Item 2.02 Results of Operations and Financial Condition.
• The Company ended the year with approximately
$120.2 millionin cash and cash equivalents, and shares of common stock outstanding of 76,478,656 at December 31, 2022. • The Company's net cash used in operating activities for the year ended December 31, 2022, was approximately $98.1 millioncompared to $75.6 millionfor the year ended December 31, 2021. • The Company's capital expenditures for the year ended December 31, 2022, was approximately $48.1 millioncompared to $35.3 millionfor the year ended December 31, 2021. • The Company's equity proceeds from the sale of common stock for the year ended December 31, 2022, was approximately $94.5 millioncompared to $212.4 millionfor the year ended December 31, 2021. • As of January 24, 2023, the Company had 60,872,128 shares of common stock outstanding as a result of the repurchase of 15,700,269 shares of the common stock under to the Company's existing $12.5 millionshare repurchase program pursuant to which the Company may repurchase up to $12.5 millionin value of its outstanding common stock, par value, $0.001per share, from time to time on the open market and in privately negotiated transactions subject to market conditions, share price and other factors (the "Existing Share Repurchase Program").
The above information is preliminary financial information for the year ended
The Company currently expects to file its Annual Report on Form 10-K, including its financial statements for the year ended
Item 8.01 Other Information.
The information included in Item 2.02 is incorporated herein by reference.
The Board of Directors approved a share repurchase program pursuant to which the Company may repurchase up to
The timing and amount of any shares repurchased will be determined based on the Company’s evaluation of market conditions and other factors and the New Share Repurchase Program may be discontinued or suspended at any time. Repurchases will be made in accordance with the rules and regulations promulgated by the
Forward- Looking Statements
This Current Report on Form 8-K contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Share Repurchase Program, the Company’s product development, clinical trials, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” ” predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward- looking statements. Such factors include those set forth in the Company’s filings with the
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