industry.
In
addition,
our rights
in
such
in-licensed
U.S. government-funded
inventions
may
be
subject
to
certain
requirements
to manufacture
product
candidates
embodying
such
inventions
in
the
United
States.
Any
of
the
foregoing
could harm
our business,
financial
condition,
results
of operations,
and prospects
significantly.
In
the
event
that
any of
our
third-party
licensors
determines
that,
in
spite
of
our
efforts,
we
have
materially
breached a
license
agreement
or
have
failed
to meet
certain
obligations
thereunder,
it
may
elect
to terminate
the
license agreement
or, in some
cases,
one or more
license(s)
under
the
applicable
license
agreement
and such termination would result
in us no longer
having
the
ability
to develop
and commercialize
product
candidates
and technology covered
by
that
license
agreement.
In
the
event
of  such  termination
of  a  third-party
in-license,
or  if
the underlying
patent
rights
under
a third-party
in-license
fail
to provide
the
intended
exclusivity,
competitors
would have
the
freedom
to
seek
regulatory
approval
of, and to market,
products
identical
to ours.
Any of these
events could
have
a
material
adverse
effect
on our competitive
position,
business,
financial
conditions,
results
of operations,
and prospects of our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection but where enforcement is not as strong as that in the United States. These products may compete with our product candidates and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.
Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, particularly those relating to biotechnology and pharmaceutical products, which could make it difficult for us to stop the infringement  of  our  patents  or  marketing  of  competing  products  against  third  parties  in  violation  of  our intellectual property and proprietary rights generally. Proceedings to enforce our patents and intellectual property rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Moreover, the initiation of proceedings by third parties to challenge the scope or validity of our patent rights in foreign jurisdictions could result in substantial cost and divert our efforts and attention from other aspects of our business. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.
Many
countries
have compulsory
licensing
laws under
which a patent
owner may
be compelled
to grant licenses
to
third
parties.
In
addition,
many
countries
limit
the
enforceability
of patents
against
government agencies
or government
contractors.
In these
countries,
the
patent
owner may
have limited
remedies,
which could materially
diminish
the
value
of
such
patent.
If
we
or
our licensors
is
forced
to
grant
one or more licenses
to third
parties
with respect
to
any
patents
relevant
to our business,
our competitive
position
may
be impaired,
and our business, financial
condition,
results
of operations,
and prospects
may
be adversely
affected.
Our owned and in-licensed patent applications may not provide sufficient protection of our gene editing platform technologies, our product candidates and our future product candidates or result in any competitive advantage.
We own and have in-licensed a number of patent applications that cover gene editing and gene targeting technologies. We have applied for provisional patent applications intended to specifically cover our gene editing platform technology and uses with respect to treatment of particular diseases and conditions, but do not currently own any issued U.S. patents. Each U.S. provisional patent application is not eligible to become an issued patent until, among other things, we file a non-provisional patent application within 12 months of the filing date of the applicable provisional patent application. Any failure to file a non-provisional patent application within this timeline could cause us to lose the ability to obtain patent protection for the intentions disclosed in the associated provisional patent applications. We cannot be certain that any of these patent applications will issue as patents, and if they do, that such patents will cover or adequately protect our gene editing platform technologies or our product candidates, or that such patents will not be challenged, narrowed, circumvented, invalidated or held unenforceable. Any failure to obtain or maintain patent protection with respect to our gene editing platform technology and product candidates could have a material adverse effect on our business, financial condition, results of operations and growth prospects.
Our owned and in-licensed patent applications contain claims directed to compositions of matter on our gene editing product candidates, as well as methods directed to the use of such product candidates for gene therapy treatment. Method-of-use patents do not prevent a competitor or other third party from developing or marketing an identical product for an indication that is outside the scope of
56
the patented method. Moreover, with respect to method-of-use patents, even if competitors or other third parties do not actively promote their product for our targeted indications or uses for which we may obtain patents, providers may recommend that patients use these products off-label, or patients may do so themselves.
The strength of patents in the biotechnology and pharmaceutical field involves complex legal and scientific questions and can be uncertain. The patent applications that we own or in-license may fail to result in issued patents with claims that cover our product candidates or uses thereof in the United States or in other foreign countries. For example, while our patent applications are pending, we may be subject to a third party pre-issuance submission of prior art to the United States Patent and Trademark Office (USPTO), or become involved in interference or derivation proceedings, or equivalent proceedings in foreign jurisdictions. Even if patents do successfully issue, third parties may challenge their inventorship, validity, enforceability or scope, including through opposition, revocation, reexamination, post-grant and
inter partes
review proceedings. An adverse determination in any such submission, proceeding or litigation could reduce the scope of, or invalidate or render unenforceable, our owned or in-licensed patent rights, allow third parties to commercialize our technology or product candidates and compete directly with us, without payment to us, or result in our inability to manufacture or commercialize products without infringing third-party patent rights. Moreover, we, or our licensor, may have to participate in interference proceedings declared by the USPTO to determine priority of invention or in post-grant challenge proceedings, such as oppositions in a foreign patent office, that challenge our or our licensor's priority of invention or other features of patentability with respect to our owned or in-licensed patent applications. Such challenges may result in loss of patent rights, loss of exclusivity, or in patent claims being narrowed, invalidated, or held unenforceable, which could limit our ability to stop others from using or commercializing similar or identical technology and products, or limit the duration of the patent protection of our technology and product candidates. Furthermore, even if they are unchallenged, our patent rights may not adequately protect our intellectual property or prevent others from designing around our platform technology or product candidates. If the breadth or strength of protection provided by the patent applications we own or in-license with respect to our gene editing platform technology and product candidates is threatened, it could dissuade companies from collaborating with us to develop, and threaten our ability to commercialize, our product candidates. Further, if we encounter delays in development, testing, and regulatory review of new product candidates, the period of time during which we could market our product candidates under patent protection would be reduced.
Given that patent applications in the United States and other countries are confidential for a period of time after filing, at any moment in time, we cannot be certain that we or our licensors were in the past or will be in the future the first to file any patent application related to our gene editing technology or product candidates. In addition, some patent applications in the United States may be maintained in secrecy until the patents are issued. As a result, there may be prior art of which we or our licensors are not aware that may affect the validity or enforceability of a patent claim, and we or our licensors may be subject to priority disputes. For our in-licensed patent portfolios, we rely on our licensors to determine inventorship, and obtain and file inventor assignments of priority applications before their conversion as PCT applications. A failure to do so in a timely fashion may give rise to a challenge to entitlement of priority for foreign applications nationalized from such PCT applications. We or our licensors may in the future become a party to proceedings or priority disputes in Europe or other foreign jurisdictions. The loss of priority for, or the loss of, any European or other foreign patent rights could have a material adverse effect on the conduct of our business.
We may be required to disclaim part or all of the term of certain patent applications. There may be prior art of which we are not aware that may affect the validity or enforceability of a patent claim. There also may be prior art of which we or our licensors are aware, but which we or our licensors do not believe affects the validity or enforceability of a claim, which may, nonetheless, ultimately be found to affect the validity or enforceability of a claim. No assurance can be given that, if challenged, our patent applications, if issued, would be declared by a court, patent office or other governmental authority to be valid or enforceable or that even if found valid and enforceable, a competitor's technology or product would be found by a court to infringe our patent rights. We may analyze patents or patent applications of our competitors that we believe are relevant to our activities, and consider that we are free to operate in relation to our product candidates, but our competitors may achieve issued claims, including in patents we consider to be unrelated, that block our efforts or potentially result in our product candidates or our activities infringing such claims. It is possible that our competitors may have filed, and may in the future file, patent applications covering our products or gene editing technology similar to ours. Those patent
applications may have priority over our owned patent applications and in-licensed patent applications or patents, which could require us to obtain rights to issued patents covering such technologies. The possibility also exists that others will develop products that have the same effect as our product candidates on an independent basis that do not infringe our patents or other intellectual property rights, or will design around the claims of our patent applications or our in-licensed patents or patent applications that cover our product candidates.
Likewise, our currently owned patent applications, if issued as patents, and in-licensed patents and patent applications, if issued as patents, directed to our proprietary gene editing technologies and our product candidates are expected to expire from 2036 through 2042, without taking into account any possible patent term adjustments or extensions. Our owned or in-licensed patent applications, if issued as patents, may expire before, or soon after, our first product candidate achieves marketing approval in the United States or foreign jurisdictions. Additionally, no assurance can be given that the USPTO or relevant foreign patent offices will grant any of the pending patent applications we own or in-license currently or in the future. Upon the expiration of our current in-licensed patent
57
applications, if issued as patents, we may lose the right to exclude others from practicing these inventions. The expiration of these patent rights could also have a similar material adverse effect on our business, financial condition, results of operations and prospects
.
Our owned patent applications and in-licensed patents and patent applications and other intellectual property may be subject to inventorship or ownership disputes and similar proceedings. If we or our licensors are unsuccessful in any of these proceedings, we may be required to obtain licenses from third parties, which may not be available on commercially reasonable terms or at all, or to cease the development, manufacture, and commercialization of one or more of our product candidates, which could have a material adverse impact on our business.
We or our licensors may also be subject to claims that former employees, collaborators, or other third parties have an interest in our owned or in-licensed patent applications or other intellectual property as an inventor or co-inventor. If we are unable to obtain an exclusive license to any such third-party co-owners' interest in such patent applications, such co-owners may be able to license their rights to other third parties, including our competitors. In addition, we may need the cooperation of any such co-owners to enforce any patents that issue from such patent applications against third parties, and such cooperation may not be provided to us.
If we or our licensors are unsuccessful in any inventorship or ownership disputes to which we or they are subject, we may lose valuable intellectual property rights through the loss of part or all of our owned, licensed, or optioned patent rights, or such patent claims may be narrowed, invalidated, or held unenforceable, or through loss of exclusive ownership of or the exclusive right to use our owned or in-licensed patent rights. In the event of loss of patent rights as a result of any of these disputes, we may be required to obtain and maintain licenses from third parties, including parties involved in any such inventorship or ownership disputes. Such licenses may not be available on commercially reasonable terms or at all, or may be non-exclusive. If we are unable to obtain and maintain such licenses, we may need to cease the development, manufacture, and commercialization of one or more of our product candidates. The loss of exclusivity or the narrowing of our patent rights could limit our ability to stop others from using or commercializing similar or identical technology and product candidates. Even if we or our licensors are successful in an inventorship or ownership dispute, it could result in substantial costs and be a distraction to management and other employees. Any of the foregoing could result in a material adverse effect on our business, financial condition, results of operations, or prospects.
We have limited foreign intellectual property rights and may not be able to protect our intellectual property and proprietary rights throughout the world.
We may have limited intellectual property rights outside the United States. Filing, prosecuting, and defending patents on product candidates in all countries throughout the world would be prohibitively expensive, and our intellectual property rights in some countries outside the United States can be less extensive than those in the United States. In addition, the laws of foreign countries do not protect intellectual property rights to the same extent as federal and state laws of the United States. In addition, our intellectual property license agreements may not always include worldwide rights. Consequently, we may not be able to prevent third parties from practicing our inventions in all countries outside the United States, or from selling or importing products made using our inventions in and into the United States or other jurisdictions. Competitors may use our technologies in jurisdictions where we have not obtained patent protection to develop their own products and, further, may export otherwise infringing products to territories where we have patent protection but where enforcement is not as strong as that in the United States. These products may compete with our product candidates and our patents or other intellectual property rights may not be effective or sufficient to prevent them from competing.
Many companies have encountered significant problems in protecting and defending intellectual property rights in foreign jurisdictions. The legal systems of certain countries, particularly certain developing countries, do not favor the enforcement of patents, trade secrets, and other intellectual property protection, particularly those relating to biotechnology and pharmaceutical products, which could make it difficult for us to stop the infringement of our patents or marketing of competing products against third parties in violation of our intellectual property and proprietary rights generally. Proceedings to enforce our patents and intellectual property rights in foreign jurisdictions could result in substantial costs and divert our efforts and attention from other aspects of our business, could put our patents at risk of being invalidated or interpreted narrowly and our patent applications at risk of not issuing, and could provoke third parties to assert claims against us. We may not prevail in any lawsuits that we initiate, and the damages or other remedies awarded, if any, may not be commercially meaningful. Moreover, the initiation of proceedings by third parties to challenge the scope or validity of our patent rights in foreign jurisdictions could result in substantial cost and divert our efforts and attention from other aspects of our business. Accordingly, our efforts to enforce our intellectual property and proprietary rights around the world may be inadequate to obtain a significant commercial advantage from the intellectual property that we develop or license.
Many countries have compulsory licensing laws under which a patent owner may be compelled to grant licenses to third parties. In addition, many countries limit the enforceability of patents against government agencies or government contractors. In these countries, the patent owner may have limited remedies, which could materially diminish the value of such patent. If we or our licensors are forced to grant one or more licenses to third parties with respect to any patents relevant to our business, our competitive position may be impaired, and our business, financial condition, results of operations, and prospects may be adversely affected.
58
If
we
fail
to comply
with our obligations
in the agreements
under which we license
intellectual
property
rights from
our licensors
or
otherwise
experience
disruptions
to
our
business
relationships
with
our licensors,
we could lose
license
rights
that
are important
to our business.
We
have
entered
into
a
license
agreement
with
Stanford
related
to
our
platform
technology
and
certain
of our product
candidates,
and a license agreement with Integrated DNA Technologies, Inc. (IDT) related to high- fidelity nucleases and gene editing systems,
and may
need to obtain
licenses
to additional
intellectual
property
rights
from
these entities and
others
to
advance
our
ongoing
and
planned
research
and
development
programs
or   to   allow commercialization
of
our
product
candidates.
It
is
possible
that
we may
be unable
to obtain
any licenses
to such additional
intellectual
property
rights
at
a reasonable
cost
or on reasonable
terms,
if
at
all.
In either
event,
we may be
required
to
expend
significant
time
and
resources
to
redesign
our
technology,
product
candidates,
or the methods
for
manufacturing
them
or
to
develop
or
license
replacement
technology,
all
of
which
may
not
be feasible
on
a
technical
or
commercial
basis.
If
we
are
unable
to do so, we may
be unable
to develop
or commercialize
the
affected
product
candidates
or
expand
our
platform
capabilitie
s
,
which could
harm
our business,
financial
condition,
results
of
operations,
and
prospects
significantly.
We
cannot
provide
any assurances
that
third-party
patents
do not exist
which might
be enforced
against
our current
technology,
including gene
editing
technology,
manufacturing
methods,
product
candidates,
or future
methods
or products
resulting
in either
an
injunction
prohibiting
our
manufacture
or
future
sales,
or,
with
respect
to our future
sales,
an obligation on our part
to pay royalties
and/or
other
forms
of compensation
to third
parties,
which could
be significant.
Pursuant
to
our
license
agreements
with
Stanfor
d and IDT
,
we
are
generally
responsible
for
bringing
any actions against
any third
party
for
infringing
on the
patent
rights
we have licensed.
Certain
provisions
of our license agreements
also
require
us
to
meet
development
thresholds
to
maintain
the
license,
including
establishing
a
set
timeline
for
developing
and
commercializing
products.
In
spite
of
our
efforts,
Stanford
, IDT
or
any
future
licensor from
whom
we
may
seek
to license
intellectual
property
rights
might
conclude
that
we have materially
breached our obligations
under
such license
agreements
and might
therefore
terminate
the
license
agreements,
thereby removing
or
limiting
our
ability
to
develop
and
commercialize
products
and
technology
covered
by these
license agreements.
If
these
in-licenses
are
terminated,
or if
the
underlying
patent
rights
fail
to provide
the intended exclusivity,
competitors
or
other
third
parties
would
have
the
freedom
to
seek
regulatory
approval
of, and to market,
products
identical
to
ours
and
we
may
be
required
to
cease
our
development
and
commercialization
of or gene
editing
platform
technology
or
product
candidates.
Any
of
the
foregoing
could
have
a
material
adverse effect
on
our
competitive
position,
business,
financial
conditio
n
,
results
of
operations,
and growth prospects. Disputes
may
arise
regarding
intellectual
property
subject
to a licensing
agreement,
including:
•
the
scope
of rights
granted
under
the
license
agreement
and other
interpretation-related
issues;
•
the
extent
to
which
our
technology
and
processes
infringe
on
intellectual
property
of
the
licensor
that
is not subject
to the
licensing
agreement;
•
the
sublicensing
of patent
rights
to third
parties
under
our collaborative
development
relationships;
•
our
diligence
obligations
under
the
license
agreement
with
respect
to
the
use
of
the
licensed
technology in
relation
to our development
and commercialization
of our product
candidates
and what activities satisfy
those
diligence
obligations;
•
the
inventorship
and
ownership
of
inventions
and
know-how
resulting
from
the
joint
creation
or
use
of intellectual
property
by our licensors
and us and our partners;
and
•
the
priority
of invention
of patented
technology.
In
addition,
the
agreements
under
which we currently
license
intellectual
property
rights
from
Stanford
and IDT
are complex,
and
certain
provisions
in
such
agreements
may
be
susceptible
to multiple
interpretations.
The resolution of
any
contract
interpretation
disagreement
that
may
arise
under
our
existing
license
agreements
or future
license
agreements
into
which
we may
enter
could
narrow
what we believe
to be the
scope
of our rights
to the
relevant
intellectual
property
or
technology
or
broaden
what
we
believe
to
be
the
scope
of
the
licensor's rights
to
our
intellectual
property
and
technology,
or
increase
what we believe
to be our financial
or other obligations
under
the
relevant
agreement,
any of which could
have a material
adverse
effect
on our business, financial
condition,
results
of
operations,
and prospects.
Moreover,
if
disputes
over
intellectual
property
that
we have
licensed
prevent
or
impair
our
ability
to
maintain
our current
licensing
arrangements
on commercially acceptable
terms,
we may
be unable
to successfully
develop
and commercialize
the
affected
product candidates. As
a
result,
any
termination
of
or
disputes
over
our intellectual
property
license
could
result
in the
loss
of our ability
to
develop
and
commercialize
our
gene
editing
platform
or
other
product
candidates
or
we
could
lose other
significant
rights,
any
of
which
could
have
a
material
adverse
effect
on our business,
financial
conditions, results
of
operations,
and
prospects.
It
is
also
possible
that
a third
party
could
be granted
limited
licenses
to some of the
same
technology,
in certain
circumstances.
59
We
may
not
be successful
in acquiring
or in-licensing
necessary
rights
to key technologies
or any product candidates
we may
develop.
We
currently
have
rights
to
intellectual
property,
through
licenses
from
third
parties,
to
identify
and develop
product
candidates,
and
we
expect
to
seek
to
expand
our
product
candidate
pipeline
in  part
by in-licensing
additional
rights
to
key
technologies.
The
future
growth
of
our
business
will
depend in part
on our ability
to in-license
or otherwise
acquire
the
rights
to additional
product
candidates
and technologies.
Although we have succeeded
in
licensing
technologies
from
Stanfor
d and IDT as third party licensors
in
the
past,
we
cannot
assure
you
that we
will
be able
to in-license
or acquire
additional
rights
to any product
candidates
or technologies
from
Stanford or
other
third
parties
on acceptable
terms
or at
all.
For example,
there
are
third
parties
who possess
technologies related
to gene editing
or other
technologies
which we may
need to in-license.
In addition,
our
agreement
with Stanford
provides
that
our field
of use is
solely
for
the
development
of prophylactics
and
therapeutics
for
sickle
cell
disease,
XSCID, and
beta-thalassemia.
If
we
determine
that
rights outside
such
field
are
necessary
to
commercialize
our drug candidates
or maintain
our competitive
advantage,
we may
need
to
obtain
an
additional
license
from
Stanford
University
in
order
to
continue
developing, manufacturing
or
marketing
our
drug
candidates.
We
may
not
be
able
to
obtain
such
a
license
on
an exclusive basis,
on commercially
reasonable
terms,
or at
all,
which could
prevent
us from
commercializing
our drug candidates
or
allow
our
competitors
or
others
the
chance
to
access
technology
that
is
important
to our business.
Furthermore,
there
has
been
extensive
patenting
activity
in the
field
of gene editing,
and pharmaceutical companies,
biotechnology
companies,
and
academic
institutions
are
competing
with  us  or  are
expected
to compete
with
us in the
in the
field
of gene editing
technology
and filing
patent
applications
potentially
relevant
to our
business
and
we
are
aware
of
certain
third-party
patent
applications
that,
if
issued,
may
allow
the
third
party to
circumvent
our
patent
rights.
For
example,
we
are
aware
of several
third-party
patents,
and patent
applications, that
if
issued,
may
be
construed
to be relevant
to our gene editing
technology
and product
candidates.
In order
to market
our
product
candidates,
we
may
find
it
necessary
or
prudent
to
obtain
licenses
from
such third-party intellectual  property
holders.
However,
we
may
be
unable
to
secure
such
licenses
or
otherwise
acquire
or in-license
any
compositions,
methods
of
use,
processes,
or
other
intellectual
property
rights
from
third
parties that
we identify
as necessary
for
product
candidates
we may
develop
and gene editing
technology.
We may also require
licenses
from
third
parties
for
certain
additional
technologie
s
,
including
technologies
relating
to gene editing
such
as
guide
RNA modification
and
target
sequences,
as
well
as
technologies
for cell
manufacturing
that
we
are
evaluating
for
use  with  our  product
candidates.
In  addition,
some
of  our in-licensed
patent
applications
are
co-owned
with
third
parties.
With
respect
to any patents
co-owned with third parties,
we
may
require
licenses
to
such
co-owners'
interest
to
such
patents.
If
we
are
unable
to
obtain
an exclusive
license
to
any
such
third-party
co-owners'
interest
in such patent
applications,
such co-owners
may
be able
to
license
their
rights
to
other
third
parties,
including
our
competitors,
and
our
competitors
could
market competing
products
and
technology.
In
addition,
we
may
need
the
cooperation
of
any
such
co-owners
of
our patent
applications
in
order
to
enforce
such
patent
rights
against
third
parties,
and
such
cooperation
may
not be provided
to us.
Additionally,
we
may
collaborate
with academic
institutions
to accelerate
our preclinical
research
or development
under
written
agreements
with these
institutions.
In certain
cases,
these
institutions
provide
us with an option
to negotiate
a license
to any of the
institution's
rights
in technology resulting
from the collaboration. Even
if
we
hold
such
an
option,
we
may
be
unable
to negotiate
a license
from
the
institution
within
the
specified timeframe
or under
terms
that
are
acceptable
to us. If
we are
unable
to do so, the
institution
may
offer
the intellectual
property
rights
to others,
potentially
blocking
our ability
to pursue
our program.
For example,
the
licensing
or
acquisition
of
thir
d
-party
intellectual
property
rights
is
a
highly
competitive area,
and
a
number
of
more
established
companies
are
also
pursuing
strategies
to license
or acquire
thir
d
-party intellectual
property
rights
that
we may
consider
attractive
or necessary.
These established
companies
may
have a competitive
advantage
over
us due to their
size,
capital
resources
and greater
clinical
development
and commercialization
capabilities.
In
addition,
companies
that
perceive
us
to be a competitor
may
be unwilling
to assign
or
license
rights
to us. We also
may
be unable
to license
or acquire
thir
d
-party
intellectual
property
rights on
terms
that
would
allow
us
to
make
an appropriate
return
on our investment
or at
all.
If
we are
unable
to successfully
obtain
rights
to required
third
party
intellectual
property
rights
or maintain
the
existing
intellectual property
rights
we
have,
we
may
have
to
abandon
development
of
the
relevant
program
or
product
candidate, which
could
have
a
material
adverse
effect
on
our
business,
financial
condition,
results
of operations,
and prospects.
60
The
intellectual
property
landscape
around
the
technologies
we use or plan to use, including
gene editing technology,
is
highly
dynamic,
and
third
parties
may
initiate
legal
proceedings
alleging
that
we are infringing, misappropriating,
or otherwise
violating
their
intellectual
property
rights,
the outcome
of which would be uncertain
and may
prevent,
delay
or otherwise
interfere
with our product
discovery
and development
efforts.
Because
of
the
large
number
of patents
issued
and patent
applications
filed
in our field,
third
parties
may allege
they
have patent
rights
encompassing
our product
candidates,
technologies
or methods.
Third
parties
may assert
that
we
are
employing
their
proprietary
technology
without
authorization
and may
file
patent
infringement claims
or
lawsui
t
s
against
us,
and if
we are
found to infringe
such third-party
patents,
we may
be required
to pay damages,
cease
commercialization
of the
infringing
technology,
or obtain
a license
from
such third
parties,
which may
not
be
available
on
commercially
reasonable
terms
or
at
all.
In addition,
we have in the
past,
and may
in the future,
receive
an offer
for
license
from
third
parties
regarding
their
proprietary
intellectual
property for which they
may
believe
encompass
our
product
candidates
and technologies.
We will
evaluate
such offers
for
relevance to our business.
The
field
of
gene
editing
is
still
in
its
infancy,
and
no such therapeutic
product
candidates
have reached
the market.
Due
to
the
intense
research
and
development
that
is
taking
place
by several
companies,
including
us and our
competitors,
in this
field,
the
intellectual
property
landscape
is
evolving
and in flux,
and it
may
remain uncertain
for
the
coming
years.
There
may
be significant
intellectual
property
related
litigation
and proceedings relating
to
our
owned
and
in-licensed,
and
other
thir
d
-party,
intellectual
property
and
proprietary
rights
in
the future.
Our
commercial
success
depends
upon
our
ability
and
the
ability
of
our
collaborators
and present
and future licensors
to
develop,
manufacture,
market,
and
sell
any
product
candidates
that
we may
develop
and use our proprietary
technologies
without
infringing,
misappropriating,
or otherwise
violating
the intellectual
property and proprietary
rights
of  third
parties.
The  biotechnology
and  pharmaceutical
industries
are  characterized
by extensive
litigation
regarding
patents
and
other
intellectual
property
rights
as
well
as administrative
proceedings for
challenging
patents,
including
interference,
derivation,
inter partes
review, post grant review, and reexamination
proceedings
before
the
USPTO or
oppositions
and
other
comparable
proceedings
in foreign jurisdictions.
We
may
be subject
to and may
in the
future
become
party
to, or threatened
with, adversarial proceedings
or
litigation
regarding
intellectual
property
rights
with
respect
to  our  gene  editing
platform technology
and  our  product
candidates,
including
interference
proceedings,
post-grant
review,
inter
partes
review,
and
derivation
proceedings
before
the
USPTO and
similar
proceedings
in foreign
jurisdictions
such as oppositions
before
the
EPO. Numerous
U.S. and
foreign
issued
patents
and
pending
patent
applications
that
are owned
by
third
parties
exist
in
the
fields
in
which we are
developing
our product
candidates
and they
may
assert infringement
claims
against
us
based
on
existing
patents
or
patents
that
may
be
granted
in
the
future,
regardless of their
merit.
As
the
biotechnology
and
pharmaceutical
industries
expand
and more
patents
are
issued,
the
risk
increases that
our
gene
editing
platform
technology
and
product
candidates
may
give
rise
to claims
of infringement
of the patent
rights
of
others.
Moreover,
it
is
not
always
clear
to industry
participants,
including
us, which patents
cover various
types
of
therapies,
products
or
their
methods
of
use or manufacture.
There
may
also
be third-party
patents of
which
we
are
currently
unaware
with
claims
to
technologies,
methods
of
manufacture
or  methods
for treatment
related
to
the
use
or
manufacture
of our product
candidates.
Because
patent
applications
can take
many years
to
issue,
there
may
be currently
pending
patent
applications
that
may
later
result
in issued
patents
that
our product
candidates
may
infringe.
In addition,
third
parties
may
obtain
patents
in the
future
and claim
that
use of our technologies
infringes
upon these
patents.
Numerous
third-party
U.S. and
foreign
issued
patents
and
pending
patent
applications
exist
in
the
fields
in which
we
are
developing
product
candidates.
Our
product
candidates
make
use
of
CRISPR-based
technology, which
is
a
field
that
is
highly
active
for
patent
filings.
As of June 2019, it
was reported
that
approximately
2072 patent
families
worldwide
related
to
CRISPR
gene
editing
inventions
and
uses
as
the
description
and/or
claims
of these
patent
families
specifically
focus
on a CRISPR-type system.
The extensive
patent
filings
related
to CRISPR make
it
difficult
for
us to assess
the
full
extent
of relevant
patents
and pending
applications
that may cover our gene editing
platform
technology
and product
candidates
and their
use or manufacture.
There
may
be third-party patents
or
patent
applications
with
claims
to
materials,
formulations,
methods
of manufacture
or methods
for treatment
related
to
the
use
or
manufacture
of
our
gene
editing
platform
technology
and product
candidates.
For example,
we
are
aware
of
a
patent
portfolio
that
is
co-owned
by
the
University
of
California,
University
of Vienna
and
Emmanuelle
Charpentier,
or the
University
of California
Portfolio,
which contains
multiple
patents and
pending
applications
directed
to
gene
editing.
We
are
also
aware
of
patents
and
patent
applications
directed to
gene
editing
owned
or
co-owned
by
the
Broad
Institute,
MIT
and
Harvard
University,
Toolgen,
and
Sigma Aldrich.
Our
ability
to
commercialize
our
product
candidates
may
be
adversely
affected
if
we
do
not
obtain
a license
to
these
patents.
We
may
not
be
able
to
obtain
any
required
license
on
commercially
reasonable
terms
or at
all.
Even if
we were able
to obtain
a license,
it
could
be nonexclusive,
thereby
giving
our competitors
and other third
parties
access
to the
same
technologies
licensed
to us, and it
could
require
us to make
substantial
licensing and
royalty
payments.
If
we
are
unable
to
obtain
a
necessary
license
to a third-party
patent
on commercially reasonable
terms,
we
may
be
unable
to
commercialize
our
gene
editing
platform
technology
or  product candidates
or
such
commercialization
efforts
may
be
significantly
delayed,
which
could
in
turn
significantly harm
our business.
61
Our
ability
to
commercialize
our
product
candidates
in
the
United
States
and
abroad
may
be adversely affected
if
we
cannot
obtain
a
license
on
commercially
reasonable
terms
to relevant
thir
d
-party
patents
that
cover our
product
candidates
or
gene
editing
platform
technology.
Even if
we believe
third-party
intellectual
property claims
are
without
merit,
there
is
no assurance
that
a court
would find
in our favor
on questions
of infringement, validity,
enforceability,
or
priority.
A
court
of
competent
jurisdiction
could
hold that
these
third-party
patents
are valid,
enforceable,
and
infringed,
which
could
materially
and
adversely
affect
our
ability
to commercialize
our product
candidates
and
any
other
product
candidates
or
technologies
covered
by
the
asserted
thir
d
-party
patents. In
order
to
successfully
challenge
the
validity
of
any
such
U.S.
patent
in
federal
court,
we
would
need
to overcome
a
presumption
of
validity.
As
this
burden
is
a
high
one
requiring
us
to present
clear
and convincing evidence
as
to
the
invalidity
of
any
such
U.S. patent
claim,
there
is
no assurance
that
a court
of competent jurisdiction
would
invalidate
the
claims
of
any
such
U.S. patent.
If
we
are
found
to
infringe
a
thir
d
-party's intellectual
property
rights,
and
we
are
unsuccessful
in demonstrating
that
such patents
are
invalid
or unenforceable,
we
could
be required
to obtain
a license
from
such thir
d
-party
to continue
developing, manufacturing,
and
marketing
our
product
candidates
and
our
technology.
However,
we
may
not
be
able
to obtain
any
required
license
on
commercially
reasonable
terms
or
at
all.
Even
if
we
were
able
to
obtain
a
license, it
could
be
non-exclusive,
thereby
giving
our
competitors
and other
third
parties
access
to the
same
technologies licensed
to
us,
and
it
could
require
us
to make
substantial
licensing
and royalty
payments.
If
we are
unable
to obtain
a necessary
license
to a third-party
patent
on commercially
reasonable
terms,
we may
be unable
to commercialize
our
gene
editing
platform
technology
or
product
candidates
or
such
commercialization
efforts may
be
significantly
delayed,
which
could
in
turn
significantly
harm
our business.
We also
could
be forced, including
by
court
order,
to
cease
developing,
manufacturing,
and commercializing
the
infringing
technology
or product
candidates.
In
addition,
we
could
be
found liable
for
significant
monetary
damages,
including
treble damages
and
attorneys'
fees,
if
we
are
found
to have willfully
infringed
a patent
or other
intellectual
property right.
Claims
that
we
have
misappropriated
the
confidential
information
or
trade
secrets
of
third
parties
could have a similar
material
adverse
effect
on our business,
financial
condition,
results
of operations,
and prospects.
Defense
of third-party
claims
of infringement
of misappropriation,
or violation
of intellectual
property
rights involves
substantial
litigation
expense
and would be a substantial
diversion
of management
and employee
time and
resources
from
our
business.
Some
third
parties
may
be
able
to sustain
the
costs
of complex
patent
litigation more
effectively
than
we
can
because
they
have substantially
greater
resources.
In addition,
any uncertainties resulting
from
the
initiation
and
continuation
of
any
litigation
could
have
a
material
adverse
effect
on
our
ability to raise
the
funds
necessary
to continue
our operations
or could
otherwise
have a material
adverse
effect
on our business,
financial
condition,
results
of
operations
and
prospects.
There
could
also
be
public
announcements
of the
results
of
hearings,
motions,
or
other
interim
proceedings
or
developments,
and
if
securities
analysts
or
investors
perceive
these
results
to
be
negative,
it
could
have
a
substantial
adverse
effect
on
the
price
of our common
stock.
Any of the
foregoing
events
could
have a material
adverse
effect
on our business,
financial condition,
results
of operations
and prospects.
Third
parties
may
assert
that
our employees
or consultants
have wrongfully
used or disclosed
confidential information
or misappropriated
trade
secrets.
As
is
common
in
the
biotechnology
and biopharmaceutical
industries,
we employ
individuals
who were previously
employed
at
universities
or other
biotechnology
or biopharmaceutical
companies,
including our competitors
or potential
competitors.
Although no claims
against
us are
currently
pending,
and although
we try to ensure
that
our
employees
and consultants
do not use the
proprietary
information
or know-how of others
in their work
for
us,
we
may
be
subject
to
claims
that
we
or
our
employees,
consultants
or independent
contractors
have inadvertently
or otherwise
used or disclosed
intellectual
property,
including
trade
secrets
or other
proprietary information,
of
a
former
employer
or other
third
parties.
Litigation
may
be necessary
to defend
against
these claims.
If
we
fail
in
defending
any such claims,
in addition
to paying
monetary
damages,
we may
lose
valuable intellectual
property
rights
or
personnel.
Even
if
we are
successful
in defending
against
such claims,
litigation
or other
legal
proceedings
relating
to
intellectual
property
claims
may
cause
us to incur
significant
expenses,
and could
distract
our
technical
and
management
personnel
from
their
normal
responsibilities.
In
addition,
there could
be
public
announcements
of
the
results
of
hearings,
motions
or other
interim
proceedings
or developments, and,
if
securities
analysts
or
investors
perceive
these
results
to be negative,
it
could
have a substantial
adverse effect
on
the
price
of our common
stock.
This type
of litigation
or proceeding
could
substantially
increase
our operating
losses
and
reduce
our
resources
available
for
development
activities.
We may
not have sufficient financial
or
other
resources
to
adequately
conduct
such
litigation
or
proceedings.
Some
of
our
competitors
may be
able
to sustain
the
costs
of such litigation
or proceedings
more
effectively
than
we can because
of their substantially
greater
financial
resources.
Uncertainties
resulting
from
the
initiation
and continuation
of patent litigation
or
other
intellectual
property
related
proceedings
could
adversely
affect
our ability
to compete
in the marketplace.
62
We
may
become
involved
in
lawsuits
to
protect
or
enforce
our
future
patents
or
the
patents
of our licensors, which
could
be
expensive,
time
consuming,
and
unsuccessful
and
could
result
in
a
finding
that
such
patents are unenforceable
or invalid.
Competitors
may
infringe
our
future
patents
or
the
patents
of our licensors,
or we may
be required
to defend against
claims
of
infringement.
In
addition,
our
future
patents
or the
patents
of our licensors
also
are,
and may
in the
future
become,
involved
in inventorship,
priority,
validity
or enforceability
disputes.
Countering
or defending against
such
claims
can
be
expensive
and
time
consuming.
In
an
infringement
proceeding,
a
court
may
decide that
a
patent
owned
or
in-licensed
by
us
is
invalid
or unenforceable,
or may
refuse
to stop
the
other
party
from using
the
technology
at
issue
on
the
grounds
that
our
owned
and
in-licensed
patents
do
not
cover
the
technology in
question.
An
adverse
result
in
any
litigation
proceeding
could
put
one
or
more
of
our
owned
or
in-licensed patents
at
risk
of being
invalidated
or interpreted
narrowly.
In patent
litigation
in the
United
States,
defendant
counterclaims
alleging
invalidity
and/or unenforceability are
commonplace,
and there
are
numerous
grounds
upon which a third
party
can assert
invalidity
or unenforceability
of
a
patent.
Third
parties
may
also
raise
similar
claims
before
administrative
bodies
in
the United
States
or
abroad,
even
outside
the
context
of
litigation.
These
types
of
mechanisms
include re-examination,
post-grant
review,
inter partes
review, interference
proceedings, derivation proceedings, and equivalent
proceedings
in
foreign
jurisdictions
(e.g.,
opposition
proceedings).
These types
of proceedings
could result
in
revocation
or
amendment
to
our
patents
such
that
they
no
longer
cover
our product
candidates.
The outcome
for
any
particular
patent
following
legal
assertions
of invalidity
and unenforceability
is
unpredictable. With
respect
to
the
validity
question,
for
example,
we
cannot
be certain
that
there
is
no invalidating
prior
art,
of which
we,
our licensors,
our patent
counsel
and the
patent
examiner
were unaware
during
prosecution.
If
a defendant
were
to
prevail
on
a
legal
assertion
of
invalidity
and/or
unenforceability,
or
if
we
are
otherwise
unable
to
adequately
protect
our
rights,
we
would
lose
at
least
part,
and perhaps
all,
of the
patent
protection
on our technology
and/or
product
candidates.
Defense
of these
types
of claims,
regardless
of their
merit,
would involve substantial
litigation
expense
and would be a substantial
diversion
of employee
resources
from
our business.
Conversely,
we
may
choose
to
challenge
the
patentability
of
claims
in
a
third
party's
U.S. patent
by requesting
that
the
USPTO review
the
patent
claims
in re-examination,
post-grant
review,
inter
partes
review, interference
proceedings,
derivation
proceedings,
and equivalent
proceedings
in foreign jurisdictions
(e.g., opposition
proceedings).
We
are
currently
challenging,
and in the
future
may
choose
to challenge,
thir
d
-party patents
in
patent
opposition
proceedings
in
the
EPO or
another
foreign
patent
office.
Even
if
successful,
the
costs of
these
opposition
proceedings
could
be
substantial,
and
may
consume
our
time
or other
resources.
If
we fail
to obtain
a
favorable
result
at
the
USPTO,
EPO
or
other
patent
office
then
we
may
be
exposed
to
litigation
by
a third
party
alleging
that
the
patent
may
be infringed
by our product
candidates,
gene editing
platform
technology or other proprietary
technologies.
Even
if
resolved
in
our
favor,
litigation
or
other
legal
proceedings
relating
to
intellectual
property
claims may
cause
us to incur
significant
expenses
and could
distract
our personnel
from
their
normal
responsibilities. Furthermore,
because
of the
substantial
amount
of discovery
required
in connection
with intellectual
property litigation,
there
is
a
risk
that
some
of
our
confidential
information
could
be
compromised
by
disclosure
during this
type
of litigation.
In addition,
there
could
be public
announcements
of the
results
of hearings,
motions,
or other
interim
proceedings
or
developments,
and
if
securities
analysts
or investors
perceive
these
results
to be negative,
it
could
have
a
substantial
adverse
effect
on
the
price
of our common
stock.
Such litigation
or proceedings
could
substantially
increase
our operating
losses
and reduce
the
resources
available
for
development activities
or
any future
sales,
marketing,
or distribution
activities.
We may
not have sufficient
financial
or other resources
to
conduct
such
litigation
or
proceedings
adequately.
Some
of
our
competitors
may
be
able
to
sustain the
costs
of
such
litigation
or
proceedings
more
effectively
than
we
can
because
of
their
greater
financial resources
and more
mature
and developed
intellectual
property
portfolios.
Uncertainties
resulting
from the initiation
and
continuation
of
patent
litigation
or
other
proceedings
could
have
a
material
adverse
effect
on our ability
to compete
in the
marketplace.
Obtaining
and
maintaining
our patent
protection
depends on compliance
with various
procedural,
document submission,
fee
payment,
and other
requirements
imposed
by government
patent
agencies,
and our patent protection
could be reduced
or eliminated
for
non-compliance
with these
requirements.
Periodic
maintenance
fees,
renewal
fees,
annuity
fees,
and various
other
government
fees
on patents
and applications
are
due
to
be
paid
to
the
USPTO and
foreign
patent
agencies
outside
of the
United
States
over
the lifetime
of
our
owned
or
licensed
patents
and
applications.
In
certain
circumstances,
we
rely
on
our licensors
to pay
these
fees
due
to
U.S.
and
non-U.S.
patent
agencies.
The
USPTO and
foreign
patent
agencies
require compliance
with several
procedural,
documentary,
fee
payment,
and other
similar
provisions
during the patent application
process.
We
are
also
dependent
on our licensors
to take
the
necessary
action
to comply
with these requirements
with
respect
to
our
licensed
intellectual
property.
While
an inadvertent
lapse
can be cured
by payment
of
a late
fee
or by other
means
in accordance
with the
applicable
rules,
there
are
situations,
however, in which non-compliance
can result
a partial
or complete
loss
of patent
rights
in the relevant
jurisdiction.
Were a noncompliance
event
to
occur,
our
competitors
might
be
able
to
enter
the
market
with
similar
or
identical products
or
technology,
which
could
have
a
material
adverse
effect
on
our
business,
financial
condition,
results of operations,
and prospects.
63
Changes
in
patent
law
in
the
United
States
and
in non-U.S.
jurisdictions
could diminish
the value
of patents
in general,
thereby
impairing
our ability
to protect
our gene editing
platform
technology
and product
candidates.
As is
the
case
with other
biotech
and pharmaceutical
companies,
our success
is
heavily
dependent
on intellectual
property,
particularly
patents.
Obtaining
and enforcing
patents
in the
biopharmaceutical
industry involve
both
technological
and  legal
complexity,
and  is
therefore
costly,
time-consuming
and  inherently uncertain.
Changes
in
either
the
patent
laws
or
interpretation
of
the
patent
laws
could
increase
the
uncertainties
and costs
surrounding
the
prosecution
of
patent
applications
and
the
enforcement
or
defense
of
our
issued
patents. For example,
in March
2013, under
the
Leahy-Smith
America
Invents
Act (America
Invents
Act),
the
United States
transitioned
from
a "first
to invent"
to a "first-to-file"
patent
system.
Under a "first-to-file"
system, assuming
that
other
requirements
for
patentability
are
met,
the
first
inventor
to
file
a patent
application
generally will
be entitled
to a patent
on an invention
regardless
of whether
another
inventor
had made
the
invention
earlier. A
third
party
that
files
a
patent
application
in
the
USPTO
after
March
2013,
but
before
us
could
therefore
be awarded
a
patent
covering
an
invention
of
ours
even
if
we had made
the
invention
before
it
was made
by such third
party.
This
will
require
us
to
be
cognizant
going
forward
of
the
time
from
invention
to
filing
of a patent application.
Since
patent
applications
in
the
United
States
and
most
other
countries
are
confidential
for
a
period of time
after
filing
or until
issuance,
we cannot
be certain
that
we or our licensors
were the
first
to either
file any patent
application
related
to
our
technology
or
product
candidates
or
invent
any
of
the
inventions
claimed
in
our or
our
licensors'
patents
or
patent
applications.
The America
Invents
Act also
includes
a number
of other significant
changes
to
U.S. patent
law, including
provisions
that
affect
the
way patent
applications
will
be prosecuted,
allowing
third
party
submission
of
prior
art
and
establish
a new post-grant
review
system
including post-grant
review,
inter
partes
review,
and
derivation
proceedings.
Because
of a lower
evidentiary
standard
in USPTO
proceedings
compared
to
the
evidentiary
standard
in
United
States
federal
courts
necessary
to
invalidate a
patent
claim,
a
third
party
could
potentially
provide
evidence
in
a
USPTO proceeding
sufficient
for
the
USPTO to
hold
a
claim
invalid
even
though
the
same
evidence
would
be
insufficient
to invalidate
the
claim
if
first presented
in
a
district
court
action.
Accordingly,
a
third
party
may
attempt
to
use
the
USPTO procedures
to invalidate
our
patent
claims
that
would
not
have been invalidated
if
first
challenged
by the
third
party
as a defendant
in
a
district
court
action.
The
effects
of
these
changes
are
currently
unclear
as
the
USPTO continues
to promulgate
new
regulations
and
procedures
in
connection
with
the
America
Invents
Act and many
of the substantive
changes
to
patent
law,
including
the
"first-to-file"
provisions,
only
became
effective
in
March
2013. In
addition,
the
courts
have yet
to address
many
of these
provisions
and the
applicability
of the
act
and new regulations
on
the
specific
patents
discussed
in this
filing
have not been determined
and would need to be reviewed.
However, the
America
Invents
Act and its
implementation
could
increase
the
uncertainties
and costs surrounding
the
prosecution
of our patent
applications
and the
enforcement
or defense
of our issued
patents.
In
addition,
recent
U.S. Supreme
Court
rulings
have
narrowed
the
scope
of patent
protection
available
in certain
circumstances
and
weakened
the
rights
of
patent
owners
in
certain
situations.
In
addition
to
increasing uncertainty
with
regard
to
our
ability
to
obtain
patents
in
the
future,
this
combination
of events
has created uncertainty
with
respect
to
the
validity
and
enforceability
of
patents,
once obtained.
Depending on future
actions by
the
U.S.
Congress,
the
federal
courts,
and
the
USPTO,
the
laws
and
regulations
governing
patents
could change
in
unpredictable
ways
that
could
weaken
our
ability
to
obtain
new
patents
or
to
enforce
our
existing patents
and
patents
that
we
might
obtain
in
the
future.
For
example,
in
the
case,
Assoc.
for
Molecular
Pathology v.
Myriad
Genetics,
Inc.,
the
U.S. Supreme
Court
held
that
certain
claims
to
DNA molecules
are
not
patentable. We
cannot
predict
how
this
and
future
decisions
by
the
courts,
the
U.S. Congress
or
the
USPTO may
impact
the value
of
our
patents.
Any
similar
adverse
changes
in the
patent
laws of other
jurisdictions
could
also
have a material
adverse
effect
on our business,
financial
condition,
results
of operations
and prospects.
Patent
terms
may
be
inadequate
to
protect
our
competitive
position
on
our
product
candidates
for
an
adequate amount of time.
Patents
have
a
limited
lifespan.
The
terms
of
individual
patents
depend
upon
the
legal
term
for
patents
in the countries
in
which
they
are
granted.
In most
countries,
including
the
United
States,
if
all
maintenance
fees
are timely
paid,
the
natural
expiration
of a patent
is
generally
20 years
from
its
earliest
non-provisional
filing
date
in the
applicable
country.
However, the
actual
protection
afforded
by a patent
varies
from
country
to country, and depends
upon
many
factors,
including
the
type
of
patent,
the
scope
of
its
coverage,
the
availability
of regulatory- related
extensions,
the
availability
of
legal
remedies
in
a
particular
country
and the
validity
and enforceability
of the
patent.
Various
extensions
including
PTE and
PTA, may
be
available,
but
the
life
of
a
patent,
and
the protection
it
affords,
is
limited.
Even
if
patents
covering
our
product
candidates
are
obtained,
once the
patent life
has
expired,
we may
be open to competition
from
competitive
products,
including
generics
or biosimilars. Given
the
amount
of
time
required
for
the
development,
testing
and
regulatory
review
of new product
candidates, patents
protecting
our product
candidates
might
expire
before
or shortly
after
we or our partners
commercialize those
candidates.
As a result,
our owned and licensed
patent
portfolio
may
not provide
us with sufficient
rights
to exclude
others
from
commercializing
products
similar
or identical
to ours.
64
If
we
do
not
obtain
PTE and
data
exclusivity
for
our
product
candidates,
our
business
may
be materially harmed.
Depending
upon
the
timing,
duration
and
specifics
of
any
FDA  marketing
approval
of
our
product candidates,
one
or
more
of
our
U.S.
patents
may
be
eligible
for
limited
PTE
under
the
Drug
Price
Competition and
Patent
Term
Restoration
Act
of
1984
(Hatch-Waxman
Amendments).
The
Hatch-Waxman
Amendments PTE
term
of
up
to
five
years
as
compensation
for
patent
term
lost
during
the
FDA regulatory
review
process.
A PTE cannot
extend
the
remaining
term
of a patent
beyond a total
of 14 years
from
the
date
of product
approval, only
one
patent
per
product
may
be
extended
and
only
those
claims
covering
the
approved
drug, a method
for using
it,
or
a
method
for
manufacturing
it
may
be
extended.
However,
even
if
we
were
to
seek
a
PTE, it
may
not be
granted
because
of,
for
example,
the
failure
to exercise
due diligence
during
the
testing
phase
or regulatory review
process,
the
failure
to apply
within
applicable
deadlines,
the
failure
to apply
prior
to expiration
of relevant patents,
or any other
failure
to satisfy
applicable
requirements.
Moreover,
the
applicable
time
period
or the scope of
patent
protection
afforded
could
be
less
than
we
request.
If
we
are
unable
to
obtain
PTE or
term
of
any
such extension
is
less
than
we
request,
our
competitors
may
obtain
approval
of
competing
products
following
our patent
expiration,
and
our
business,
financial
condition,
results
of operations,
and prospects
could
be materially harmed.
If
we are unable to protect
the confidentiality
of our trade
secrets,
our business
and competitive
position
would be harmed.
In
addition
to
seeking
patents
for
our
technology
and
product
candidates,
we
also
rely
on
know-how
and trade
secret
protection,
as
well
as
confidentiality
agreements,
non-disclosure
agreements
and
invention assignment
agreements
with
our
employees,
consultants
and thir
d
-parties,
to protect
our confidential
and proprietary
information,
especially
where we do not believe
patent
protection
is
appropriate
or obtainable.
It
is
our
policy
to
require
our employees,
corporate
collaborators,
outside
scientific
collaborators,
CROs, contract
manufacturers,
consultants,
advisors,
and other
third
parties
to execute confidentiality
agreements
upon the
commencement
of
employment
or
consulting
relationships
with
us. These agreements
provide
that
all confidential
information
concerning
our business
or financial
affairs
developed
by or made
known to the individual
or
entity
during
the
course
of
the
party's
relationship
with
us
is
to
be
kept
confidential
and
not disclosed
to
third
parties,
except
in certain
specified
circumstances.
In the
case
of employees,
the
agreements provide
that
all
inventions
conceived
by
the
individual,
and that
are
related
to our current
or planned
business
or research
and
development
or
made
during
normal
working
hours,
on
our
premises
or
using
our equipment
or proprietary
information,
are
our exclusive
property.
In the
case
of consultants
and other
third parties,
the agreements
provide
that
all
inventions
conceived
in
connection
with the
services
provided
are
our exclusive property.
However,
we
cannot
guarantee
that
we
have
entered
into
such
agreements
with
each
party
that
may have  or  have  had  access
to  our  trade
secrets
or  proprietary
technology
and  processes.
Additionally,
the assignment
of intellectual
property
rights
may
not be self-executing,
or the
assignment
agreements
may be breached,
and
we
may
be
forced
to
bring
claims
against
third
parties,
or
defend
claims
that
they
may
bring against
us,
to
determine
the
ownership
of
what
we
regard
as
our
intellectual
property.
Any of these
parties
may breach
the
agreements
and
disclose
our
proprietary
information,
including
our
trade
secrets,
and
we may
not be able
to obtain
adequate
remedies
for
such breaches.
Enforcing
a claim
that
a party
illegally
disclosed
or misappropriated
a trade
secret
is
difficult,
expensive,
and time-consuming,
and the
outcome
is
unpredictable.
In
addition
to
contractual
measures,
we
try
to
protect
the
confidential
nature
of our proprietary
information through
other
appropriate
precautions,
such as physical
and technological
security
measures.
However, trade secrets
and know-how can be difficult
to protect.
These measures
may
not, for
example,
in the
case
of misappropriation
of a trade
secret
by an employee
or third
party
with authorized
access,
provide
adequate protection
for
our
proprietary
information.
Our
security
measures
may
not
prevent
an
employee
or
consultant from
misappropriating
our
trade
secrets
and providing
them
to a competitor,
and any recourse
we might
take against
this
type
of misconduct
may
not provide
an adequate
remedy
to protect
our interests
fully.
In addition, trade
secrets
may
be
independently
developed
by others
in a manner
that
could
prevent
us from
receiving
legal recourse.
If
any
of
our
confidential
or
proprietary
information,
such
as
our
trade
secrets,
were to be disclosed
or misappropriated,
or
if
any
of that
information
was independently
developed
by a competitor,
our competitive position
could
be harmed.
In
addition,
some
courts
inside
and
outside
the
United
States
are
sometimes
less
willing
or unwilling
to protect
trade
secrets.
If
we
choose
to
go
to court
to stop
a third
party
from
using
any of our trade
secrets,
we may incur
substantial
costs.
Even
if
we
are
successful,
these
types
of lawsuits
may
consume
our time
and other resources.
Any
of
the
foregoing
could
have
a
material
adverse
effect
on
our
business,
financial
condition,
results of operations
and prospects.
If
our
trademarks
and
trade
names
are
not
adequately
protected,
then
we
may
not
be
able
to
build
name recognition
in our markets
of interest
and our business
may
be adversely
affected.
Our
registered
or
unregistered
trademarks
or
trade
names
may
be challenged,
infringed,
circumvented
or declared
generic
or
determined
to
be
infringing
on
other
marks.
We
may
not
be
able
to
protect
our rights
to these trademarks
and
trade
names,
which
we
65
need to build
name
recognition
among
potential
partners
or customers
in our
markets
of
interest.
At
times,
competitors
or
other
third
parties
may
adopt
trade
names
or
trademarks
similar to
ours,
thereby
impeding
our
ability
to
build
brand
identity
and
possibly
leading
to
market
confusion.
In addition,
there
could
be potential
trade
name
or trademark
infringement
claims
brought
by owners of other registered
trademarks
or trademarks
that
incorporate
variations
of our registered
or unregistered
trademarks
or trade
names.
Over
the
long
term,
if
we
are
unable
to
establish
name
recognition
based
on
our
trademarks
and trade
names,
then
we
may
not
be
able
to
compete
effectively
and
our business
may
be adversely
affected.
Our efforts
to enforce
or protect
our proprietary
rights
related
to trademarks,
trade secrets,
domain names, copyrights or other
intellectual
property
may
be ineffective
and could
result
in substantial
costs
and diversion
of resources and could
adversely
affect
our business,
financial
condition,
results
of operations
and growth prospects.
Intellectual
property
rights
do not necessarily
address
all
potential
threats.
The degree
of future
protection
afforded
by our intellectual
property
rights is uncertain
because intellectual property
rights
have
limitations
and may
not adequately
protect
our business
or permit
us to maintain
our competitive
advantage.
For example:
•
our
product
candidates
will
eventually
become
commercially
available
in
generic
or
biosimilar
product forms;
•
others
may
be
able
to
make
gene
therapy
products
that
are
similar
to
our
product
candidates
or
utilize similar
gene
editing
technology
but
that
are
not
covered
by
the
claims
of the
patents
that
we license
or may
own in the
future;
•
we,
our licensors,
or
our
current
or
future
collaborators,
might
not
have
been
the
first
to
make
the inventions
covered
by the
pending
patent
application
that
we license
or may
own in the
future;
•
we,
our licensors,
or
our
current
or
future
collaborators,
might
not
have
been
the
first
to
file
patent applications
covering
certain
of our or their
inventions;
•
we,
our licensors,
or
our
current
or
future
collaborators,
may
fail
to
meet
our
obligations
to
the
U.S. government
regarding
any
in-licensed
patents
and
patent
applications
funded
by
U.S.
government grants,
leading
to the
loss
or unenforceability
of patent
rights;
•
others
may
independently
develop
similar
or
alternative
technologies
or
duplicate
any
of
our technologies
without
infringing
our owned or licensed
intellectual
property
rights;
•
it
is
possible
that
our
pending,
owned
or
licensed
patent
applications
or
those
that
we
may
own
in
the future
will
not lead
to issued
patents;
•
it
is
possible
that
there
are
prior
public
disclosures
that
could
invalidate
our
owned
or in-licensed
patent rights,
or parts
of our owned or in-licensed
patent
rights;
•
it
is
possible
that
there
are
unpublished
patent
applications
or
patent
applications
maintained
in
secrecy that
may
later
issue
with claims
covering
our product
candidates
or technology
similar
to ours;
•
it
is
possible
that
our
owned
or
in-licensed
patent
applications
omit
individual(s)
that
should
be
listed as inventor(s)
or include
individual(s)
that
should
not be listed
as inventor(s),
which may cause these patents
or patents
issuing
from
these
patent
applications
to be held
invalid
or unenforceable;
•
issued
patents
that
we
obtain
in
the
future
may
be
held
invalid,
unenforceable,
or
narrowed
in
scope, including
as a result
of legal
challenges
by our competitors;
•
the
claims
of
our
owned
or
in-licensed
issued
patent
applications,
if
and
when
issued,
may
not
cover our product
candidates;
•
the
laws
of
foreign
countries
may
not
protect
our
proprietary
rights
or
the
proprietary
rights
of
license partners
or current
or future
collaborators
to the
same
extent
as the
laws of the
United
States;
•
the
inventors
of
our
owned
or
in-licensed
patent
applications
may
become
involved
with
competitors, develop
products
or
processes
that
design
around
our patents,
or become
hostile
to us or the
patents
or patent
applications
on which they
are
named
as inventors;
•
our
competitors
might
conduct
research
and
development
activities
in
countries
where
we
do
not
have patent
rights
and
then
use
the
information
learned
from
such
activities
to develop
competitive
products for
sale
in our major
commercial
markets;
•
we
have
engaged
in
scientific
collaborations
in
the
past
and
will
continue
to
do
so
in
the
future
and
our collaborators
may
develop
adjacent
or competing
products
that
are
outside
the
scope
of our patents;
66
•
we may
not develop
additional
proprietary
technologies
that
are
patentable;
•
any product
candidates
we develop
may
be covered
by thir
d
-parties'
patents
or other
exclusive
rights;
•
the
patents
of others
may
harm
our business;
or
•
we
may
choose
not
to
file
a
patent
in
order
to
maintain
certain
trade
secrets
or
know-how,
and
a
third party
may
subsequently
file
a patent
covering
such intellectual
property.
Should
any
of
these
events
occur,
they
could
have
a
material
adverse
effect
on
our
business,
financial condition,
results
of operations,
and prospects.
Risks Related
to Regulatory
and Other
Legal Compliance
Matters
Because
gene
editing
is
novel
and
the  regulatory
landscape
that
will
govern  our  product
candidates
is uncertain
and
may
change,
we
cannot
predict
the
time
and
cost
of
obtaining
regulatory
approval,
if
we receive it
at all,
for
our product
candidates.
The
regulatory
requirements
that
will
govern
any
novel
gene
editing
product
candidates
we
develop
may continue
to
evolve.
Within
the
broader
genetic
medicine
field,
a
limited
number
of
gene
therapy
products
have received
marketing
authorization
from
the
FDA and
the
EMA to date.
Even with respect
to more
established products
that
fit
into
the
categories
of
gene
therapies
or  cell
therapies,
the
regulatory
landscape
is
still developing.
Regulatory
requirements
governing
gene
therapy
products
and cell
therapy
products
have changed frequently
and
may
continue
to
change
in
the
future.
Moreover,
there
is
substantial,
and
sometimes uncoordinated,
overlap
in those
responsible
for
regulation
of existing
gene therapy
products
and cell therapy products.
For
example,
in
the
United
States,
the
FDA has
established
the
Office
of
Tissues
and Advanced Therapies
within
its
Center
for
Biologics
Evaluation
and
Research
(CBER),
to
consolidate
the
review
of
gene therapy
and
related
products,
and
the
Cellular,
Tissue
and
Gene
Therapies
Advisory
Committee
to advise
CBER on
its
review.
Gene
therapy
clinical
trials
are
also
subject
to review
and oversight
by an institutional
biosafety committee
(IBC),
a
local
institutional
committee
that
reviews
and
oversees
basic
and
clinical
research
conducted at
the
institution
participating
in
the
clinical
trial.
Although
the
FDA
decides
whether
individual
gene
therapy protocols
may
proceed,
the
review
process
and determinations
of other
reviewing
bodies,
such as an IBC, can impede
or delay
the
initiation
of a clinical
trial,
even if
the
FDA
has reviewed
the
trial
and approved
its
initiation.
The
same
applies
in
the
EU. The
EMA's Committee
for
Advanced Therapies
(CAT), is
responsible
for assessing
the
quality,
safety,
and
efficacy
of
advanced-therapy
medicinal
products.
The
role
of
the
CAT
is
to prepare
a
draft
opinion
on
an
application
for
marketing
authorization
for
a
gene
therapy
medicinal
candidate
that is
submitted
to
the
Committee
for
Medicinal
Products
for
Human
Use
(CHMP),
before
CHMP adopts
its
final opinion.
In
the
European
Union,
the
development
and evaluation
of a gene therapy
medicinal
products
must
be considered
in
the
context
of
the
relevant
European
Union
guidelines.
The EMA may
issue
new guidelines concerning
the
development
and
marketing
authorization
for
gene therapy
medicinal
products
and require
that
we comply
with
these
new
guidelines.
As
a
result,
the
procedures
and
standards
applied
to gene therapy
products
and cell
therapy
products
may
be applied
to our product
candidates,
but that
remains
uncertain
at
this
point.
Adverse
developments
in
post-marketing
experience
or
in
clinical
trials
conducted
by
others
of
gene therapy products,
cell
therapy
products,
or
products
developed
through
the
application
of gene editing
technology
may cause
the
FDA, the
EMA,
and
other
regulatory
bodies
to
revise
the
requirements
for
development
or approval
of our
product
candidates
or
limit
the
use of products
utilizing
gene editing
technologies,
either
of which could materially
harm
our
business.
In
addition,
the
clinical
trial
requirements
of
the
FDA, the
EMA,
and
other regulatory
authorities
and
the
criteria
these
regulators
use to determine
the
safety
and efficacy
of a product candidate
vary
substantially
according
to
the
type,
complexity,
novelty,
and
intended
use
and
market
of the potential
products.
The
regulatory
approval
process
for
novel
product
candidates
such as our product
candidates can
be
more
expensive
and
take
longer
than
for
other,
better
known,
or
more
extensively
studied
pharmaceutical or
other
product
candidates.
Regulatory
agencies
administering
existing
or
future
regulations
or legislation
may not
allow
production
and
marketing
of
products
utilizing
gene
editing
technology
in
a timely
manner
or under technically
or
commercially
feasible
conditions.
In
addition,
regulatory
action
or private
litigation
could
result
in expenses,
delays,
or other
impediments
to our research
programs
or the
commercialization
of resulting
products.
The
regulatory
review
committees
and
advisory
groups
described
above
and the
new guidelines
they promulgate
may  lengthen  the  regulatory
review  process,  require
us
to
perform  additional  studies
or
trials, increase
our
development
costs,
lead
to
changes
in
regulatory
positions
and interpretations,
delay
or prevent approval
and
commercialization
of
these
treatment
candidates,
or lead
to significant
post-approval
limitations
or restrictions.
As
we
advance
our
research
programs
and
develop
future
product
candidates,
we
67
will
be required
to consult
with
these
regulatory
and
advisory
groups
and
to
comply
with
applicable
guidelines.
If
we
fail
to
do
so, we may
be required
to delay
or discontinue
development
of any product
candidates
we identify
and develop.
Because
we
are
developing
product
candidates
in
the
field
of
gene
editing,
in which there
is
limited
clinical experience,
there
is
increased
risk
that
the
FDA,
the
EMA,
or
other
regulatory
authorities
may
not
consider the
endpoints
of
our
clinical
trials
to
provide
clinically
meaningful
results
and
that
these
results
may
be difficult
to analyze.
During
the
regulatory
review
process,
we
will
need
to
identify
success
criteria
and
endpoints
such
that
the FDA,
the
EMA,
or
other
regulatory
authorities
will
be
able
to
determine
the
clinical
efficacy
and
safety
profile
of our
product
candidates.
As we are
initially
seeking
to identify
and develop
product
candidates
to treat
diseases
in which
there
is
little
clinical
experience
using
new
technologies,
there
is
heightened
risk
that
the
FDA,
the
EMA, or
other
regulatory
authorities
may
not
consider
the
clinical
trial
endpoints
that
we propose
to provide
clinically meaningful
results
(reflecting
a
tangible
benefit
to
patients).
In
addition,
the
resulting
clinical
data
and
results may
be
difficult
to
analyze.
Even
if
the
FDA does
find
our
success
criteria
to
be
sufficiently
validated
and clinically
meaningful,
we
may
not achieve
the
pre-specified
endpoints
to a degree
of statistical
significance.
This may
be
a
particularly
significant
risk
for
many
of
the
genetically
defined
diseases
for
which
we
have
developed or
plan
to
develop
product
candidates
because
many
of
these
diseases,
including
SCD, XSCID and
Gaucher disease,
have
small
patient
populations,
and
designing
and executing
a rigorous
clinical
trial
with appropriate statistical
power
is
more
difficult
than
with diseases
that
have larger
patient
populations.
Further,
even if
we do achieve
the
pre-specified
criteria,
we
may
produce
results
that
are
unpredictable
or
inconsistent
with
the
results of
the
non-primary
endpoints
or
other
relevant
data.
The
FDA also
weighs
the
benefits
of
a
product
against
its risks,
and
the
FDA may
view
the
efficacy
results
in
the
context
of
safety
as not being
supportive
of regulatory approval.
Other
regulatory
authorities
in the
European
Union and other
countries
may make similar
comments with
respect
to
these
endpoints
and
data.
Our
product
candidates
will
be
based
on
a
novel
technology
that
makes it
difficult
to
predict
the
time
and
cost
of
development
and
of
subsequently
obtaining
regulatory
approval.
No gene editing
therapeutic
product
has been approved
in the
United
States
or in Europe.
Clinical
development
involves
a lengthy
and expensive
process,
with an uncertain
outcome. If clinical
trials
of any of our current
or future
product
candidates
fail
to demonstrate
safety
and efficacy
to the satisfaction
of regulatory
authorities
or  do  not  otherwise
produce  positive
results,
we  may
incur  additional
costs
or experience
delays
in
completing,
or
ultimately
be
unable
to
complete,
the
development
and
commercialization of such product
candidates.
We
have
not
initiated
any
clinical
trials
to
date
for
our
IND
application
for
GPH101
in
sickle
cell
disease, and
all
of our other
programs
are
in discovery
or preclinical
development.
Before
obtaining
marketing
approval from
regulatory
authorities
for
the
sale
of our product
candidates,
we must
complete
preclinical
development
and then
conduct
extensive
clinical
trials
to
demonstrate
the
safety
and efficacy
of the
product
in humans.
It
is impossible
to
predict
when
or
if
any
of
our
programs
will
prove
effective
and
safe
in
humans
or
will
receive regulatory
approval.
Preclinical
and
clinical
testing
is
expensive,
difficult
to
design
and
implement,
can
take many
years
to
complete
and
is
uncertain
as
to
outcome.
A
failure
of
one
or
more
clinical
trials
can occur
at
any stage
of
clinical
trials.
Interim
results
of
a
clinical
trial
do not necessarily
predict
final
results.
We do not know whether
any of our clinical
trials
will
begin
or be completed
on schedule,
if
at
all.
Moreover,
preclinical
and clinical
data
are
often
susceptible
to varying
interpretations
and analyses.
Many companies
that
have believed
their
product
candidates
performed
satisfactorily
in preclinical
studies
and clinical trials
have nonetheless
failed
to obtain
marketing
approval
of their
product
candidates.
We
may
experience
numerous
unforeseen
events
during,
or
as
a
result
of,
clinical
trials
that
we
conduct, which
could
delay
or
prevent
our
ability
to receive
marketing
approval
or commercialize
our product
candidates, including:
•
challenges
in
obtaining
regulatory
clearance
or
approval
to
commence
clinical
trials
in
the
United States
from
the
FDA through
an
IND,
or
from
other
comparable
regulatory
agencies
outside
the
United States
through
corresponding
applications
because
these
agencies
have very
limited
or no experience with the
clinical
development
of gene editing
therapeutics,
which may require
additional
significant testing
or data
compared
to more
traditional
therapies;
•
successfully
developing
processes
for
the
safe
administration
of
these
products,
including
long-term follow-up
for
patients
who receive
treatment
with any of our product
candidates;
•
delays
in reaching
a consensus
with regulators
on trial
design
and product
release
specifications;
•
delays
in
reaching
or
failing
to
reach
agreement
on
acceptable
clinical
trial
contracts
or
clinical
trial protocols
with prospective
CROs,
and clinical
trial
sites;
68
•
clinical
trials
of
our
product
candidates
may
fail
to
show
safety
or
efficacy,
or
could
produce
negative or
inconclusive
results,
and
we
may
decide,
or
regulators
may
require
us, to conduct
additional preclinical
studies
or clinical
trials
or abandon product
development
or research
programs;
•
clinical
trials
due
to
ethical
considerations
which
may
render
it
inappropriate
to
conduct
a
trial
with
a control
arm
that
can be effectively
compared
to a treatment
arm;
•
the
number
of
patients
required
for
clinical
trials
of
our
product
candidates
may
be
larger
than
we anticipate;
enrollment
of
suitable
participants
in
these
clinical
trials,
which may
be particularly challenging
for
some
of
the
rare
genetically
defined
diseases
we
are
targeting
in
our
most
advanced programs,
may
be
delayed
or
slower
than
we
anticipate;
or patients
may
drop out of these
clinical
trials at
a higher
rate
than
we anticipate;
•
we
will
need
to
educate
medical
personnel,
including
clinical
investigators,
and
patients
regarding
the potential
benefits
and side
effect
profile
of each
of our product
candidates;
•
regulatory
agencies
may
require
us
to
perform
more
extensive
or
lengthier
clinical
testing
or
generate more
data,
such
as
long-term
toxicology
studies,
compared
to existing
therapeutic
modalities,
or may impose
other
requirements
before
permitting
us to initiate
or rely
on a clinical
trial;
•
our
third-party
contractors
may
fail
to
comply
with
regulatory
requirements
or
meet
their
contractual obligations
to
us
in
a timely
manner,
or at
all,
or may
deviate
from
the
clinical
trial
protocol
or drop out of the
trial,
which may
require
that
we add new clinical
trial
sites
or investigators;
•
regulators,
IRBs,
or
independent
ethics
committees
may
require
that
we
or
our
investigators
suspend
or terminate
clinical
research
or
clinical
trials
of our product
candidates
for
various
reasons,
including noncompliance
with
regulatory
requirements,
a finding
of undesirable
side
effects
or other
unexpected characteristics,
or
that
the
participants
are
being
exposed
to unacceptable
health
risks
or after
an inspection
of our clinical
trial
operations
or trial
sites;
•
the
cost
of clinical
trials
of our product
candidates
may
be greater
than
we anticipate;
•
the
supply
or
quality
of
our
product
candidates
or
other
materials
necessary
to
conduct
clinical
trials
of our
product
candidates
may
be
insufficient
or
inadequate,
including
as
a result
of delays
in the
testing, validation,
manufacturing,
and
delivery
of
our
product
candidates
to
the
clinical
sites
by us or by third parties
with whom we have contracted
to perform
certain
of those
functions;
•
we
may
face
challenges
in
sourcing
clinical
and,
if
approved,
commercial
supplies
for
the
materials used
to
manufacture
and
process
our product
candidates,
which may
include
importing
or exporting materials
between
different
jurisdictions;
•
we
may
be
unable
to
develop
a
manufacturing
process
and
distribution
network
with
a
cost
of
goods that
allows
for
an attractive
return
on investment;
and
•
we
may
face
challenges
in
establishing
sales
and
marketing
capabilities
in
anticipation
of,
and
after obtaining,
any regulatory
approval
to gain
market
authorization.
In
addition,
disruptions
caused
by
the
COVID-19 pandemic
may
increase
the
likelihood
that
we encounter such
difficulties
or
delays
in initiating,
enrolling,
conducting
or completing
our planned
clinical
trials.
We could also
encounter
delays
if
a
clinical
trial
is
suspended
or
terminated
by
us,
the
IRBs
of
the
institutions
in
which such
trials
are
being
conducted
or
the
relevant
ethics
committee,
the
Data
Safety
Monitoring
Board (DSMB), for such
trial,
or
the
FDA or
other
relevant
regulatory
authorities.
We
or
such
authorities
may
impose
such
a suspension
or termination
due to a number
of factors,
including
failure
to conduct
the
clinical
trial
in accordance with
regulatory
requirements
or
our clinical
protocols,
inspection
of the
clinical
trial
operations
or trial
site
by the FDA
or
other
regulatory
authorities,
resulting
in
the
imposition
of
a
clinical
hold,
manufacturing
or
quality control
issues,
unforeseen
safety
issues
or adverse
side
effects,
failure
to demonstrate
a benefit
from
using
a product
or
treatment,
failure
to
establish
or
achieve
clinically
meaningful
trial
endpoints,
changes
in
governmental
regulations
or
administrative
actions
or
lack
of
adequate
funding
to
continue
the
clinical
trial. Many
of
the
factors
that
cause,
or lead
to, a delay
in the
commencement
or completion
of clinical
trials
may
also ultimately
lead  to
the  denial  of
regulatory
approval  of
our
product  candidates.
Further,  the  FDA
or
other regulatory
authorities
may
disagree
with
our
clinical
trial
design
and our interpretation
of data
from
clinical
trials or may
change
the
requirements
for
approval
even after
they
have reviewed
and commented
on the
design
for
our clinical
trials.
69
If
we
are
required
to
conduct
additional
clinical
trials
or
other
testing
of
our
product
candidates
beyond those
that
we
currently
contemplate,
if
we
are
unable
to
successfully
complete
clinical
trials
or
other
testing
of our
product
candidates,
or
if
the
results
of
these
trials
or
tests
are
not
positive
or
are
only
modestly
positive
or if there
are
safety
concerns,
we may:
•
be
delayed
in
obtaining
marketing
approval
for
our
such
product
candidates
or
not
obtain
marketing approval
at
all;
•
obtain
approval
for
indications
or patient
populations
that
are
not as broad
as intended
or desired;
•
obtain
approval
with
labeling
that
includes
significant
use
or
distribution
restrictions
or
safety warnings,
including
boxed warnings;
•
be subject
to changes
in the
way the
product
is
administered;
•
be
required
to
perform
additional
clinical
trials
to
support
approval
or
be
subject
to
additional
post- marketing
testing
requirements;
•
have
regulatory
authorities
withdraw,
or
suspend,
their
approval
of
the
product
or
impose
restrictions on its
distribution
in the
form
of a REMS
or through
modification
to an existing
REMS;
•
be sued;
or
•
experience
damage
to our reputation.
Product
development
costs
will
also
increase
if
we or our collaborators
experience
delays
in clinical
trials
or other
testing
or
in
obtaining
marketing
approvals.
We
do
not
know
whether
any clinical
trials
will
begin
as planned,
will
need
to
be
restructured,
or
will
be completed
on schedule,
or at
all.
Significant
clinical
trial
delays also
could
shorten
any
periods
during
which we may
have the
exclusive
right
to commercialize
our product candidates,
could
allow
our
competitors
to
bring
products
to
market
before
we
do,
and could
impair
our ability
to successfully
commercialize
our product
candidates,
any of which may
harm
our business,
financial
condition, results
of operations,
and prospects.
Failure
to
obtain
marketing
approval
in
foreign
jurisdictions
would
prevent
our
product
candidates
from being marketed
in such jurisdictions,
which, in turn, would materially
impair
our ability
to generate
revenue.
In order
to market
and sell
our product
candidates
in the
European
Union and other
foreign
jurisdictions,
we or
our
third-party
collaborators
must
obtain
separate
marketing
approvals
(a
single
one for
the
European
Union) and
comply
with numerous
and varying
regulatory
requirements.
The approval
procedure
varies
among
countries and
can
involve
additional
testing.
The
time
required
to
obtain
approval
may
differ
substantially
from
that required
to
obtain
FDA
approval.
The
regulatory
approval
process
outside
the
United
States
generally
includes all
of
the
risks
associated
with
obtaining
FDA
approval.
In
addition,
in
many
countries
outside
the
United
States, it
is
required
that
the
product
candidate
be
approved
for
reimbursement
before
the
product
candidate
can be approved
for
sale
in
that
country.
We
or
these
third
parties
may
not obtain
approvals
from
regulatory
authorities outside
the
United
States
on
a
timely
basis,
if
at
all.
Approval
by
the
FDA does
not
ensure
approval
by
regulatory authorities
in other
countries
or jurisdictions,
and approval
by one regulatory
authority
outside
the
United
States does
not
ensure
approval
by
regulatory
authorities
in
other
countries
or
jurisdictions
or
by
the
FDA. We
may
not be able
to file
for
marketing
approvals
and may
not receive
necessary
approvals
to commercialize
our product candidates
in any jurisdiction,
which would materially
impair
our ability
to generate
revenue.
On
June
23,
2016,
the
UK
electorate
voted
in
favor
of
leaving
the
EU, commonly
referred
to
as
"Brexit." Thereafter,
on
March
29,
2017,
the
country
formally
notified
the
European
Union of its
intention
to withdraw pursuant
to
Article
50
of
the
Lisbon
Treaty
and
the
withdrawal
of
the
United
Kingdom
from
the
EU
formally took effect
on January
31, 2020 under
the
terms
of the
Withdrawal
Agreement. Following the United Kingdom's departure
from
the
EU, there
was a "transition
period"
during
which the
United
Kingdom was essentially
treated as
a
Member
State
of
the
EU and
the
regulatory
regime
remained
the
same
across
the
United
Kingdom and the EU,
while
the
future
relationship
between
the
United
Kingdom
and
the
EU was
formally
negotiated.
This transition
period
ended
on
December
31,
2020.
The
United
Kingdom
and
the
EU
have
signed
a
EU-UK
Trade and
Cooperation
Agreement,
which
became
provisionally
applicable
on
January
1,  2021  and  will
become formally
applicable
once
ratified
by
both
the
United
Kingdom
and
the
EU.
This
agreement
provides
details
on how
some
aspects
of
the
UK
and
EU's
relationship
will
operate
going
forwards
however
there
are
still
many uncertainties.
Since
the
regulatory
framework
for
pharmaceutical
products
in
the
United
Kingdom
relating
to
quality, safety
and efficacy
of pharmaceutical
products,
clinical
trials,
marketing
authorization,
commercial
sales
and distribution
of
pharmaceutical
products
is
derived
from
EU directives
and
regulations,
Brexit
will
materially impact
the
future
regulatory
regime
which
applies
to
products
and
the
approval
of
product
candidates
in
the United
Kingdom,
now
that
the
United
Kingdom
legislation
may
diverge
from
EU legislation.
For
example,
now the
transition
period
has
expired,
Great
Britain
will
no longer
be covered
by the
centralized
procedure
for obtaining
EEA-wide marketing
authorization
from
the
EMA and a separate
process
for
authorization
of drug products
will
be
required
in Great
Britain
resulting
in an authorization
covering
the
United
Kingdom or Great Britain
only.
For
a
period
of
two
years
70
from
January
1,
2021,
the
MHRA may
rely
on
a
decision
taken
by
the European
Commission
on
the
approval
of a new marketing
authorization
in the
centralized
procedure,
in order
to more
quickly
grant
a
UK marketing
authorization.
A separate
application
will,
however, still
be required.
Longer term,
the
United
Kingdom is
likely
to develop
its
own legislation
that
diverges
from
that
in the
EU.
Even
if
we,
or
any
collaborators
we may
have, obtain
marketing
approvals
for
our product
candidates,
the terms
of
approvals
and
ongoing
regulation
of
our
product
candidates
could
require
the
substantial expenditure
of
resources
and
may
limit
how we,
or
they,
manufacture
and market
our product
candidates, which could materially
impair
our ability
to generate
revenue.
Any
product
candidate
for
which
we
obtain
marketing
approval,
along
with
the
manufacturing
processes, post-approval
clinical
data,
labeling,
advertising,
and promotional
activities
for
such product,
will
be subject
to continual
requirements
of
and
review
by
the
FDA,
EMA
and
other
regulatory
authorities.
These
requirements include
submissions
of
safety
and
other
post-marketing
information
and reports,
facility
registration
and drug listing
requirements,
cGMP
requirements
relating
to quality
control,
quality
assurance
and corresponding maintenance
of
records
and
documents,
and
requirements
regarding
the
distribution
of samples
to physicians
and recordkeeping.
Even
if
marketing
approval
of a product
candidate
is
granted,
the
approval
may
be subject
to limitations
on
the
indicated
uses
for
which
the
products
may
be
marketed
or
to
the
conditions
of
approval,
or contain
requirements
for
costly
post-marketing
testing
and surveillance
to monitor
the
safety
or efficacy
of the products.
Accordingly,
assuming
we,
or
any
collaborators
we
may
have,
receive
marketing
approval
for
one or more product
candidates
we  develop,
we,  and
such
collaborators,
and
our
and
their  contract
manufacturers
will continue
to
expend
time,
money,
and effort
in all
areas
of regulatory
compliance,
including
manufacturing, production,
product
surveillance,
and quality
control.
If
we and such collaborators
are
not able
to comply
with post-approval
regulatory
requirements,
we and such collaborators
could
have the
marketing
approvals
for our products
withdrawn
by
regulatory
authorities
and  our,  or  such  collaborators',
ability
to  market
any  future products
could
be
limited,
which could
adversely
affect
our ability
to achieve
or sustain
profitability.
Further,
the cost
of
compliance
with
post-approval
regulations
may
have
a
negative
effect
on
our business,
operating
results, financial
condition,
and prospects.
Any
product
candidate
for
which we obtain
marketing
approval
could be subject
to restrictions
or withdrawal from
the
market,
and
we
may
be
subject
to
substantial
penalties
if
we fail
to comply
with regulatory requirements
or
if
we
experience
unanticipated
problems
with
our
product
candidates,
when
and
if
any
of them
are approved.
The
FDA, the
EMA,
and other
regulatory
agencies
closely
regulate
the
post-approval
marketing
and promotion
of
product
candidates
to
ensure
that
they
are
marketed
only
for
the
approved
indications
and in accordance
with
the
provisions
of
the
approved
labeling.
The
FDA, the
EMA
and
other
regulatory
agencies impose
stringent
restrictions
on
manufacturers'
communications
regarding
off-label
use,
and
if
we
market
our product
candidates
for
off-label
use,
we may
be subject
to enforcement
action
for
off-label
marketing
by the
FDA and
other
federal
and
state
enforcement
agencies,
including
the
Department
of Justice.
Violation
of the
Federal Food,
Drug,
and
Cosmetic
Act
(FDCA), and
other
statutes,
including
the
False
Claims
Act
(FCA),
and
equivalent legislation
in
other
countries
relating
to the
promotion
and advertising
of prescription
products
may
also
lead
to investigations
or
allegations
of
violations
of
federal
and
state
and
other
countries'
health
care
fraud
and
abuse laws
and
state
consumer
protection
laws.
Even
if
it
is
later
determined
we were not in violation
of these
laws, we may
be
faced
with
negative
publicity,
incur
significant
expenses
defending
our actions
and have to divert significant
management
resources
from
other
matters.
In
addition,
later
discovery
of previously
unknown problems
with our products,
manufacturers,
or manufacturing
processes,
or failure
to comply
with regulatory
requirements,
may
yield
various
negative consequences,
including:
•
restrictions
on such products,
manufacturers,
or manufacturing
processes;
•
restrictions
on the
labeling
or marketing
of a therapy;
•
restrictions
on the
distribution
or use of a therapy;
•
requirements
to conduct
post-marketing
clinical
trials;
•
receipt
of warning
or untitled
letters;
•
withdrawal
of the
products
from
the
market;
•
refusal
to approve
pending
applications
or supplements
to approved
applications
that
we submit;
•
recall
of products;
71
•
fines,
restitution,
or disgorgement
of profits
or revenue;
•
restrictions
on future
procurements
with governmental
authorities;
•
suspension
or withdrawal
of marketing
approvals;
•
suspension
of any ongoing clinical
trials;
•
refusal
to permit
the
import
or export
of our products;
•
product
seizure;
and
•
injunctions
or the
imposition
of civil
or criminal
penalties.
Any
government
investigation
of
alleged
violations
of
law
could
require
us
to
expend significant
time
and resources
in
response
and
could
generate
negative
publicity.
The
occurrence
of
any event
or penalty
described above
may
inhibit
our
ability
to
commercialize
our  product
candidates
and  adversely
affect
our  business, financial
condition,
results
of operations,
and prospects.
Our
relationships
with
healthcare
providers,
physicians,
and third-party
payors
will
be subject
to applicable anti-kickback,
fraud
and
abuse,
anti-bribery
and
other
healthcare
laws
and
regulations,
which
could
expose us
to
criminal
sanctions,
civil
penalties,
contractual
damages,
reputational
harm,
and diminished
profits
and future
earnings.
Healthcare
providers,
including
physicians,
and
third-party
payors
play
a
primary
role
in   the recommendation
and
prescription
of
any product
candidates
that
we may
develop
for
which we obtain
marketing approval.
Our
current
and
future
arrangements
with
third-party
payors,
healthcare
providers
and customers
may expose
us
to
broadly
applicable
fraud
and
abuse
and
other
healthcare
laws and regulations
that
may
constrain
the business
or
financial
arrangements
and
relationships
through
which
we
market,
sell,
and
distribute
our
products for
which
we
obtain
marketing
approval.
Restrictions
under
applicable
federal
and state
healthcare
laws and regulations,
including
certain
laws and regulations
applicable
only if
we have marketed
products,
include
the following:
•
the
civil
FCA,
prohibits
knowingly
presenting
or
causing
the
presentation
of
a
false,
fictitious
or fraudulent
claim
for
payment
to
the
U.S. government.
Actions
under
the
FCA may
be brought
by the Attorney
General
or
as
a
qui
tam
action
by
a
private
individual
in the
name
of the
government. Violations
of
the
FCA
can
result
in
very
significant
monetary
penalties,
for
each
false
claim
and treble the
amount
of
the
government's
damages.
Manufacturers
can
be
held
liable
under
the
FCA even when they
do
not
submit
claims
directly
to
government
payors
if
they
are
deemed
to
"cause"
the
submission of false
or fraudulent
claims;
•
the
federal
Anti-Kickback
Statute
prohibits,
among
other
things,
persons
from
soliciting,
receiving
or providing
remuneration,
directly
or indirectly,
to induce
either
the
referral
of an individual,
for
an item or service
or the
purchasing
or ordering
of a good or service,
for
which payment
may
be made
under federal
healthcare
programs
such as Medicare
and Medicaid.
The federal
Anti-Kickback
Statute
has been
interpreted
to
apply
to
arrangements
between
manufacturers
on one hand and prescribers, purchasers,
and
formulary
managers
on the
other.
A person
or entity
does not need to have actual knowledge
of
the
statute
or
specific
intent
to
violate
it
in
order
to
have
committed
a violation.
A violation
of the
federal
Anti-Kickback
Statute
can also
form
the
basis
for
FCA
liability;
•
the
federal
Health
Insurance
Portability
and
Accountability
Act
of
1996
(HIPAA),
which,
in
addition
to privacy
protections
applicable
to
healthcare
providers
and
other
entities,
prohibits
executing
a
scheme to
defraud
any
healthcare
benefit
program
or
making
false
statements
relating
to
healthcare
matters. Similar
to
the
federal
Anti-Kickback
Statute,
a person
or entity
does not need to have actual
knowledge of the
statute
or specific
intent
to violate
it
in order
to have committed
a violation;
•
HIPAA,
as
amended
by
the
Health
Information
Technology
for
Economic
and
Clinical
Health
Act
of 2009 (HITECH), and its implementing
regulations,
including the final omnibus rule published on January
25,
2013,
imposes,
among
other
things,
certain
requirements
relating
to
the
privacy,
security and
transmission
of
individually
identifiable
health
information.
Among
other
things,
HITECH makes HIPAA's
privacy
and
security
standards
directly
applicable
to "business
associates,"
defined
as independent
contractors
or
agents
of
covered
entities
that
create,
receive,
maintain,
transmit,
or obtain, protected
health
information
in
connection
with
providing
a
service
for
or
on behalf
of a covered
entity, and
their
covered
subcontractors.
HITECH also
increased
the
civil
and criminal
penalties
that
may
be imposed
against
covered
entities,
business
associates
and possibly
other
persons,
and gave state attorneys
general
new
authority
to
file
civil
actions
for
damages
or injunctions
in federal
courts
to enforce
the
federal
HIPAA
laws
and
seek
attorney's
fees
and
costs
associated
with
pursuing
federal civil
actions;
72
•
the
FDCA,
which
among
other
things,
strictly
regulates
drug
marketing,
prohibits
manufacturers
from marketing
such products
for
off-label
use and regulates
the
distribution
of samples;
•
federal
laws
that
require
pharmaceutical
manufacturers
to
report
certain
calculated
product
prices
to
the government
or
provide
certain
discounts
or
rebates
to
government
authorities
or
private
entities,
often as a condition
of reimbursement
under
government
healthcare
programs;
•
federal
transparency
laws,
including
the
federal
Physician
Payment
Sunshine
Act
created
under
the Patient
Protection
and Affordable
Care Act as amended
by the
Health
Care and Education Reconciliation
Act
of
2010
(collectively,
the
ACA), and
its
implementing
regulations,
which requires manufacturers
of
certain
drugs,
devices,
medical
supplies,
and
biologics,
among
others,
to
track
and disclose
payments
under
Medicare,
Medicaid
or the
Children's
Health Insurance
Program (with certain exceptions)
and
other
transfers
of
value
they
make
to
U.S. physicians
(defined
to
include
doctors, dentists,
optometrists,
podiatrists
and
chiropractors)
and teaching
hospitals,
as well
as ownership
and investment
interests
held
by
physicians
and
their
immediate
family
members.
Effective
January
1, 2022,
these
reporting
obligations
will
extend
to
include
transfers
of
value
made
to
certain non-physician
providers
such as physician
assistants
and nurse
practitioners.
This information
is subsequently
made
publicly
available
in
a
searchable
format
on
a
Centers
for
Medicare
&
Medicaid Services
(CMS),
website.
Failure
to
disclose
required
information
may
result
in  civil
monetary penalties
for
all
payments,
transfers
of value
or ownership
or investment
interests
that
are
not timely, accurately
and   completely
reported
in   an   annual
submission.
Certain   states
also   mandate implementation
of compliance
programs,
impose
restrictions
on drug manufacturer
marketing
practices and/or
require
the
tracking
and
reporting
of
gifts,
compensation
and
other
remuneration
to physicians and/or
other
healthcare
provider
s
; and
•
analogous
state
and
foreign
laws
and
regulations,
such
as
state
anti-kickback,
anti-bribery
and
false claims
laws,
which
may
apply
to
healthcare
items
or
services
that
are
reimbursed
by non-governmental third-party
payors,
including
private
insurers.
Some
state
laws
also require pharmaceutical companies to comply with specific compliance standards, restrict financial
interactions
between
pharmaceutical companies and healthcare providers or require pharmaceutical companies
to
report
information
related
to
payments
to
health
care
providers
or
marketing
expenditures.
Efforts
to
ensure
that
our business
arrangements
with third
parties
will
comply
with applicable
healthcare laws
and
regulations
will
involve
substantial
costs.
Given
the
breadth
of
the
laws
and
regulations,
limited guidance
for
certain
laws and regulations
and evolving
government
interpretations
of the
laws and regulations, governmental
authorities
may
possibly
conclude
that
our
business
practices
may
not
comply
with healthcare
laws and
regulations.
If
our
operations
are
found
to
be
in
violation
of
any
of
the
laws
described
above
or
any other government
regulations
that
apply
to
us,
we
may
be
subject
to significant
penalties,
including
civil
and criminal penalties,
damages,
fines,
exclusion
from
participation
in
government
health
care
programs,
such
as
Medicare and
Medicaid,
individual
imprisonment,
and
the
curtailment
or
restructuring
of
our
operations,
any
of
which could
adversely
affect
our business,
financial
condition,
results
of operations,
and prospects.
The
provision
of
benefits   or   advantages   to   physicians   to   induce   or   encourage   the   prescription, recommendation,
endorsement,
purchase,
supply,
order, or use of medicinal products is prohibited in the European Union.
The
provision
of
benefits
or
advantages
to
also
induce
or
reward
improper
performance
generally
is governed
by
the
national
anti-bribery
laws
of
European
Union
Member
States,
and
the Bribery Act 2010 in the United
Kingdom.
Infringement
of
these
laws
could
result
in
substantial
fines
and
imprisonment.
EU
Directive 2001/83/EC,
which is the EU Directive governing medicinal products for human use, further provides that, where medicinal
products
are being promoted to persons qualified to prescribe or supply them, no gifts, pecuniary advantages
or
benefits
in
kind
may
be
supplied,
offered
or
promised
to
such
persons
unless
they
are
inexpensive
and relevant
to
the
practice
of
medicine
or
pharmacy.
This
provision
has
been
transposed
into the Human Medicines Regulations
2012
and
so
remains
applicable
in
the
United
Kingdom
despite
its
departure
from
the
EU.
Payments
made
to
physicians
in
certain
European
Union Member
States
must
be publicly
disclosed. Moreover,
agreements
with
physicians
often
must
be the
subject
of prior
notification
and approval
by the physician's
employer,
his
or
her
competent
professional
organization,
and/or
the
regulatory
authorities
of the individual
European
Union
Member
States.
These
requirements
are
provided
in the
national
laws, industry
codes, or
professional
codes
of
conduct
applicable
in
the
European
Union
Member
States.
Failure
to comply
with these requirements
could
result
in reputational
risk,
public
reprimands,
administrative
penalties,
fines
or imprisonment.
73
Healthcare
and
other
reform
legislation
may
increase
the difficulty
and cost
for
us and any collaborators
we may
have
to
obtain
marketing
approval
of and commercialize
our product
candidates
and affect
the prices
we, or they,
may
obtain.
In
the
United
States
and
some
foreign
jurisdictions,
there
have
been
and
continue
to be ongoing efforts
to implement
legislative
and regulatory
changes
regarding
the
healthcare
system.
Such changes
could
prevent
or delay
marketing
approval
of
any product
candidates
that
we may
develop,
restrict
or regulate
post-approval activities,
and
affect
our
ability
to
profitably
sell
any
product
candidates
for
which we obtain
marketing
approval. Although
we
cannot
predict
what
healthcare
or
other
reform
efforts
will
be
successful,
such efforts
may
result
in more
rigorous
coverage
criteria,
in
additional
downward
pressure
on
the
price
that
we,
or
our
future collaborators,
may
receive
for
any approved
products
or in other
consequences
that
may adversely
affect
our ability
to achieve
or maintain
profitability.
Within
the
United
States,
the
federal
government
and
individual
states
have aggressively
pursued
healthcare reform,
as
evidenced
by
the
passing
of
the
ACA and
the
ongoing
efforts
to
modify
or
repeal
that
legislation.
The ACA
substantially
changed
the
way
healthcare  is
financed
by
both
governmental
and
private
insurers
and contains
a
number
of
provisions
that
affect
coverage
and reimbursement
of drug products
and/or
that
could potentially
reduce
the
demand
for
pharmaceutical
products
such as increasing
drug rebates
under
state
Medicaid programs
for
brand
name
prescription
drugs
and
extending
those
rebates
to
Medicaid
managed
care
and assessing a fee
on manufacturers
and importers
of brand
name
prescription
drugs reimbursed
under certain
government programs,
including
Medicare
and
Medicaid.
Other
aspects
of healthcare
reform,
such as expanded
government enforcement
authority
and
heightened
standards
that
could
increase
compliance-related
costs,
could
also
affect our
business.
Modifications
have
been
implemented
under
the
previous
presidential
administration
and additional modifications
or repeal
may
occur.
There
have  been  executive,
judicial
and  congressional
challenges
to  certain
aspects
of  the  ACA.
For example,
the
U.S. Supreme
Court is
currently
reviewing
the
constitutionality
of the
ACA,
but it
is
unknown when a
decision
will
be
reached.
On February
10, 2021, the
Biden administration
withdrew
the
federal
government's support
for
overturning
the
ACA. Although
the
Supreme
Court
has
not
yet
ruled
on
the
constitutionality
of
the ACA,
on
January
28,
2021,
President
Biden
issued
an
executive
order
that
initiat
e
d
a
special
enrollment
period for
purposes
of
obtaining
health
insurance
coverage
through
the
ACA
marketplac
e
,
which
began
on
February
15, 2021
and
will
remain
open through
August 15, 2021. The executive
order
also
instruc
t
ed certain
governmental agencies
to
review
and
reconsider
their
existing
policies
and
rules
that
limit
access
to
healthcare,
including among
others,
reexamining
Medicaid
demonstration
projects
and
waiver
programs
that
include
work requirements,
and
policies
that
create
unnecessary
barriers
to obtaining
access
to health
insurance
coverage through
Medicaid
or
the
ACA.
It
is
unclear
how
the
Supreme
Court
ruling,
other
such
litigation,
and
the healthcare
reform
measures
of
the
Biden
administration
will
impact
the
ACA.
There
is
no
assurance
that
federal or
state
health
care
reform
will
not
adversely
affect
our
future
business
and
financial
results,
and
we
cannot predict
how
future
federal
or
state
legislative,
judicial
or
administrative
changes
relating
to healthcare
reform
will affect
our business.
In
addition,
other
legislative
changes
have
been
proposed
and adopted
in the
United
States
since
the
ACA was
enacted.
For
example,
in
August
2011,
the
Budget
Control
Act
of
2011,
among
other
things,
created measures
for
spending
reductions
by
Congress.
Specifically,
the
Joint
Select
Committee
on
Deficit
Reduction, asked
with
recommending
a
targeted
deficit
reduction
of
at
least
$1.2
trillion
for
the
years
2013
through
2021, was
unable
to
reach
required
goals,
thereby
triggering
the
legislation's
automatic
reduction
to
several government
programs.
This includes
aggregate
reductions
of Medicare
payments
to providers
of up to 2% per fiscal
year,
which
went
into
effect
in
April
2013, and, due to subsequent
legislative
amendments,
will
remain
in effect
through
2030
unless
additional
Congressional
action
is
taken.
However,
COVID-19 relief
legislation suspended
the
2%
Medicare
sequester
reductions
from
May
1,
2020
through
December
31,
2021.
On
January
2, 2013,
the
American
Taxpayer
Relief
Act
of
2012
was
signed
into
law,
which,
among
other
things,
further reduced
Medicare
payments
to
several
providers,
including
hospitals,
imaging
centers
and
cancer
treatment
centers,
and
increased
the
statute
of limitations
period
for
the
government
to recover
overpayments
to providers from
three
to
five
years.
The Bipartisan
Budget Act (BBA), also
amended
the
ACA,
effective
January
1, 2019, by increasing
the
point-of-sale
discount
that
is
owed
by
pharmaceutical
manufacturers
who participate
in Medicare Part
D and closing
the
coverage
gap in most
Medicare
drug plans,
commonly
referred
to as the
"donut
hole."
Furthermore,
there
has
been
heightened
governmental
scrutiny
over
the
manner
in
which manufacturers
set prices
for
their
marketed
products,
which has resulted
in several
congressional
inquiries
and proposed
legislation designed
to,
among
other
things,
bring
more
transparency
to product
pricing,
review
the
relationship
between pricing
and
manufacturer
patient
assistance
programs
and reform
government
program
reimbursement methodologies
for
drug
products.
At the
federal
level,
the
Trump
administration
used several
means
to propose
or implement
drug
pricing
reform,
including
through
federal
budget
proposals,
executive
orders
and policy initiatives.
For
example,
on July
24, 2020 and September
13, 2020, the
Trump
administration
announced
several executive
orders
related
to prescription
drug pricing
that
seek
to implement
several
of the administration's proposals.
As
a
result,
the
FDA
74
released
a
final
rule
on September
24, 2020, effective
November
30, 2020, providing
guidance
for
states
to
build
and
submit
importation
plans
for
drugs
from
Canada.  Further,
on November
20,
2020,
HHS finalized
a
regulation
removing
safe
harbor
protection
for
price
reductions
from pharmaceutical
manufacturers
to
plan
sponsors
under
Medicare
Part
D,
either
directly
or
through
pharmacy benefit
managers,
unless
the
price
reduction
is
required
by law. The implementation
of the
rule
has been delayed by
the
Biden
administration
from
January
1,
2022
to
January
1,
2023
in
response
to
ongoing
litigation.
The rule also
creates
a
new
safe
harbor
for
price
reductions
reflected
at
the
point-of-sale,
as
well
as a new safe
harbor
for certain
fixed
fee
arrangements
between
pharmacy
benefit
managers
and manufacturers,
the implementation
of which
have
also
been
delayed
until
January
1,
2023.
On
November
20, 2020, CMS, issued
an interim
final
rule implementing
the
Trump
administration's
Most
Favored
Nation
executive
order,
which
would
tie
Medicare Part
B
payments
for
certain
physician-administered
drugs
to
the
lowest
price
paid
in  other
economically advanced
countries,
effective
January
1,
2021.
On
December
28,
2020,
the
U.S. District
Court
in
Northern California
issued
a
nationwide
preliminary
injunction
against
implementation
of
the
interim
final
rule.
It
is unclear
whether
the
Biden
administration
will
work to reverse
these
measures
or pursue
similar
policy
initiatives. Individual
states
in
the
United
States
have
also
become
increasingly
active
in
passing
legislation
and implementing
regulations
designed
to control
pharmaceutical
product
pricing,
including
price
or patient reimbursement
constraints,
discounts,
restrictions
on certain
product
access
and marketing
cost
disclosure
and transparency
measures,
and,
in
some
cases,
designed
to
encourage
importation
from
other
countries
and bulk purchasing.
In
addition,
regional
healthcare
authorities
and individual
hospitals
are
increasingly
using
bidding procedures
to
determine
what
pharmaceutical
products
and which suppliers
will
be included
in their
prescription drug
and
other
healthcare
programs.
It
is
difficult
to
predict
the
future
legislative
landscape
in
healthcare
and the effect
on
our
business,
results
of
operations,
financial
condition
and
prospects.
However,
we  expect
that additional
state
and
federal
healthcare
reform
measures
will
be adopted
in the
future,
particularly
in light
of the new
presidential
administration.
Further,
it
is
possible
that
additional
governmental
action
is
taken
in response
to the
COVID-19 pandemic.
At
the
state
level,
legislatures
have also
been increasingly
passing
legislation
and implementing
regulations
designed
to
control
pharmaceutical
and biological
product
pricing,
including
price
or patient
reimbursement
constraints,
discounts,
restrictions
on
certain
product
access
and marketing
cost
disclosure and
transparency
measures,
and, in some
cases,
designed
to encourage
importation
from
other
countries
and bulk purchasing.
Fast
track,
breakthrough,
or
regenerative
medicine
advanced
therapy
designation
by
the
FDA  may
not actually
lead
to
a
faster
development
or
regulatory
review
or
approval
process,
and does not assure
FDA approval
of our product
candidates.
FDA's
fast
track,
breakthrough,
and
regenerative
medicine
advanced
therapy
(RMAT), programs
are intended
to
expedite
the
development
of certain
qualifying
products
intended
for
the
treatment
of serious
diseases and
conditions.
If
a
product
candidate
is
intended
for
the
treatment
of a serious
or lif
e
-threatening
condition
and preclinical
or
clinical
data
demonstrate
the
product's
potential
to
address
an
unmet
medical
need  for
this condition,
the
sponsor
may
apply
for
FDA
fast
track
designation.
A
product
candidate
may
be
designated
as
a
breakthrough
therapy
if
it
is
intended
to treat
a serious
or life-threatening
condition
and preliminary
clinical evidence
indicates
that
the
product
candidate
may
demonstrate
substantial
improvement
over
existing
therapies on
one
or
more
clinically
significant
endpoints.
A
product
candidate
may
receive
RMAT
designation
if
it
is
a regenerative
medicine
therapy
that
is
intended
to treat,
modify,
reverse
or cure
a serious
or life-threatening condition,
and
preliminary
clinical
evidence
indicates
that
the
product
candidate
has
the
potential
to address
an unmet
medical
need
for
such
condition.
While
we
may
seek
fast
track,
breakthrough,
and/or
RMAT designation, there
is
no guarantee
that
we will
be successful
in obtaining
any such designation.
Even if
we do obtain
such designation,
we
may
not experience
a faster
development
process,
review
or approval
compared
to conventional FDA
procedures.
A
fast
track,
breakthrough,
or
RMAT
designation
does
not
ensure
that
the
product
candidate will
receive
marketing
approval
or that
approval
will
be granted
within
any particular
timeframe.
In addition,
the FDA
may
withdraw
fast
track,
breakthrough,
or
RMAT designation
if
it
believes
that
the
designation
is
no
longer supported
by
data
from
our
clinical
development
program.
Fast
track,
breakthrough,
and/or
RMAT designation alone
do not guarantee
qualification
for
the
FDA's priority
review
procedures.
Priority
review
designation
by
the
FDA may
not
lead
to
a
faster
regulatory
review
or
approval
process
and,
in any event,
does not assure
FDA
approval
of our product
candidates.
If
the
FDA
determines
that
a
product
candidate
is
intended
to
treat
a
serious
disease
or
condition
and,
if approved,
would
provide
a
significant
improvement
in
the
safety
or
effectiveness
of the
treatment,
prevention,
or diagnosis
of
such
disease
or
condition,
the
FDA may
designate
the
product
candidate
for
priority
review.
A priority
review
designation
means
that
the
goal
for
the
FDA to
review
a
marketing
application
is
six
months
from filing
of
the
application,
rather
than
the
standard
review
period
of ten
months.
We may
request
priority
review
for certain
of
our
product
candidates.
The
FDA has
broad
discretion
with respect
to whether
or not to grant
priority review
status
to
a
product
candidate,
so
even
if
we believe
a particular
product
candidate
is
eligible
for
such designation
or
status,
the
FDA may
disagree
and
decide
not
to
grant
it.
Moreover,
a priority
review
designation does
not
necessarily
mean
a faster
regulatory
review
process
or necessarily
confer
any advantage
with respect
to approval
compared
to
conventional
FDA procedures.
Receiving
priority
review
from
the
FDA does
not
guarantee approval
within
the
six-month
review
cycle
or thereafter.
75
We
may
not
be
able
to
obtain
orphan
drug
exclusivity
for
one
or
more
of
our
product
candidates,
and
even
if we do, that
exclusivity
may
not prevent
the FDA
or the EMA
from
approving
other
competing
products.
Under
the
Orphan
Drug
Act,
the
FDA may
designate
a
product
candidate
as
an
orphan
drug
if
it
is
a
drug
or biologic
intended
to treat
a rare
disease
or condition.
A similar
regulatory
scheme
governs
approval
of orphan product
candidates
by
the
EMA
in
the
European
Union.
Generally,
if
a
product
with an orphan
drug designation subsequently
receives
the
first
marketing
approval
for
the
indication
for
which
it
has
such
designation,
the product
is
entitled
to
a
period
of
marketing
exclusivity,
which
precludes
the
FDA or
the
EMA
from
approving another
marketing
application
for
another
similar
product
candidate
for
the
same
orphan
therapeutic
indication for
that
time
period.
The
applicable
period
is
seven
years
in
the
United
States
and
ten
years
in
the
European Union.
The
exclusivity
period
in
the
European
Union
can
be
reduced
to
six
years
if
a
product
no longer
meets
the criteria
for
orphan
drug  designation,
in  particular
if
the
product
is
sufficiently
profitable
so  that
market exclusivity
is
no longer
justified.
In
order
for
the
FDA to
grant
orphan
drug
exclusivity
to
one
of
our
product
candidates,
the
agency
must
find that
the
product
candidate
is
indicated
for
the
treatment
of a condition
or disease
that
affects
fewer than 200,000 individuals
in
the
United
States
or
that
affects
200,000
or
more
individuals
in
the
United
States
and
for
which there
is
no
reasonable
expectation
that
the
cost
of developing
and making
the
product
candidate
available
for
the disease
or
condition
will
be
recovered
from
sales
of
the
product
in
the
United
States.
The
FDA may
conclude
that the
condition
or
disease
for
which
we
seek
orphan
drug exclusivity
does not meet
this
standard.
Even if
we obtain orphan
drug  exclusivity
for
a  product
candidate,
that
exclusivity
may
not  effectively
protect
the  product candidate
from
competition
because
different
product
candidates
can be approved
for the same condition. In addition,
even
after
an
orphan
drug
is
approved,
the
FDA
can
subsequently
approve
the
same
product
candidate for
the
same
condition
if
the
FDA
concludes
that
the
later
product
candidate
is
clinically
superior
in
that
it
is shown
to
be
safer,
more
effective
or
makes
a
major
contribution
to
patient
care
compared
with
the
product
that has
orphan
exclusivity.
Orphan
drug
exclusivity
may
also
be
lost
if
the
FDA or
EMA
determines
that
the
request for
designation
was materially
defective
or if
the
manufacturer
is
unable
to assure
sufficient
quantity
of the product
to meet
the
needs
of the
patients
with the
rare
disease
or condition.
Our
employees,
principal
investigators,
consultants,
and commercial
partners
may
engage in misconduct
or other
improper
activities,
including
non-compliance
with
regulatory
standards
and requirements
and insider trading.
We
are
exposed
to
the
risk
of
fraud
or
other
misconduct
by
our
employees,
consultants,
and
commercial partners,
and,
if
we
commence
clinical
trials,
our principal
investigators.
Misconduct
by these
parties
could include
intentional
failures
to
comply
with
FDA regulations
or
the
regulations
applicable
in
the
European
Union and
other
jurisdictions,
provide
accurate
information
to
the
FDA, the
EMA,
and
other
regulatory
authorities, comply
with healthcare
fraud
and abuse
laws and regulations
in the
United
States
and abroad, report financial information
or
data
accurately,
or
disclose
unauthorized
activities
to us. In particular,
sales,
marketing,
and business
arrangements
in
the
healthcare
industry
are
subject
to
extensive
laws and regulations
intended
to prevent fraud,
misconduct,
kickbacks,
self-dealing
and
other
abusive
practices.
These
laws and regulations
restrict
or prohibit
a
wide
range
of pricing,
discounting,
marketing
and promotion,
sales
commission,
customer
incentive programs,
and
other
business
arrangements.
Such
misconduct
also
could
involve
the
improper
use of information obtained
in
the
course
of
clinical
trials
or
interactions
with
the
FDA, the
EMA
or other
regulatory
authorities, which
could
result
in
regulatory
sanctions
and
cause
serious
harm
to
our
reputation.
We have adopted a code of conduct
applicable
to all
of our employees,
but it
is
not always possible
to
identify
and
deter
employee
misconduct,
and
the
precautions
we
take
to
detect
and
prevent
this activity
may
not
be
effective
in
controlling
unknown
or
unmanaged
risks
or
losses
or
in
protecting
us from government
investigations
or
other
actions
or
lawsuits
stemming
from
a failure
to comply
with these
laws or regulations.
If
any
such
actions
are
instituted
against
us,
and
we
are
not
successful
in defending
ourselves
or asserting
our rights,
those
actions
could
have a significant
impact
on our business,
financial
condition, results
of operations,
and prospects,
including
the
imposition
of significant
fines
or other
sanctions.
We
are
subject
to
U.S. and
certain
foreign
export
and
import
controls,
sanctions,
embargoes,
anti-corruption laws,
and
anti-money
laundering
laws
and
regulations.
Compliance
with
these
legal
standards
could
impair our
ability
to
compete
in
domestic
and
international
markets.
We can face
criminal
liability
and other
serious consequences
for
violations,
which can harm our business.
We
are
subject
to
export
control
and
import
laws
and
regulations,
including
the
U.S. Export
Administration Regulations,
U.S.
Customs
regulations,
various
economic
and
trade
sanctions
regulations
administered
by
the U.S. Treasury
Department's
Office
of
Foreign
Assets
Control,
the
U.S. Foreign
Corrupt
Practices
Act
of
1977,
as amended
(FCPA),
the
U.S.
domestic
bribery
statute
contained
in
18
U.S.C.
§
201,
the
U.S. Travel
Act,
the
USA PATRIOT
Act,
and
other
state
and
national
anti-bribery
and
anti-
76
money
laundering
laws
in
the
countries
in which
we
conduct
activities.
Anti-corruption
laws are
interpreted
broadly
and prohibit
companies
and their employees,
agents,
contractors,
and
other
collaborators
from
authorizing,
promising,
offering,
or providing, directly
or
indirectly,
improper
payments
or
anything
else
of
value
to
recipients
in
the
public
or
private
sector. We
may
engage
third
parties
to sell
our products
outside
the
United
States,
to conduct
clinical
trials,
and/or
to obtain
necessary
permits,
licenses,
patent
registrations,
and
other
regulatory
approvals.
We have direct
or indirect interactions
with
officials
and
employees
of
government
agencies
or government-affiliated
hospitals,
universities, and
other
organizations.
We
can
be
held
liable
for
the
corrupt
or
other
illegal
activities
of our employees,
agents, contractors,
and
other
collaborators,
even if
we do not explicitly
authorize
or have actual
knowledge of such activities.
Any
violations
of
the
laws and regulations
described
above may
result
in substantial
civil
and criminal fines
and
penalties,
imprisonment,
the
loss
of
export
or
import
privileges,
debarment,
tax
reassessments,
breach of contract
and fraud
litigation,
reputational
harm,
and other
consequences.
Inadequate
funding
for
the
FDA and
other
government
agencies
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.
The
ability
of
the
FDA
to
review
and
approve
new
products
can
be
affected
by
a
variety
of
factors, including
government
budget
and
funding
levels,
ability
to hire
and retain
key personnel
and accept
the
payment of
user
fees,
and
statutory,
regulatory,
and
policy
changes.
Average
review
times
at
the
agency
have fluctuated
in recent
years
as
a
result.
In
addition,
government
funding
of
other
agencies
on
which
our
operations
may
rely, including
those
that
fund research
and development
activities,
is
subject
to the
political
process,
which is inherently
fluid
and unpredictable.
Disruptions
at
the
FDA and
other
agencies
may
also
slow the
time
necessary
for
new drugs
to be reviewed and/or
approved
by
necessary
government
agencies,
which
would
adversely
affect
our
business.
For
example, over
the
last
several
years
the
U.S. government
has
shut
down
several
times
and certain
regulatory
agencies,
such as
the
FDA,
have
had
to
furlough
critical
FDA and
other
government
employees
and
stop
critical
activities. Additionally,
as
of
March
18,
2021,
the
FDA noted
it
is
continuing
to
ensure
timely
reviews
of
applications
for medical
products
during
the
COVID-19 pandemic
in
line
with
its
user
fee
performance
goals;
however, the
FDA may
not
be
able
to
continue
its
current
pace
and
review
timelines
could
be  extended,
including
where  a pre-approval
inspection
or
an
inspection
of
clinical
sites
is
required
and
due
to
the
COVID-19
pandemic
and travel
restrictions
FDA
is
unable
to
complete
such
required
inspections
during
the
review
period.
Since
March
2020
when
foreign
and
domestic
inspections
of
facilities
were
largely
placed
on
hold,
the
FDA has
been
working to
resume
routine
surveillance,
bioresearch
monitoring
and
pre-approval
inspections
on
a prioritized
basis.
The FDA has developed
a rating
system
to assist
in determining
when and where it
is
safest
to conduct
prioritized domestic
inspections.
In
April
2021,
the
FDA issued
industry
guidance
formally
announcing
plans
to employ remote
interactive
evaluations
using
risk
management
methods
to
meet
user
fee
commitments
and
goal
dates, and in
May
2021
announced
plans
to continue
progress
toward
resuming
standard
operational
levels.
Should the
FDA determine
that
an
inspection
is
necessary
for
approval
and an inspection
cannot
be completed
during
the
review cycle
due
to
restrictions
on
travel,
the
FDA has
stated
that
it
generally
intends
to
issue
a complete
response
letter or
defer
action
on
the
application
until
an
inspection
can
be
completed.
In
2020
and
2021,
several
companies announced
receipt
of
complete
response
letters
due
to
the
FDA's
inability
to complete
required
inspections
for their
applications.
Regulatory
authorities
outside
the
U.S. may
adopt
similar
restrictions
or other
policy
measures in
response
to
the
COVID-19 pandemic
and
may
experience
delays
in
their
regulatory
activities.
If
a
prolonged government
shutdown
occurs,
it
could
significantly
impact
the
ability
of
the
FDA
to
timely
review
and
process our
regulatory
submissions,
which  could
have  a  material
adverse
effect
on  our  business.
Further,
future shutdowns
of
other
government
agencies,
such
as
the
SEC, may
also
impact
our business
through
review
of our public
filings
and our ability
to access
the
public
markets.
We
are
subject
to
stringent
privacy
laws,
information
security
laws, regulations,
policies
and contractual obligations
related
to
data
privacy
and
security
and  changes  in  such  laws,  regulations,
policies
and contractual
obligations
could adversely
affect
our business.
We
are
subject
to
data
privacy
and protection
laws and regulations
that
apply
to the
collection,
transmission, storage
and
use
of
personally-identifying
information,
which
among
other
things,
impose
certain
requirements relating
to
the
privacy,
security
and
transmission
of
personal
information,
including
comprehensive
regulatory systems
in
the
United
States
and
EU.
The
legislative
and
regulatory
landscape
for
privacy
and
data
protection continues
to
evolve
in
jurisdictions
worldwide,
and
there
has
been
an increasing
focus
on privacy
and data protection
issues
with
the
potential
to
affect
our business.
Failure
to comply
with any of these
laws, regulations, contractual
obligations,
or
standards
could
result
in enforcement
action
against
us, including
fines,
imprisonment of
company
officials
and
public
censure,
claims
for
damages
by affected
individuals,
customers,
or business partners,
damage
to
our
77
reputation
and
loss
of
goodwill,
any
of
which
could
have
a
material
adverse
effect
on our business,
financial
condition,
results
of operations
or prospects.
There
are
numerous
U.S.
federal
and
state
laws
and
regulations
related
to
the
privacy
and
security
of personal
information.
In
particular,
regulations
promulgated
pursuant
to
the
HIPAA  establish
privacy
and security
standards
that
limit
the
use and disclosure
of individually
identifiable
health
information,
or protected health
information,
and
require
the
implementation
of
administrative,
physical
and
technological
safeguards
to protect
the
privacy
of protected
health
information
and ensure
the
confidentiality,
integrity
and availability
of electronic
protected
health
information.
Determining
whether
protected
health
information
has been handled
in compliance
with
applicable
privacy
standards
and
our
contractual
obligations
can be complex
and may
be subject to changing
interpretation.
If
we
are
unable
to
properly
protect
the
privacy
and security
of protected
health
information,
we could
be alleged
or actually
found to have breached
our contracts.
Further,
if
we fail
to comply
with applicable
privacy laws,
including
applicable
HIPAA privacy
and
security
standards,
we
could
face
civil
and
criminal
penalties.
The U.S.
Department
of
Health
and
Human
Services,
of
HHS, has
the
discretion
to
impose
penalties
without attempting
to
resolve
violations  through
informal  means.
HHS
enforcement  activity  can
result  in
financial liability
and
reputational
harm,
and
responses
to
such
enforcement
activity
can consume
significant
internal resources.
In
addition,
state
attorneys
general
are
authorized
to bring
civil
actions
seeking
either
injunctions
or damages
in
response
to
violations
that
threaten
the
privacy
of state
residents.
We cannot
be sure
how these regulations
will
be
interpreted,
enforced
or
applied
to
our
operations.
In
addition
to the
risks
associated
with enforcement
activities
and
potential
contractual
liabilities,
our
ongoing
efforts
to
comply
with
evolving
laws and regulations
at
the
federal
and
state
level
may
be costly
and require
ongoing modifications
to our policies, procedures
and systems.
Data
privacy
remains
an
evolving
landscape
at
both
the
domestic
and
international
level,
with new regulations
coming
into
effect
and
continued
legal
challenges,
and
our
efforts
to
comply
with the
evolving
data protection
rules
may
be
unsuccessful.
It
is
possible
that
these
laws
may
be
interpreted
and
applied
in
a
manner that
is
inconsistent
with
our
practices.
We
must
devote
significant
resources
to
understanding
and
complying with
this
changing
landscape.
Failure
to
comply
with
laws regarding
data
protection
would expose
us to risk
of enforcement
actions
taken
by
data
protection
authorities
and
carries
with
it
the
potential
for
significant
penalties if
we
are
found to be non-compliant.
Similarly,
failure
to comply
with federal
and state
laws in the
United
States regarding
privacy
and
security
of
personal
information
could
expose
us
to
penalties
under
such laws. Any such failure
to
comply
with
data
protection
and
privacy
laws
could
result
in government-imposed
fines
or orders requiring
that
we change
our practices,
claims
for
damages
or other
liabilities,
regulatory
investigations
and enforcement
action,
litigation
and significant
costs
for
remediation,
any of which could
adversely
affect
our business.
Even
if
we
are
not
determined
to
have
violated
these
laws, government
investigations
into
these
issues typically
require
the
expenditure
of
significant
resources
and
generate
negative
publicity,
which could
harm
our business,
financial
condition,
results
of operations
or prospects.
Risks Related
to Employee
Matters,
Managing Growth, Public Health
and Information
Technology
Our
future
success
depends
on
our
ability
to
retain
our
President and Chief
Executive
Officer,
our
Chief
Operating
Officer, our Chief Business Officer
and other
key executives
and employees
and to attract,
retain,
and motivate
qualified personnel.
We
are
highly
dependent
on
Josh Lehrer,
M.D., our President and Chief
Executive
Officer,
Ms. Katherine
Vega Stultz,
our Chief
Operating
Officer
and
Mr.
Philip
P.
Gutry,
our
Chief
Business
Officer,
Head of Finance
& Investor Relations,
as
well
as
the
other
principal
members
of our management
and scientific
teams.
Dr. Lehrer,
Ms. Stultz and
Mr.
Gutry
and
such
other
principal
members
are
employed
"at
will,"
meaning
we or they
may
terminate
the employment
at
any
time.
We
do
not
maintain
"key person"
insurance
for
any of our executives
or other employees.
The
loss
of
the
services
of
any
of
these
persons
could
impede
the
achievement
of our research, development,
and commercialization
objectives.
Recruiting
and
retaining
qualified
scientific,
clinical,
manufacturing,
and sales
and marketing
personnel
is critical
to our success.
We may
not be able
to attract
and retain
these
personnel
on acceptable
terms
given the competition
among
numerous
pharmaceutical
and
biotechnology
companies
for
similar
personnel.
We also experience
competition
for
the
hiring
of
scientific
and clinical
personnel
from
universities
and research institutions.
In
addition,
we
rely
on
consultants
and
advisors,
including
scientific
and
clinical
advisors,
to
assist us
in
formulating
our
research
and
development
and
commercialization
strategy.
Our consultants
and advisors, including
our
scientific
co-founders,
may
be
employed
by
employers
other
than
us and may
have commitments under
consulting
or
advisory
contracts
with
other
entities
that
may
limit
their
availability
to us. The inability
to recruit,
or
loss
of
services
of
certain
executives,
key
employees,
consultants,
or
advisors,
may
impede
the progress
of
our
research,
development,
and
commercialization
objectives
and
have
a
material
adverse
effect
on our business,
financial
condition,
results
of operations,
and prospects.
78
We
expect
to
expand
our
research
and development,
clinical
and regulatory,
and future
sales
and marketing capabilities,
and
as
a
result,
we
may
encounter
difficulties
in
managing
our growth, which could disrupt
our operations.
As
of June 30, 2021, we had 49 full-time
employees,
and, in connection
with the
advancement
of our development
programs
and
becoming
a
public
company,
we expect
to increase
the
number
of our employees
and the
scope
of
our
operations
further,
particularly
in the
areas
of research
and clinical
development,
regulatory affairs,
and
sales
and
marketing.
To
manage
our
anticipated
future
growth,
we
must
continue
to implement
and improve
our
managerial,
operational,
and
financial
systems,
expand
our
facilities,
and
continue
to
recruit
and train
additional
qualified
personnel.
Due to our limited
financial
resources
and the
limited
experience
of our management
team
in managing
a company
with such anticipated
growth, we may
not be able
to effectively manage
the
expected
expansion
of
our
operations
or
recruit
and
train
additional
qualified
personnel.
Moreover, the
expected
physical
expansion
of
our
operations
may
lead
to
significant
costs
and may
divert
our management and
business
development
resources.
Any
inability
to manage
growth could
delay
the
execution
of our business plans
or disrupt
our operations.
As
a
growing
biotechnology
company,
we
are
actively
developing
our
platform
technology
and
pursuing new
product
candidates
in
multiple
therapeutic
areas.
Successfully
developing
product
candidates
for
and fully understanding
the
regulatory
and manufacturing
pathways
to all
of these
therapeutic
areas
and disease
states requires
a
significant
depth
of talent,
resources
and corporate
processes
in order
to allow
simultaneous
execution across
multiple
areas.
Due
to
our
limited
resources,
we
may
not
be able
to effectively
manage
this
simultaneous execution
and
the
expansion
of
our
operations
or recruit
and train
additional
qualified
personnel.
This may
result in weaknesses
in our infrastructure,
give
rise
to operational
mistakes,
legal
or regulatory
compliance
failures,
loss of business
opportunities,
loss
of employees
and reduced productivity
among remaining
employees.
The expansion
of our operations
may
lead
to significant
costs
and may
divert
financial
resources
from other projects, such
as
the
development
of
our
product
candidates.
If
our management
is
unable
to effectively
manage
our expected
development
and expansion,
our expenses
may
increase
more
than
expected,
our ability
to generate
or increase
our
revenue
could
be
reduced
and
we may
not be able
to implement
our business
strategy.
Our future financial
performance
and our ability
to compete
effectively
and commercialize
our product
candidates,
if approved,
will
depend in part
on our ability
to effectively
manage
the
future
development
and expansion
of our Company.
Our
internal
computer
systems,
or those
of our third-party
vendors,
collaborators
or other
contractors
or consultants,
may
fail
or
suffer
security
breaches,
which
could
result
in
a
material
disruption
of our product 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.
Our
internal
computer
systems
and
those
of our current
and any future
third-party
vendors,
collaborators
and other
contractors
or consultants
are
vulnerable
to damage
or interruption
from computer
viruses, malware (including
ransomware),
phishing
attacks,
computer
hackers,
malicious
code,
employee
theft
or
misuse,
intentional
or
accidental
action
or
lack
of
action
by
our
employees
or any contractors
with access
to our systems that
leads
to
the
introduction
of
vulnerabilities,
denial-of-service
attacks,
sophisticated
nation-state
and
nation- state-supported
actors,
supply
chain
attacks,
unauthorized
access,
natural
disasters,
terrorism,
war and telecommunication
and electrical
failures.
While
we seek
to protect
our information
technology systems
from system
failure,
accident
and
security
breach,
if
such
an
event
were
to
occur
and
cause
interruptions
in our operations,
it
could
result
in a disruption
of our development
programs
and our business
operations,
whether due to
a
loss
of
our
trade
secrets,
personal
information,
or other
proprietary
information
or other
disruptions.
For example,
the
loss
of
clinical
trial
data
from
future
clinical
trials
could
result
in delays
in our regulatory
approval efforts
and
significantly
increase
our
costs
to
recover
or
reproduce
the
data.
If
we were to experience
a significant cybersecurity
breach
of our information
systems
or data,
the
costs
associated
with the investigation,
remediation and
potential
notification
of
the
breach
to
counter-parties
and
data
subjects
could
be
material.
In
addition,
our remediation
efforts
may
not
be
successful.
If
we
do
not
allocate
and
effectively
manage
the
resources
necessary to
build
and
sustain
the
proper
technology
and
cybersecurity
infrastructure,
we could
suffer
significant
business disruption,
including
transaction
errors,
supply
chain
or
manufacturing
interruptions,
processing
inefficiencies, data
loss
or the
loss
of or damage
to intellectual
property
or other
proprietary
information.
To
the
extent
that
any
disruption
or
security
breach
were
to
result
in
a
loss
of,
or damage
to, our or our third- party
vendors',
collaborators'
or
other
contractors'
or
consultants'
data
or
applications,
or  inappropriate disclosure
of confidential,
personal
or proprietary
information,
we could
incur
liability
including
litigation exposure,
penalties
and
fines,
we could
become
the
subject
of regulatory
action
or investigation,
our competitive position
could
be
harmed
and
the
further
development
and commercialization
of our product
candidates
could
be delayed.
Any
of
the
above
could
have a material
adverse
effect
on our business,
financial
condition,
results
of operations
or prospects.
79
Risks Related
to Ownership of Our Common Stock
We
do
not
know whether
a
market
will
develop
for
our common
stock
or what the market
price
of our common stock
will
be, and, as a result,
it
may
be difficult
for
you to sell
your shares
of our common
stock.
Although our common stock is listed on the
Nasdaq
Global
Market,
an
active
trading
market
for
our common
stock
may not be sustained.
If
a
market
for
our
common
stock
is
not sustained,
it
may
be
difficult
for
you
to
sell
your
shares
of
common
stock
at
an
attractive
price
or
at
all.
We cannot
predict the
prices
at
which
our
common
stock
will
trade in the future.
It
is
possible
that
in
one
or
more
future
periods our
results of
operations
may
be
below
the
expectations
of
public
market
analysts
and
investors,
and,
as
a
result of these
and other
factors,
the
price
of our common
stock
may
fall.
The
market
price
of
our
common
stock
may
be
volatile,
which
could
result
in
substantial
losses
for
investors.
The
market
price
for
our common
stock
may
be influenced
by those
factors
discussed
in this
"Risk Factors" section
and many
others,
including:
•
the
success
of existing
or new competitive
product
candidates
or technologies;
•
the
timing
and results
of preclinical
studies
and clinical
trials
for
our product
candidates;
•
failure
or discontinuation
of any of our product
development
and research
programs;
•
results
of
preclinical
studies,
clinical
trials,
or  regulatory
approvals
of  product
candidates
of  our competitors,
or announcements
about
new research
programs
or product
candidates
of our competitors;
•
developments
or
changing
views
regarding
the
use
of
genetic
medicines,
including
those
that
involve gene editing;
•
commencement
or termination
of collaborations
for
our product
development
and research
programs;
•
regulatory
or legal
developments
in the
United
States
and other
countries;
•
developments
or disputes
concerning
patent
applications,
issued
patents,
or other
proprietary
rights;
•
the
recruitment
or departure
of key personnel;
•
the
level
of
expenses
related
to
any
of
our
research
programs,
clinical
development
programs,
or product
candidates
that
we may
develop;
•
the
results
of our efforts
to develop
additional
product
candidates
or products;
•
actual
or
anticipated
changes
in
estimates
as
to
financial
results,
development
timelines,
or recommendations
by securities
analysts,
if
any, that
cover
our stock;
•
announcement
or expectation
of additional
financing
efforts;
•
sales
of our common
stock
by us, our insiders
or other
stockholders;
•
expiration
of market
stand-off
or lock-up
agreements;
•
variations
in our financial
results
or those
of companies
that
are
perceived
to be similar
to us;
•
changes
in the
structure
of healthcare
payment
systems;
•
market
conditions
in the
pharmaceutical
and biotechnology
sectors;
•
the
COVID-19
pandemic,
natural
disasters,
or major
catastrophic
events;
•
general
economic,
industry,
and market
conditions;
and
•
the
other
factors
described
in this
"Risk Factors"
section.
In
recent
years,
the
stock
market
in  general,
and  the
market
for
pharmaceutical
and  biotechnology companies
in
particular,
has
experienced
extreme
price
and volume
fluctuations
that
have often
been unrelated
or disproportionate
to
changes
in
the
operating
performance
of
the
companies
whose
stock
is
experiencing
those price
and
volume
fluctuations.
Broad
market
and
industry
factors
may
seriously
affect
the
market
price
of our common
stock,
regardless
of
our
actual
operating
performance.
Following
periods
of
such
volatility
in
the market
price
of a company's
securities,
securities
class
action
litigation
has often
been brought
against
that company.
Because
of
the
potential
volatility
of
our
stock
price,
we
may
become
the
target
of
securities
litigation in the
future.
Securities
litigation
could
result
in substantial
costs
and divert
management's
attention
and resources
from our business.
80
A
significant
portion
of
our
total
outstanding
shares
is
restricted
from
immediate
resale
but
may
be
sold
into the
market
in
the
near
future,
which
could
cause
the
market
price
of  our  common
stock
to  decline significantly,
even if
our business
is
doing well.
Sales
of
a
substantial
number
of
shares
of
our
common
stock
in
the
public
market
could
occur
at
any time. These
sales,
or
the
perception
in
the
market
that
the
holders
of
a
large
number
of
shares
of
common
stock
intend to
sell
shares,
could
reduce
the
market
price
of
our
common
stock.
As of June 30, 2021,
we
have 55,979,002 shares
of
common
stock
outstanding.
Of
these
shares, the 14,000,000 shares
sold in our initial public
offering
may
be resold
in the
public
market
immediately.
The
remaining 41,979,002 shares
are
currently
restricted
under
securities
laws
or
as
a
result
of
lock-up
or other
agreements,
but
will
be
able
to
be
sold
after the expiration of the lock-up on December 22, 2021 and termination of restrictions under securities laws.
Moreover,
holders
of
an
aggregate
of 37,533,346 shares
of
our common
stock
have
rights,
subject
to
conditions,
to
require
us to file
registration
statements
covering
their shares
or
to
include
their
shares
in
registration
statements
that
we
may
file
for
ourselves
or
other
stockholders. We
have also
registered
all
shares
of
common
stock
that
we
may
issue
under
our
equity
compensation
plans
or that
are
issuable
upon
exercise
of
outstanding
options.
These shares
can
be
freely
sold
in the
public
market
upon
issuance
and once vested,
subject
to volume
limitations
applicable
to affiliates
and the lock-up
agreements.
If
any of these
additional
shares are
sold,
or
if
it
is
perceived
that
they
will
be
sold,
in the
public
market,
the
market
price
of our common
stock could
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.
As of June 30, 2021, our
executive
officers,
directors,
holders
of
5%
or
more
of our capital
stock
and their respective
affiliates
beneficially
own
approximately  52.48 %
of
our
outstanding
voting
stock.
This
group
of
stockholders
has
the
ability
to
control
us
through
this
ownership
position.
These
stockholders
may
be able
to determine
all matters
requiring
stockholder
approval.
For example,
these
stockholders
may
be able
to control
elections
of directors,
amendments
of
our
organizational
documents
or
approval
of
any
merger,
sale
of assets
or other
major corporate
transaction.
This
may
prevent
or discourage
unsolicited
acquisition
proposals
or offers
for
our common stock
that
you
may
feel
are
in your best
interest
as one of our stockholders.
The interests
of this
group of stockholders
may
not
always
coincide
with
the
interests
of
our
other
stockholders
and
they
may
act in
a
manner
that
advances
their
best
interests
and not necessarily
those
of other
stockholders,
including
seeking
a premium
value
for
their
common
stock,
and might
affect
the
prevailing
market
price
for
our common
stock.
We
are
an
"emerging
growth
company"
and
a
"smaller
reporting
company,"
and the reduced
disclosure requirements
applicable
to emerging
growth companies
and smaller
reporting
companies
may
make
our common
stock
less
attractive
to investors.
We
are
an
"emerging
growth
company,"
as
defined
in
the
JOBS Act
and
may
remain
an
emerging
growth company
for
up
to
five
years.
For so long as we remain
an emerging
growth company,
we are
permitted
and plan to
rely
on
exemptions
from
certain
disclosure
requirements
that
are
applicable
to other
public
companies
that
are not
emerging
growth companies.
These exemptions
include
not being
required
to comply
with the
auditor attestation
requirements
of
Section
404
of
SOX, not
being
required
to
comply
with
any
requirement
that
may
be adopted
by
the
Public
Company
Accounting
Oversight
Board
regarding
mandatory
audit
firm
rotation
or a supplement
to
the
auditor's
report
providing
additional
information
about
the
audit
and the
financial
statements, reduced
disclosure
obligations
regarding
executive
compensation,
and exemptions
from
the requirements
of holding
a
nonbinding
advisory
vote
on
executive
compensation
and
stockholder
approval
of  any  golden parachute
payments
not previously
approved.
As a result,
the
information
we provide
stockholders
will
be different
than
the
information
that
is
available
with
respect
to other
public
companies.
In
addition,
the
JOBS Act
provides
that
an
emerging
growth
company
can
take
advantage
of
an
extended transition
period
for
complying
with new or revised
accounting
standards.
This allows
an emerging
growth company
to
delay
the
adoption
of
certain
accounting
standards
until
those
standards
would otherwise
apply
to private
companies.
Accordingly, the
information
contained
in our disclosure
may
be
different
from
the
information
you receive
from
other
public
companies in
which
you
hold
stock.
We
have
elected
to
use
this
extended
transition
period
for
complying
with
new
or revised
accounting
standards
that
have
different
effective
dates
for
public
and
private
companies
until
the
earlier of the
date
we (i)
are
no longer
an emerging
growth company
or (ii)
affirmatively
and irrevocably
opt out of the extended
transition
period
provided
in
the
JOBS Act.
As
a
result,
our financial
statements
may
not be comparable to companies
that
comply
with new or revised
accounting
pronouncements
as of public
company
effective
dates.
We
are
also
a
"smaller
reporting
company,"
meaning
that
the
market
value
of  our  stock
held
by non-affiliates
is
less
than $700
million
and
our
annual
revenue
is
less
than
$100 million
during
the
most
recently
completed
fiscal
year.
We may
continue
81
to be a smaller
reporting
company
if
either
(i)
the
market
value
of our stock held by
non-affiliates
is
less
than
$250
million
or
(ii)
our
annual
revenue
is
less
than
$100 million
during
the
most recently
completed
fiscal
year
and
the
market
value
of
our
stock
held
by
non-affiliates
is
less
than
$700
million. If
we
are
a
smaller
reporting
company
at
the
time
we
cease
to
be
an
emerging
growth company,
we may
continue to
rely
on
exemptions
from
certain
disclosure
requirements
that
are
available
to smaller
reporting
companies. Specifically,
as
a
smaller
reporting
company
we may
choose
to present
only the
two most
recent
fiscal
years
of audited
financial
statements
in
our
Annual
Report
on
Form
10-K
and,
similar
to
emerging
growth
companies, smaller
reporting
companies
have reduced
disclosure
obligations
regarding
executive
compensation.
We
cannot
predict
whether
investors
will
find
our
common
stock
less
attractive
if
we rely
on these exemptions.
If
some
investors
find
our
common
stock
less
attractive
as a result,
there
may
be a less
active
trading market
for
our common
stock,
and our stock
price
may
be more
volatile.
We have broad discretion
in the use of
the capital we have raised
and may
not use it
effectively.
We
cannot
specify
with
certainty
the
particular
uses
of the capital we have raised, including the
net
proceeds from our initial public offering. Accordingly,
you will
have to rely
upon the
judgment of
our
management
with
respect
to
the
use
of the
se funds
,
with only limited
information
concerning management's
specific
intentions.
Our
management
may
spend
a
portion
or
all
of
the
net
proceeds
from
our prior financings, including our initial public offering
in
ways
that
our
stockholders
may
not
desire
or
that
may
not
yield
a
favorable
return.
The
failure
by our management
to
apply
these
funds
effectively
could
harm
our
business,
financial
condition,
results
of operations and
prospects.
Pending
their
use,
we
may
invest
the
net
proceeds
from
our prior financings, including our initial public
offering
in
a
manner
that
does not produce
income
or that
loses
value.
We do not expect
to pay any dividends
for
the foreseeable
future.
Investors
in our common stock
may
never obtain a return
on their
investment.
You
should
not
rely
on
an
investment
in
our
common
stock
to
provide
dividend
income.
We
do
not anticipate
that
we
will
pay
any
dividends
to
holders
of
our
common
stock
in the
foreseeable
future.
Instead,
we plan
to
retain
any
earnings
to
maintain
and
expand
our
existing
operations.
In addition,
any future
credit
facility may
contain
terms
prohibiting
or
limiting
the
amount
of
dividends
that
may
be
declared
or
paid
on our common stock.
Accordingly,
investors
must
rely
on sales
of their
common
stock
after
price
appreciation,
which may
never occur,
as
the
only
way
to
realize
any
return
on
their
investment.
As a result,
investors
seeking
cash
dividends should
not purchase
our common
stock.
Provisions
in
our
amended
and
restated
certificate
of
incorporation,
our amended
and restated
bylaws and Delaware
law
may
have
anti-takeover
effects
that
could discourage
an acquisition
of us by others,
even if
an acquisition
would
be
beneficial
to
our
stockholders,
and
may
prevent
attempts
by
our
stockholders
to
replace or remove
our current
management,
which could depress
the trading
price
of our common
stock.
Our
amended
and
restated
certificate
of
incorporation,
amended
and restated
bylaws and Delaware
law contain
provisions
that
may
have
the
effect
of
discouraging,
delaying
or
preventing
a
change
in control
of us or changes
in
our
management
that
stockholders
may
consider
favorable,
including
transactions
in
which
you might otherwise
receive
a
premium
for
your
shares.
Our
amended
and
restated
certificate
of
incorporation and bylaws
include
provisions
that:
•
authorize
"blank
check"
preferred
stock,
which
could
be
issued
by
our
board
of
directors
without stockholder
approval
and may
contain
voting,
liquidation,
dividend
and other
rights
superior
to our common
stock;
•
create
a classified
board
of directors
whose members
serve
staggered
three-year
terms;
•
specify
that
special
meetings
of our stockholders
can be called
only by our board
of directors;
•
prohibit
stockholder
action
by written
consent;
•
establish
an
advance
notice
procedure
for
stockholder
approvals
to
be
brought
before
an
annual meeting
of
our
stockholders,
including
proposed
nominations
of persons
for
election
to our board
of directors;
•
provide
that
vacancies
on
our
board
of
directors
may
be
filled
only
by
a
majority
of
directors
then
in office,
even though less
than
a quorum;
•
provide
that
our directors
may
be removed
only for
cause;
•
specify
that
no stockholder
is
permitted
to cumulate
votes
at
any election
of directors;
82
•
expressly
authorize
our
board
of
directors
to
make,
alter,
amend
or
repeal
our
amended
and
restated bylaws;
and
•
require
supermajority
votes
of
the
holders
of
our
common
stock
to
amend
specified
provisions
of
our amended
and restated
certificate
of incorporation
and amended
and restated
bylaws.
These provisions,
alone
or together,
could
delay
or prevent
hostile
takeovers
and changes
in control or changes
in
our
management.
These
provisions
could
also
limit
the
price
that
investors
might
be willing
to pay in the
future
for
shares
of our common
stock,
thereby
depressing
the
market
price
of our common
stock.
In
addition,
because
we
are
incorporated
in
the
State
of
Delaware,
we
are
governed
by
the
provisions
of Section
203
of
the
General
Corporation
Law
of
the
State
of
Delaware
(DGCL), which
prohibits
a
person
who owns
in
excess
of 15% of our outstanding
voting
stock
from
merging
or combining
with us for
a period
of three years
after
the
date
of
the
transaction
in
which
the
person
acquired
in
excess
of
15% of our outstanding
voting stock,
unless
the
merger
or combination
is
approved
in a prescribed
manner.
Any
provision
of our amended
and restated
certificate
of incorporation,
amended
and restated
bylaws or Delaware
law that
has the
effect
of delaying
or deterring
a change
in control
could
limit
the
opportunity
for
our stockholders
to receive
a premium
for
their
shares
of our common
stock,
and could
also affect
the price that some investors
are
willing
to pay for
our common
stock.
Our
amended
and
restated
bylaws
designate
the
Court
of
Chancery of the State
of Delaware as the exclusive
forum
for
certain
state
law
litigation
that
may
be
initiated
by
our
stockholders
and
the
U.S. federal district
courts
as
the
exclusive
forum
for
certain
securities
law
actions,
which could limit
our stockholders' ability
to litigate
disputes
with us in a different
judicial
forum
and increase
the costs
for
our stockholders
to pursue certain
claims
against
us.
Pursuant
to
our
amended
and
restated
bylaws,
unless
we
consent
in
writing
to
the
selection
of
an alternative
forum,
the
Court of Chancery
of the
State
of Delaware
will
be
the
sole
and exclusive
forum
for
the
following
types
of actions
or proceedings
under
Delaware statutory
or
common
law:
(i)
any derivative
action
or proceeding
brought
on our behalf;
(ii)
any action
asserting
a claim
of
breach
of
a
fiduciary
duty
owed
by
any
of
our
current
or
former
directors,
officers
or employees
to us or our
stockholders;
(iii)
any action
asserting
a claim
arising
pursuant
to any provision
of the
DGC
L
, our amended and
restated
certificate
of incorporation
or our amended
and restated
bylaws (including
their
interpretation, validity
or
enforceability
)
; or (iv) any action
asserting
a claim
governed
by the
internal
affairs
doctrin
e
. This exclusive
forum
provision
will
not
apply
to
any
causes
of
action
arising
under
the
Securities
Act or the
Exchange Act
or
any
other
claim
for
which
the
federal
courts
have
exclusive
jurisdiction.
Unless
we
consent
in
writing
to the
selection
of
an alternate
forum,
the
United
States
federal
district
courts
shall
be the
sole
and exclusive
forum for
resolving
any
complaint
asserting
a cause
of action
arising
under
the
Securities
Act. In addition,
our amended and
restated
bylaws
provide
that
any
person
or
entity
purchasing
or otherwise
acquiring
any interest
in shares
of our
capital
stock
is
deemed
to
have
notice
of
and
consented
to
these
exclusive
forum
provisions.
The forum selection
provisions
in our amended
and restated
bylaws may
limit
our stockholders'
ability
to litigate
disputes with
us
in
a
judicial
forum
that
they
find
favorable
for
disputes
with us or our directors,
officers
or employees, which
may
discourage
the
filing
of
lawsuits
against
us
and
our directors,
officers
and employees,
even though an action,
if
successful,
might
benefit
our stockholders.
In addition,
these
forum
selection
provisions
may
impose additional
litigation
costs
for
stockholders
who determine
to pursue
any such lawsuits
against
us.
Our
operations
are
vulnerable
to
interruption
by
fire,
earthquakes,
power
loss,
telecommunications
failure, terrorist
activity,
pandemics
and other
events
beyond our control,
which could harm our business.
Our
facilities
are
located
in
California.
We
have
not
undertaken
a
systematic
analysis
of the
potential consequences
to
our
business
and
financial
results
from
a
major
flood,
fire,
earthquake,
power loss,
terrorist activity,
pandemics
or other
disasters
and do not have a recovery
plan
for
such disasters.
In addition,
we do not carry
sufficient
insurance
to
compensate
us
for
actual
losses
from
interruption
of
our
business
that
may
occur, and
any
losses
or
damages
incurred
by us could
harm
our business.
The occurrence
of any of these
business disruptions
could
seriously
harm
our operations
and financial
condition
and increase
our costs
and expenses.
83
General
Risk Factors
If
securities
analysts
do
not
publish
research
or reports
about our business
or if
they
publish
negative evaluations
of our stock,
the price
of our stock
could decline.
The
trading
market
for
our
common
stock
will
rely
in part
on the
research
and reports
that
industry
or financial
analysts
publish
about
us or our business.
If
one
or
more
of
the
analysts
covering our
business
downgrade
their
evaluations
of
our
stock,
the
price
of
our
stock
could
decline.
If
one
or
more
of these
analysts
cease
to
cover
our
stock,
we could
lose
visibility
in the
market
for
our stock,
which in turn
could cause
our stock
price
to decline.
If
we
fail
to
establish
and
maintain
proper
and
effective
internal
control
over
financial
reporting,
investors may
lose
confidence
in
the
accuracy
and
completeness
of
our
financial
reports
and
the market
price
of our common
stock
could decline
significantly.
Ensuring
that
we
have
adequate
internal
financial
and
accounting
controls
and
procedures
in
place
so
that we
can
produce
accurate
financial
statements
on
a
timely
basis
is
a
costly
and
time-consuming
effort
that
needs to be re-evaluated
frequently.
As a public
company,
we are required
to maintain
internal
controls
over financial
reporting
and
to
report
any
material
weaknesses
in
such
internal
controls.
Section
404
of
SOX requires annual
management
assessment
of
the
effectiveness
of our internal
control
over
financial
reporting.
However, our auditors
will
not
be
required
to formally
attest
to the
effectiveness
of our internal
control
over
financial
reporting pursuant
to
Section
404
of
SOX until
we
are
no
longer
an
emerging
growth
company
if
we
continue
to
take advantage
of the
exemptions
available
to us through
the
JOBS
Act.
Implementing
any
appropriate
changes
to
our
internal
controls
may
distract
our
officers
and
employees, entail
substantial
costs
to
modify
our
existing
processes
and
take
significant
time
to
complete.
These
changes may
not, however, be effective
in maintaining
the
adequacy
of our internal
controls,
and any failure
to maintain that
adequacy,
or
consequent
inability
to produce
accurate
financial
statements
on a timely
basis,
could
increase our
operating
costs
and harm
our business.
In addition,
investors'
perceptions
that
our internal
controls
are inadequate
or
that
we are
unable
to produce
accurate
financial
statements
on a timely
basis
could
cause
investors to
lose
confidence
in
the
accuracy
and
completeness
of
our
financial
reports
and could
cause
the
market
price
of our common
stock
to decline
significantly.
We
will
incur
increased
costs
as
a
result
of
operating
as
a
public
company,
and our management
will
be required
to devote
substantial
time
to new compliance
initiatives
and corporate
governance
practices.
As
a
public
company,
and particularly
after
we are
no longer
an "emerging
growth company,"
we will
incur significant
legal,
accounting,
and
other
expenses
that
we
did
not
incur
as
a
private
company.
SOX,
the
Dodd- Frank
Wall
Street
Reform
and
Consumer
Protection
Act,
the
listing
requirements
of The Nasdaq Global
Market,
and
other
applicable
securities
rules
and
regulations
impose
various
requirements
on public
companies, including
establishment
and
maintenance
of
effective
disclosure
and
financial
controls
and corporate
governance practices.
We
expect
that
we will
need to hire
additional
accounting,
finance,
and other
personnel
in connection with
our
efforts
to
comply
with
the
requirements
of
being
a
public
company,
and our management
and
other
personnel
will
need  to  devote
a  substantial
amount
of  time
towards
maintaining compliance
with
these
requirements.
These
requirements
will
increase
our legal
and financial
compliance
costs and
will
make
some
activities
more
time-consuming
and
costly.
For example,
the
rules
and regulations
applicable
to
us
as
a
public
company
make
it
more
difficult
and
more
expensive
for
us to maintain director
and
officer
liability
insurance.
We
are
currently
evaluating
these
rules
and
regulations
and cannot
predict
or estimate
the
amount
of
additional
costs
we may
incur
or the
timing
of such costs.
These rules
and regulations
are often
subject
to
varying
interpretations,
in
many
cases
due
to
their
lack
of
specificity,
and,
as
a
result,
their
application
in
practice
may
evolve
over
time
as new guidance
is
provided
by regulatory
and governing
bodies. This
could
result
in
continuing
uncertainty
regarding
compliance
matters
and  higher
costs
necessitated
by ongoing revisions
to disclosure
and governance
practices.
Pursuant
to
Section
404
of
SOX, we
will
be
required
to
furnish
a
report
by
our
management
on our internal control
over
financial
reporting
beginning
with
our
second
filing
of
an
Annual
Report
on
Form
10-K
with
the SEC.
However,
while
we
remain
an
emerging
growth
company,
we
will
not be
required
to
include
an
attestation
report
on internal
control
over
financial
reporting
issued
by our independent registered
public
accounting
firm.
To
achieve
compliance
with
Section
404
of
SOX within
the
prescribed
period, we
will
be
engaged
in
a
process
to
document
and
evaluate
our
internal
control
over
financial
reporting,
which is both
costly
and challenging.
In this
regard,
we will
need to continue
to dedicate
internal
resources,
potentially engage
outside
consultants,
adopt
a detailed
work plan
to assess
and document
the
adequacy
of internal
control over
financial
reporting,
continue
steps
to improve
control
processes
as appropriate,
validate
through
testing
that controls
are
functioning
as documented,
and implement
a continuous
reporting
and improvement
process
for internal
control
over
financial
reporting.
Despite
our efforts,
there
is
a risk
that
we will
not be able
to
84
conclude, within
the
prescribed
timeframe
or
at
all,
that
our
internal
control
over
financial
reporting
is
effective
as required by
Section
404
of
SOX. If
we
identify
one
or
more
material
weaknesses,
it
could
result
in
an
adverse
reaction
in the
financial
markets
due to a loss
of confidence
in the
reliability
of our financial
statements.
Our disclosure
controls
and procedures
may
not prevent
or detect
all
errors
or acts
of fraud.
We
designed
our
disclosure
controls
and
procedures
to
reasonably
assure
that
information
we must
disclose
in
reports
we
file
or submit
under
the
Exchange Act is
accumulated
and communicated
to management,
and
recorded,
processed,
summarized
and
reported
within
the
time
periods
specified
in
the
rules and
forms
of
the
SEC.  We
believe
that
any
disclosure
controls
and
procedures
or
internal
controls
and procedures,
no
matter
how
well-conceived
and
operated,
can
provide
only
reasonable,
not
absolute,
assurance that
the
objectives
of the
control
system
are
met.
These
inherent
limitations
include
the
facts
that
judgments
in decision-making
can be faulty
and that breakdowns
can
occur
because
of
simple
error
or
mistake.
Additionally,
controls
can be circumvented
by the individual
acts
of
some
persons,
by
collusion
of
two
or
more
people
or
by
an
unauthorized
override
of
the controls.
Accordingly,
because
of
the
inherent
limitations
in
our
control
system,
misstatements
due
to
error
or fraud
may
occur
and not be detected.
Unfavorable
global
economic
conditions
could
adversely
affect
our business,
financial
condition,
results
of operations
or prospects.
Our
business,
financial
condition,
results
of operations
or prospects
could
be adversely
affected
by general conditions
in
the
global
economy
and
in
the
global
financial
markets.
A severe
or prolonged
economic
downturn, or
additional
global
financial
crises,
could
result
in
a
variety
of risks
to our business,
including
weakened demand for
our
product
candidates,
if
approved,
or
our
inability
to
raise
additional
capital
when
needed
on
acceptable terms,
if
at
all.
A
weak
or
declining
economy
could
also
strain
our
suppliers,
possibly
resulting
in supply disruption.
Any
of
the
foregoing
could
harm
our
business
and
we cannot
anticipate
all
of the
ways in which the current
economic
climate
and financial
market
conditions
could
adversely
impact
our business.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
(a)
Recent Sales of Unregistered Equity Securities
On June 29, 2021, upon the closing of our initial public offering, all shares of our then-outstanding redeemable convertible preferred stock were automatically converted into  30,761,676 shares of common stock. The issuance of such shares of common stock was exempt from registration under Section 3(a)(9) of the Securities Act.
On May 7, 2021, we issued an aggregate of 640,861 shares of our common stock to Stanford and certain individuals designated by Stanford in consideration for rights granted to us under our exclusive license agreement with Stanford. The offers and sales of the foregoing securities were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act as transactions by an issuer not involving a public offering.
From April 1, 2021 to June 30, 2021, we granted stock options to purchase 4,986,847 shares of our common stock to our employees, directors and consultants at a weighted average exercise price of $5.39 per share under the 2020 Stock Option and Grant Plan. The issuances of the foregoing options were deemed to be exempt from registration pursuant to Section 4(a)(2) of the Securities Act or Rule 701 promulgated under the Securities Act as transactions pursuant to compensatory benefit plans and contracts relating to compensation as provided under Rule 701.
(b)
Use of Proceeds from the Initial Public Offering of Common Stock
On June 29, 2021, we completed our IPO and issued 14,000,000 shares of our common stock at an initial offering price of $17.00 per share. On July 2, 2021, we issued 2,100,000 shares of our common stock to the underwriters of the IPO pursuant to the exercise of their option to purchase additional shares at a price of $17.00 per share less underwriting discounts and commissions.
We received net proceeds from the IPO of approximately $251.4 million, after deducting underwriting discounts and commissions of approximately $19.1 million and offering expenses of approximately $3.2 million. None of the expenses associated with the IPO were paid to directors, officers, persons owning 10% or more of any class of equity securities, or to their associates. Morgan Stanley
& Co. LLC, BofA Securities, Inc., Cowen and Company, LLC and SVB Leerink, LLC acted as book-running managers for the IPO.
85
Shares of our common stock began trading on The Nasdaq Global Market on June 2
5
, 2021. The offer and sale of the shares were registered under the Securities Act on a registration statement on Form S-1 (Registration No. 333-256838), which was declared effective on June 24, 2021.
There has been no material change in the planned use of proceeds from our IPO as described in the registration statement on Form S-1. We invested the funds received in cash equivalents and other marketable securities in accordance with our investment policy.
(c)
Issuer Purchases of Equity Securities
On June 18, 2021, we exercised our right to repurchase an aggregate of 624,845 shares of common stock from our founders and an investor in accordance with the terms of their respective restricted stock purchase agreements with us, as summarized in the table below:
Period
(a) Total Number of Shares Purchased
(b) Average Price Paid per Share
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
(d) Maximum Number of Shares that May Yet be Purchased under the Plans or Programs
June 2021 (June 18, 2021)
624,845
$0.01
0
N/A
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
None.
Item 6. Exhibits.
Exhibit
Number
Description
3.1
Amended and Restated Certificate of Incorporation, as currently in effect (incorporated by reference to Exhibit 3.1 to the Registrant's Current Report on Form 8-K (File No. 001-40532) filed on June 30, 2021)
3.2
Amended and Restated Bylaws, as currently in effect (incorporated by reference to Exhibit 3.2 to the Registrant's Current Report on Form 8-K (File No. 001-40532) filed on June 30, 2021)
4.1
Specimen Common Stock Certificate (incorporated by reference to Exhibit 4.1 to Amendment No. 1 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 11, 2021)
4.2
Amended and Restated Investors' Rights Agreement by and among the Registrant and certain of its stockholders, dated March 11, 2021 (incorporated by reference to Exhibit 4.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 4, 2021)
10.1#
2021 Stock Option and Incentive Plan and forms of award agreements thereunder (incorporated by reference to Exhibit 10.2 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
10.2#
2021 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.3 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
10.3#
Senior Executive Cash Incentive Bonus Plan (incorporated by reference to Exhibit 10.4 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
10.4#
Non-Employee Director Compensation Policy (incorporated by reference to Exhibit 10.5 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
86
10.5
Forms of Indemnification Agreement by and between the Registrant and each of its directors and officers (incorporated by reference to Exhibit 10.9 to the Registrant's Registration Statement on Form S-3 (File No. 333-256838) filed on June 21, 2021)
10.6
†
Amendment No. 2 to the Exclusive License Agreement by and between the Registrant and The Board of Trustees of the Leland Stanford Junior University, dated April 7, 2021 (incorporated by reference to Exhibit 10.14 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
10.7
†
Exclusive Option Agreement by and between the Registrant and the Board of Trustees of the Leland Stanford Junior University, dated April 12, 2021 (incorporated by reference to Exhibit 10.16 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
10.8#
Executive Severance Plan (incorporated by reference to Exhibit 10.17 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 21, 2021)
10.9
†
License Agreement by and between the Registrant and Integrated DNA Technologies, Inc., dated June 7, 2021 (incorporated by reference to Exhibit 10.20 to the Registrant's Registration Statement on Form S-1 (File No. 333-256838) filed on June 11, 2021)
31.1*
Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*
Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*
Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*
Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*
Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document
101.SCH*
Inline XBRL Taxonomy Extension Schema Document
101.CAL*
Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*
Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*
Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*
Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*
Cover Page Interactive Data File (embedded within the Inline XBRL document)
*
Filed herewith.
#
Represents a management compensation plan, contract or arrangement.
†
Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit.
87
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
GRAPHITE BIO, INC.
Date: August 12, 2021
By:
/s/
Josh Lehrer, M.D.
Josh Lehrer, M.D.
President and Chief Executive Officer
(Principal Executive Officer)
Date: August 12, 2021
By:
/s/
Philip P. Gutry
Philip P. Gutry
Chief Business Officer, Head of Finance & Investor Relations
(Principal Financial and Accounting Officer)
88